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<br />1 <br /> <br />, <br /> <br />8 <br /> <br />(b) the Secretary determines that, upon comple- <br /> <br />1; <br /> <br />2 tion of the projec\ the water authority will have en- <br /> <br />3 tered into contractual arrangements intended to assure <br /> <br />4 that there will be an adequate supply of water to meet <br /> <br />5 the intended purposes of such project for the term of <br /> <br />6 the obligations insured; <br /> <br />7 (5) such insurance is evidenced by an insurance <br /> <br /> <br />8 agreement setting forth the respective rights and duties <br /> <br />9 of the Secretary and of the water authority, which <br /> <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />. 18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br /> <br />agreement provides, in part, that- <br /> <br />(a) the Secretary shall pay III a timely <br /> <br /> <br />manner to the trustee or other appropriate repre- <br /> <br />sentative for the holders of the insured obligations <br /> <br /> <br />the debt service on such obligations in the event <br /> <br /> <br />the revenues derived by the water authority from <br /> <br />the project and any reserve funds established for <br /> <br />such obligations are insufficient to make such pay- <br /> <br />ments; and <br /> <br />. <br />( :' <br /> <br />, <br />-"~ <br />.......j ~.- <br /> <br />1: <br /> <br />(b) the Secretary shall be entitled to recover <br /> <br />from the revenues derived by the water authority <br /> <br />from the project, or any other person liable there- <br /> <br /> <br />for, the amount of any payment made by the Sec- <br /> <br /> <br />retary pursuant to such insurance agreement, and <br /> <br />J <br /> <br />upon making any such payment, the Secretary <br /> <br />I' <br />~) <br /> <br />H.R. 4380-ih <br />