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<br />001075 <br /> <br />relief, and increased safety and economy in operations, the Corporation may <br />enter into contracts upon suitable terms with public and private power <br />systems for mutual interchange of electric energy and for reciprocal use of <br />transmission faoilities. <br /> <br />, <br /> <br />(c) To insure the disposition of the electric energy developed and <br />water stored at a projeot for the benefit of the general public, and parti- <br />cularly of domestic and rural consumers, the Corporation shall, in disposing <br />of electric energy and water, give preference and priority to States, <br />districts, counties, and municipalities, including agencies or instrument- <br />alities thereof or of two or more States (in this Aot oalled publio agenoies), <br />and to oooperative and other organizations not organized or administered for <br />profit but primarily for the purpose of supplying electrio energy or water <br />to their members as nearly as possible at cost (in this Aot oalled oooperative <br />agenoies). In the event of competing applications by public or cooperative <br />agencies (whether or not fonnally orgErlizedl on the one hand, and other <br />persons or agencies on the other hand, the Corporation, in order to preserve <br />and protect the preferential rights and priorities of such publio and <br />cooperative agenoies, shall allow to people and communities, when \rlthin such <br />distance from such project as to render praoticable the transmission of power <br />or transportation of water therefrom, reasonable opportunity and time to <br />acquire, purchase, or construct the necessary facilities for the use or dis- <br />tribution of suoh electric energy or water, including reasonable opportunity <br />and time to create and finance suoh public or cooperative agencies under the <br />laws of the several States. <br /> <br />'. <br />. <br /> <br />. . <br /> <br />. <br /> <br />. <br /> <br />(d) Subjeot to the provisions of this Act, the Corporation may enter <br />into contraots for the sale at wholesale of electric energy and water, <br />whether for resale or direot consumption, to public and cooperative agencies <br />and to private agencies and persons) and may sell electric energy direotly <br />to farms and in rural communities which the Corporation finds are not <br />adequately serviced with electric energy at reasonable rates. Contracts <br />entered into under this subseotion shall be binding in accordance with the <br />terms thereof and shall be effective for suoh period or periods, including <br />renewals or extensions, as may be provided therein, not exceeding in the <br />aggregate twenty years from the respective dates of the making of such con- <br />tracts. Such contracts shall contain appropriate provisions, to be agreed <br />upon between the Corporation and the purchaser, for the equitable adjustment <br />of rates at appropriate intervals. In the oase of contraots with private <br />agencies or persons who resell the bulk of the electric ener@;Y or water <br />purchased, the contracts shall contain appropriate provisions authorizing the <br />Corporation to cancel the contract, in whole or in part, upon five years' <br />notice in writing whenever in its judgment there is reasonable likelihood that <br />part of the electric energy or water purchased under such contract will be <br />needed to satisfy the preferential rights and priorities of public or cooperative <br />agencies under this Act: Provided, That the board is hereby authorized and <br />direoted to make studies, experiments, and determinations to pr6lnote the wider <br /> <br />o. <br /> <br />. <br /> <br />. <br /> <br />, <br />, <br /> <br />..13" <br />