Loans in aid of construction in amounts of Five Hundred Thousand Dollars ($500,000.00) or less made from state funds shall be made to the political subdivision eligible to receive such loan immediately upon approval of the award by the appropriate federal agency or agencies of a contract, or contracts, for construction.
The remainder of any such loan in aid of construction from state funds shall be made in installments in accord with rules and regulations adopted by the bureau of pollution control of the department of natural resources as authorized by subsection (h) of Section 49-17-17, Mississippi Code of 1972.
All such loans in aid of construction shall be made subject to the availability of funds.
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