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2 <br />(b) The construction costs allocated to the State shall accrue interest during construction at <br />Project Interest Rate of 8.315% as established pursuant to the provision of Section 5(f) of the <br />3 t of April 11, 1956 (70 Stat. 105) as amended by the Act of June 27, 1960 (74 Stat.255). <br />4 (c) The Estimated, Final or Remaining Repayment Obligation may be reduced by, <br />5 p yment(s) of all or a part of that repayment obligation, and may be reduced by any allowable <br />6 c dits toward Project construction costs, without penalty. It is the State's intent to make <br />7 p <br />8 $ <br />9 0 <br />10 di <br />not to exceed $36,000,000 toward its allocable capital obligation with an initial <br />.2,000,000 payment upon execution of this contract and the remaining $24,000,000 after July <br />I, 2012, subject to the State's additional appropriations for such funds and the State's <br />Upon contract execution and the State's first payment of $12,000,000, IDC on the <br />I 1 S ate's reimbursable Project construction cost allocation will end, and annual amortization <br />12 ir terest at the Project Interest Rate on the Estimated Repayment Obligation of $36,214,474 will <br />13 b gin, as demonstrated by the repayment schedule provided in Exhibit C. Reclamation will <br />14 ai 1just the repayment schedule to account for reductions in the State's capital obligation as a <br />15 r ( sult of the State's intended payments and will transmit to the State at the end of the calendar <br />16 y ar the adjusted repayment schedule. The State will have the option in any year of the <br />17 r payment period to: 1) pay, as a minimum, the annual amortization payment as adjusted from <br />18 tl e previous year; 2) pay all or part of the remaining capital obligation; or 3) declare their Project <br />19 a location assigned to the Remaining Repayment Obligation relinquished as provided by Section <br />20 lemaining a)(3)(B) of the Settlement Act, as amended. Amortization interest will stop accruing on the <br />21 Repayment Obligation assigned to the State's Project allocation under relinquishment <br />22 <br />k the year the State declares its relinquishment option as provided under Article 28. <br />14 <br />