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<br />, <br /> <br />12 <br /> <br />1 repair, maintain, operate, charter, or sell any property ac- <br />2 quired by him pursuant to the assignment. <br /> <br />~ <br /> <br />3 SEC. 4. The Secretary shall fIx an annual fee for any <br />4 obligation insured under the Act which shall be payable at <br />5 such time and under such conditions as may be prescribed by <br />6 the Secretary. The fee shall be set at an amount which the <br /> . <br />7 Secretary deems reasonable and necessary and shall be sub- <br />8 ject to periodic review and revision in order that the lowest <br />9 fee that experience under the program shows to be justified <br />10 will be placed into effect. In no case shall the fee to be paid <br /> <br />, <br />(;' <br /> <br />11 by any water authority pursuant hereto in any year <br /> <br />, <br />..< ..'>- <br />.....0 ~" <br /> <br />12 exceed <br /> <br />per centum of the outstanding principal amount <br /> <br />1: <br /> <br />13 of the obligations of the water authority which are insured <br /> <br /> <br />14 pursuant to this Act. The Secretary may also fix, review, and <br /> <br />15 revise such fees for the processing of applications for insur- <br /> <br />16 ance under this Act as the Secretary determines are reason- <br /> <br />17 able and necessary to pay the administrative expenses that <br /> <br />18 are incurred in connection therewith. <br />19 SEC. 5. (a) There is hereby created within the Treasury <br /> ) <br />20 a separate fund called the Water Project Insurance Fund <br />21 (hereinafter referred toas the "Fund") which shall be availa- <br />22 ble to the Secretary without fiscal year limitations as a re- <br />23 volving fund for the purposes of this Act. All amounts re- <br />24 ceived by the Secretary in carrying out his functions pursuant J, <br />25 to this Act, including but not limited to the annual fees re- <br /> <br />H.R. 4380-ih <br />