ALP and the State of Colorado Interest During Construction Walkthrough

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Sec. 5. (a) There is hereby authorized a separate fund in the Treasury of the United States to be .
known as the Upper Colorado River Basin Fund (hereinafter referred to as the Basin Fund) which shall
remain available until expended, as hereafter provided', for carrying out provisions of this Act other than
section 8.
(b) All appropriations made for the purpose of carrying out the provisions of this Act, other
than section 8, shall be credited to the Basin Fund as advances from the general fund of the Treasury.
(c) All revenues collected in connection with the operation of the Colorado River storage
project and participating projects shall be credited to the Basin Fund, and shall be available, without
further appropriation, for (1) defraying the costs of operation, maintenance, and replacements of, and
emergency expenditures for, all facilities of the Colorado River storage project and participating projects,
within such separate limitations as may be included in annual appropriation acts: Provided, That with
respect to each participating project, such costs shall be paid from revenues received from each such
project; (2) payment as required by subsection (d) of this section; and (3) payment as required by
subsection (e) of this section. Revenues credited to the Basin Fund shall not be available for
appropriation for construction of the units and participating projects authorized by or pursuant to this Act.
(d) Revenues in the Basin Fund in excess of operating needs shall be paid annually to the
general fund of the Treasury to return- -
(1) the costs of each unit, participating project, or any separable feature thereof
which are allocated to power pursuant to section 6 of this Act, within a period not exceeding fifty years
from the dad of completion of such iulit, participating project, or separable feature thereof,
(2) the costs of each unit, participating project, or any separable feature thereof
which are allocated to municipal water supply pursuant to section 6 of this Act, within a period not
exceeding fifty years from the date of completion of such unit, participating project, or separable feature
thereof,
(3) interest on the unamortized balance of the investment (including interest during
construction) in the power and municipal water supply features of each unit, participating project, or any
separable feature thereof, at a rate determined by the Secretary of the Treasury as provided in subsection
(f), and interest due shall be a first charge; and
(4) the costs of each storage unit which are allocated to irrigation pursuant to section
6 of this Act within a period not exceeding fifty years.
(e) Revenues in the Basin Fund in excess of the amounts needed to meet the requirements of
clause (1) subsection (c) of this section, and to return to the general fund of the Treasury the costs set out
In subsection (d) of this section, shall be apportioned among the States of the Upper Division in the
following percentages: Colorado, 46 per centum; Utah, 21.5 per centum; Wyoming, 15.5 per centum; and
New Mexico, 17 per centum; Provided, That prior to the application of such percentages, all revenues
remaining in the Basin Fund from each participating project (or part thereof), herein or hereinafter
authorized, after payments, where applicable, with respect to such projects, to the general fund of the
Treasury under subparagraphs (1), (2), and (3) of subsection (d) of this section shall be apportioned to the
State in which such participating project, or part thereof, is located.
Revenues so apportioned to each State shall be used only for the repayment of construction costs
of participating projects or parts of such projects in the State to which such revenues are apportioned and
shall not be used for such purpose in any other State without the consent, as expressed through its legally
constituted authority, of the State to which such revenues are apportioned. Subject to such requirement,
there shall be paid annually into the general fund of the Treasury from the revenues apportioned to each
State (1) the costs of each participating project herein authorized (except Paonia) or any separable feature
thereof, which are allocated to irrigation pursuant to section 6 of this Act, within a period not exceeding
fifty years, in addition to any development period authorized by law, from the date of completion of such
participating projector separable feature thereof, or, in the case of Indian lands, payment in accordance
with section 4 of this Act; (2) costs of the Paonia project, which are beyond the ability of the water users
to repay, within a period prescribed in the Act of June 25, 1947 (61 Stat. 181); and (3) costs in connection
with the irrigation features of the Eden project as specified in the Act of June 28, 1949 (63 Stat. 277).
(f) The Interest rate applicable to each unit of the storage project and each participating