FLOOD09864

• County: Statewide
• Community: State of Colorado
• Basin: Statewide
• Title: Water Project Insurance Fund Legislation - Federal
• Date: 5/20/1983
• Floodplain - Doc Type: Projects ‎(non-floodplain)‎

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1 to protect the interests of the United States and of the lender
2 as they may appear. Any suit may be brought in the name of
3 the United States or in the name of the lender and the lender
4 shall make available to the United States all records and evi-

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5 dence necessary to prosecute any such suit. The Secretary

6 shall have the right in his discretion to accept a conveyance

7 of title to and possession of the property from the water au-

S thority, and may purchase the property for an amount not

9 greater than the unpaid debt service on such loan. In the

10 event the Secretary shall receive through the sale of the

11 property an amount of cash in excess of any payment made

12 to the lender under subsection (d) of this section and the ex-

13 penses of collection of such amount, he shall pay to the

14 lender such cash amount to the extent that the lender has not

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15 been made whole through other sources for amounts ad-

16 vanced to the water authority but in no event shall such pay-

17 ment to the lender exceed 10 per centum of the unpaid debt

18 service on the loan, and any excess of the amounts thus due

19 the Government and the lender shall be paid to the water

20 authority; and

21 (g) Notwithstanding any other provision of law relating

22 to the acquisition, handling, or disposal of property by the

23 'United States, the Secretary shall have the right in his de-

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24 scretion to complete, recondition, reconstruct, renovate,

H.R. 4380-ih