46A-1-88. Conversion of study loans to grants. The Board of Water and Natural Resources may convert in whole or in part study loans authorized pursuant to § 46A-1-61 to grants. The conversion of study loans to grants is limited to projects that have been determined to be nonfeasible for development or to have insufficient repayment capability. A study loan may be converted by the Board of Water and Natural Resources to a grant for use as part of the nonfederal matching requirement on federally authorized projects.