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<br /> 1", <br />-, <br />q <br /> 2 <br /> 3 <br /> " <br /> 4, ' <br /> 5 <br /> 6 <br /> 7 <br /> 8 <br /> 9 <br /> 10 <br /> 11 <br /> 12 <br /> <br />13 <br /> <br />~ <br /> <br />2 <br /> <br />(2) the construction of reclamation or irrigation <br />.projects pursuant to the Federal reclamation laws has <br />often been delayed due to a lack of timely and suffi- <br />cient appropriations by the Congress; <br />(3) such delays have resulted in increased con- <br />struction costs which have to be borne by the users of <br />the projects; <br />(4) the financing of reclamation, irrigation, and <br />other water-related projects from the proceeds of tax- <br />exempt debt obligations issued by water authorities <br />would result in a significant reduction in the costs of <br />construction of such projects. <br />(b) It is the purpose of this Act to facilitate the market- <br /> <br />1 <br /> <br />. <br /> <br />.: <br /> <br />,: <br /> <br />, <br />.{ <- <br />'-U ..~. <br /> <br />ll. <br /> <br />14 ing of tax-exempt debt obligations issued by water authorities <br /> <br />15 to finance costs of acquisition and construction of reclama- <br /> <br />16 tion, irrigation, and other water-related projects, and to that <br /> <br />17 end the Water Project Insurance Fund is established to serve <br /> <br /> <br />" '18 as a revolving fund to provide for the insurance of payment of <br /> <br />19 debt service on such obligations. <br />20 SEC. 2. For purposes of this Act- J <br />21 (a) The term "Federal reclamation laws" shall mean the <br />22 Act of June 17, 1902 (32 Stat. 388), and all Acts amenda- <br />23 tory thereof or supplemental thereto. <br />24 (b) The tenri "Secretary" shall mean the Secretary of <br />25 the Interior. 'j, <br /> -". <br /> H.R. 4380-ih <br />