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Repayment Obligation <br /> 3 . The State shall be obligated to repay to the United <br /> States not less than one-half of the separable costs allocated to <br /> recreation and one-fourth of the separable costs allocated to <br /> fish and wildlife which costs shall not exceed the sum of <br /> $1 , 185,500 , plus interest during construction amounting to <br /> $88,000, and interest on the unamortized balance at 6.595 <br /> percent. It is understood that the sum of $1 , 185,500, plus <br /> interest during construction amounting to $88,000, represents the <br /> reimbursable costs of recreation and fish and wildlife <br /> enhancement facilities included in the full development plan <br /> prepared by the Bureau of Reclamation. It is further agreed that <br /> the State may elect to recommend the construction of recreation <br /> and fish and wildlife enhancement facilites included in the <br /> reduced development plan prepared by the Bureau of Reclamation. <br /> Reimbursable costs of facilities included in the reduced <br /> development plan shall not exceed $613,000`plus interest during <br /> construction estimated at $15,000 and interest on the unamortized <br /> balance at 6.595 percent, less land easement credit for lands <br /> owned by the State and leased to the United States. <br /> The State's share of the separable costs of the Closed Basin <br /> Divison, Head-San Luis Lakes ARea, shall be paid by the State <br /> under one of the following methods or a combination of methods <br /> agreed to between the United States and the State prior to <br /> construction of the facilioties. <br /> a. A lump-sum payment of not less than one-half of the <br /> separable costs for recreation and one-fourth of the separable <br /> costs for fish and wildlife purposes prior to the starting of <br /> construction of these facilites. If a lump-sum payment is made <br /> during or after construction of facilites, appropriate interest <br /> during construction would be charged to the State. <br /> b. The State my deduct from any repayment to the United <br /> States the cost or value of provision of lands, or interest <br /> therein, or recreation and fish and wildlife facilities <br /> constructed and financed by the State at the current appraised <br /> value provided those facilities have been approved in advance by <br /> the United States. Title to such facilites shall be transferred <br /> and vested in the United States. <br /> c.. Repayment in 50 annual installments with interest at a <br /> rate to be established in accordance with the Project Authorizing <br /> Legislation shall become due on October 1 of the year following <br /> the year in which the project' s recreation and fish and wildlife <br /> facilities are, as announced by the United States, sufficiently <br /> complete to permit the use thereof to handle initial public <br /> visitation without deteriorating the resource. Subsequent annual <br /> installments shall become due on October 1 of each succeeding <br /> year and are based upon repaying the actual separable costs, <br /> including interest during construction., and thereafter interest <br /> calculated annually on the unpaid principal balance. <br /> -3- <br />