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i <br />i s <br />River Dam fund and as expeditiously- as administratiion of this act will <br />permit, and each such payment for subsequent years `of operation shall <br />be made on or before July 31, 'following the close of the year'of <br />operation for which it is made." <br />Payments to Arizona and Nevada authorized- under this section, <br />made in amounts as herein provided for, shall :be in lieu of taxes which <br />(had the project been constructed by any taxable entity) might be levied: <br />any <br />by or under authority of said States;'or either of them,'or by /lawful <br />taxing political subdivision of either of them,'upon (i) the project as <br />herein defined; (ii) the electrical energy generated at Boulder Dam by means <br />of.facilities,machinery and equ 'ipment both owned and operated by the <br />United States, or owned by the United States and operated` under contract <br />with the United States,'for the generation of electrical energy;` (iii) <br />the privilege of generating or transforming such electricai energy or <br />of use of such facilities,' machinery and equipment and of falling water <br />for such generation and transforming;! and ('iv) the transmission and <br />control of such electrical energy so generated and.transformed (as <br />distinguished from the transmission lines and other, physical <br />properties used for such transmission and control) and the use of such-trans- <br />mission lines and other physical properties for such transmission and <br />control. In the cv - ent that' notwithstanding the provisions hereof; any of <br />the above mentioned taxes shall be'collected payments made hereunder <br />to .the State by or under the au t'hority of ,irld ch such`• taxes shall be <br />collected, shall be reduced in an equivalent"emlt Nothing herein <br />shall in anyfis6oimpair the right of either the'State of Arizona or <br />the State of Nevada, or any lawful taxing political subdivision of either <br />of them, to collect non-discriminatory taxes upon that portion-of the trans- <br />mission lines and :all other physical properties,, situated- ,within such State- <br />