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<br />-2- <br /> <br />August 16. 1962 <br /> <br />'* G 4. (. Pub. Law 87-590 <br /> <br />~3 USC 620- <br />6200. <br /> <br />\later <br />delivery <br />facilities. <br /> <br />Repayment <br />contracts. <br /> <br />72 Stat. 5~2. <br />5113, <br />~3 USC ~85h. <br /> <br />76 STAT. 390. <br />76 STAT. 391. <br /> <br />a participating project under the Act of April 11. 1956 <br />(70 Stat. 105). and said report ahall have the priority <br />status of the reports to which reference is made in sec- <br />tion 2 of said Act. <br />(c) No part of the single purpose municipal and indus- <br />trial water supply works involved in the Fryingpan-Arkansas <br />project shall be constructed by the Secretary in the <br />absence of evidence satisfactory to him that it would be <br />infeasible for the communities involved to construct the <br />works themselves. singly or jointly.. In the event it is <br />determined that these works. or any of them, are to be <br />constructed by the Secretary. a contract providing, among <br />other things. for payment of the actual cost thereof, with <br />interest as hereinafter provided. as rapidly as is consis- <br />tent with the contracting parties' ability to pay. but in <br />any event, within fifty years from the time the works are <br />first available for the delivery of water. and for assump- <br />tion by the contracting parties of the care, operation. <br />maintenance. and replacement of the works shall be a <br />condition precedent to' construction thereof. <br />Sec, 2, (a) Contracts to repay the portion of the cost <br />of the Fryingpan-ArkansllS project allocated to irrigation <br />and lISsigned to be repaid by irrigation water users (exclu- <br />sbre of such portion of said cost as may be derived from <br />temporary water supply contracts or from other sources) <br />which are entered into pursuant to subsection (d). sec- <br />tion 9, of the Reclamation Project Act of 1939 (53 Stat. <br />1187). as amended. shall provide for a basic repayment <br />period of not more than fifty years after completion of <br />construction and shall not provide for any development <br />period. Such contracts shall be entered into only with <br />organizations which have the capacity to levy assessments <br />upon all taxable real prooertv located within their <br />boundaries. - - . <br />(b) Rates charged for commercial power and for water <br />for municipal. domestic or industrial use or for the use <br />of facilities for the storage and/or delivery of such <br />water shall be designed to return to the United States. <br />within not more than fifty years from the completion of <br />each unit of the project which serves those purposes. <br />those costs of constructing. operating and maintaining <br />that unit which are allocated to said purposes and <br />interest on the unamortized balance of said construction <br />allocation and. in addition. within the period fixed by <br />subsection (a) of this section. so much of the irrigation <br />allocation as is beyond the ability of the water users <br />and their organizations to repay. <br />(c) The interest rate on the unamortized balance of the <br />commercial power and minicipal. domestic, and industrial <br />water supply allocations shall be determined by the <br />Secretary of the Treasury. as of the beginning of the <br />fiscal year in which construction is initiated. on the <br />basis of the computed average interest rate payable by <br /> <br />. <br /> <br />. <br /> <br />. <br />