for repayment of loan.

1. The State of Nevada has a lien on any property used for securing a loan for a water project, unless otherwise prohibited by law, in which event an alternate arrangement acceptable to the Director will be made to secure the State’s interest in repayment of such loan. 2. The security must be a mortgage, deed of trust or other security agreement upon the applicant’s property which may include, but is not limited to, all facilities, equipment, easements, real property and water rights related to the water project. 3. The amount of the security must be sufficient to recover the amount of the loan, together with the interest thereon, including other costs specified in the loan agreement. 4. The lien may be assigned to a bond trustee if the bonds involved are revenue bonds.