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 nance of irrigation works for the reclamation of arid lands

2 and any and all repayments and accretions to said fund re-

3 quired by law.

4 SEC. 3. (a) The Secretary is authorized, upon written

5 application by a water authority, to insure as hereinafter pro-

6 vided, upon such terms and conditions as he may prescribe by

7 regulation pursuant to section 8 of this Act, the timely pay-

8 ment of principal and sinking fund installments of, and re-

9 demption premium, if any, and interest on (debt service), obli-

10 gations issued by such water authority, proceeds of which 'are

11 to be used to pay costs of acquisition and construction of a

12 project and is authorized, upon such application and upon

13 such terms and conditions as he may prescribe by regulation

14 pursuant to sectioJ? 8 of this Act, to make commitments to so

15 insure prior to the issuance of the subject obligations.

16 (b) The Secretary may, pursuant to the Act, insure the

17 timely payment of debt service on obligations issued by water

18 authorities only if-

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(1) the obligations to be insured are secured by

(A) a lien on the revenues derived by the water au-

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21 thority from the project financed with the proceeds of

22 such obligations or (B) such other security as the Sec-

23 retary determines is adequate;

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(2)(a) the Secretary reviews the present and pro-
jected operations of the project to be financed and de-

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H.R. 4380-ih