Any contract for a loan entered into pursuant to Section 78648.4 may include those provisions determined by the board to be necessary for purposes of this article and shall include both of the following provisions:
(a) An estimate of the reasonable cost of the eligible seawater intrusion control project.
(b) An agreement by the local agency to proceed expeditiously with, and complete, the eligible seawater intrusion control project, commence operation of the project in accordance with applicable provisions of law, and provide for the payment of the local agency’s share of the cost of the project, including the principal of, and interest on, the loan.
(Added by Stats. 1996, Ch. 135, Sec. 1. Approved in Proposition 204 at the November 5, 1996, election.)