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1 <br />2 <br />3 <br />4 <br />5 <br />() The construction costs allocated to the State shall accrue interest during construction at <br />the P oject Interest Rate of 8.315% as established pursuant to the provision of Section 5(f) of the <br />Act f April 11, 1956 (70 Stat. 105) as amended by the Act of June 27, 1960 (74 Stat.255). <br />O The Estimated, Final or Remaining Repayment Obligation may be reduced by <br />pay ent(s) of all or a part of that repayment obligation, and may be reduced by any allowable <br />6 cred s toward Project construction costs, without penalty. It is the State's intent to make <br />7 Vav ents not to exceed $36,000,000 toward its allocable capital obligation with an initial <br />8 $12,)00,000 payment upon execution of this contract and the remaining $24,000,000 after July <br />9 01, 012, subject to the State's additional appropriations for such funds and the State's <br />10 disc etion. Upon contract execution and the State's first payment of $12,000,000, IDC on the <br />11 Stat 's reimbursable Project construction cost allocation will end, and annual amortization <br />12 inte est at the Project Interest Rate on the Estimated Repayment Obligation of $36,214,474 will <br />13 beg n, as demonstrated by the repayment schedule provided in Exhibit C. Reclamation will <br />14 adj st the repayment schedule to account for reductions in the State's capital obligation as a <br />15 res It of the State's intended payments and will transmit to the State at the end of the calendar <br />16 yeak the adjusted repayment schedule. The State will have the option in any year of the <br />17 rep tyment period to: ])pay, as a minimum, the annual amortization payment as adjusted from <br />18 the previous year; 2) pay all or part of the remaining capital obligation; or 3) declare their Project <br />19 allocation assigned to the Remaining Repayment Obligation relinquished as provided by Section <br />20 6( (3)(B) of the Settlement Act, as amended. Amortization interest will stop accruing on the <br />21 Re aining Repayment Obligation assigned to the State's Project allocation under relinquishment <br />22 at e year the State declares its relinquishment option as provided under Article 28. <br />14 <br />