A State fish and wildlife agency may use funds from more than one annual apportionment to finance projects, such as construction or acquisition of lands or interests in lands, including water rights. An agency may use funds in this manner, according to a plan approved by the Regional Director and subject to the availability of funds, in either of the following ways:

(a) Finance the entire cost of the acquisition or construction from a non-Federal funding source. The Service will reimburse funds to the agency in succeeding apportionment years.

(b) Negotiate an installment purchase or contract in which the agency pays periodic and specified amounts to the seller or contractor according to a plan that schedules either reimbursements or advances of funds immediately before need.