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<br />001C80 <br /> <br />. <br /> <br />...; <br /> <br />third session, together with transmission lines connecting the same, accord- <br />ing to the latest and most approved designs, including power houses and <br />hydroelectric installations and equipment for the generation of power, in <br />order that the ,vaters of said rivers may be impounded and stored above said <br />dams for the purpose of regulating the flow of said rivers below, in the <br />interests of aiding navigation and oontrolling floods in said rivers and in <br />the llississippi River below, and of producing the maximtUn amount of primary <br />power consistent therewith. <br /> <br />.. <br /> <br />SEC. 17. (a) In order to render financial assitanoe to those States <br />in which the Corporation carries on its operations and acquires properties <br />previously subject to State and local taxation, the board is authorized and <br />directed to pay to said States during eaoh fisoal year 5 per centum of the <br />gross prooeeds derived from the sale of power and of water by the Corporation <br />for the preceding fiscal year as hereinafter provided. The payment for eaoh <br />fiscal year shall be apportioned among said States by paying to each State <br />the percentage thereof which the val ue of property held by the Corporation <br />within suoh State at the end of the preceding fisoal year bears to the value <br />of all property held by the Corporation at the end of the preceding fisoal <br />year. For purposes of this seotion, property held by the Corporation shall <br />be deemed to include real property entrusted to the Corporation as agent for <br />the United States. The detennination of the board of the !IIIlounts due here- <br />under to the respective States shall be final. <br /> <br />. <br /> <br />" <br /> <br />(b) The Corporation shall, not later than January 1, 1947, submit to <br />the Congress a report on the operation of the provisions of this seotion, <br />inoluding a statement of the distribution to the various States and counties <br />hereunder; the effect cf the operation of the provisions of this section on <br />State and local finances; an appraisal of the benefits of the program of the <br />Corporation to the States and counties receiving payments hereunder, and the <br />effect of such benefits in increasing taxable values within suoh States and <br />counties; and such other data. information. and recommendations as may be <br />pertinent to future legislation, <br /> <br />(c) The payments authorized under this section are in lieu of taxation. <br />and the Corporation. its property, franchises, and incOIll8 are hereby expressly <br />exempted .from taxation in any manner or form by any State. county, municipalit; <br />or any subdivision or district thereof. <br /> <br />, <br /> <br />" <br /> <br />SEG, 18. The Corporation, as an instrumentality of the Govermnent of <br />the United States, shall have aooess to the Patent Office of the United States <br />for the purpose of studying. a:ooertaining, and copying a.ll methods, formulas, <br />and scientific information (not including access to pending applications for <br />patents) neoessary to enable the Corpora.tion to use and employ the most <br />efficacious and economioal processes in the course of its operations. Any <br />owner of a patent whose patent rigltt.s _71' have been thus in my way copied, <br /> <br />" <br /> <br />" <br />. <br /> <br />-17- <br />