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6 hundred thousand dollars. Any funds in excess of two 7 million five hundred thousand dollars shall be 8 credited to the general fund of the state. 9 3. The administrative director of the division 10 shall establish a blufflands protection program to 11 demonstrate creative land protection techniques and 12 encourage private landowners to protect the natural 13 beauty of the blufflands along the Mississippi river. 14 The commissioners of each soil and water conservation 15 district which has a boundary which is coterminous 16 with the Mississippi river shall cooperate with and 17 assist the director in administering the blufflands 18 protection program within their respective districts. 19 The director shall provide, by rule, for a uniform 20 application form, the content of the form, provisions 21 for a loan agreement model conservation easement and 22 restrictive covenant requirements for blufflands, and 23 minimum qualifications of conservation organizations 24 which are eligible to participate in the blufflands 25 protection program. The administrative director shall 26 specify the eligible purposes for which a loan 27 authorized under this section can be expended 28 including, but not limited to, the purchase of 29 blufflands, the acquisition of conservation easements 30 on blufflands, the establishment of landowner 31 associations, payment for loss of land value due to 32 restrictive covenants, and payment for administrative 33 and legal costs. 34 4. An applicant for a loan from the blufflands 35 protection revolving fund shall apply to the soil and 36 water conservation district of the county in which the 37 bluffland is located. The application shall be on 38 forms prepared by the division and shall include the 39 information required by rule of the division. Each 40 conservation organization which applies for a loan 41 under this section shall demonstrate its financial 42 capability to qualify for a loan to the commissioners 43 and its commitment to natural resource protection and 44 appropriate development. If there is a loss of value 45 of a blufflands protection project funded under this 46 section resulting from restrictive covenants, the 47 conservation organization shall be forgiven seventy- 48 five percent of the amount of the loss not exceeding 49 the amount of the loan. If a loan is used to purchase 50 a conservation easement on a blufflands protection Page 3 1 project, the conservation organization shall be 2 forgiven seventy-five percent of the loan. The 3 application shall be reviewed and feasibility of the 4 proposed project shall be investigated by the 5 commissioners of the district and its report and
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