Laserfiche WebLink
<br />00 <br />(1;) <br />"i....... <br /> <br />M <br />:-7J <br />,~ <br /> <br />Repayment Obligation <br /> <br />3. The State shall be obligated to repay to the United <br />States not less than one-half of the separable costs allocated to <br />recreation and one-fourth of the separable costs allocated to <br />fish and wildlife which costs shall not exceed the sum of <br />$1,185,500, plus interest during construction amounting to <br />$88,000, and interest on the unamortized balance at 6.595 <br />percent. It is understood that the sum of $1,185,500, plus <br />interest during construction amounting to $88,000, represents the <br />reimbursable costs of recreation and fish and wildlife <br />enhancement facilities included in the full development plan <br />prepared by the Bureau of. Reclamat ion. It is further agreed that <br />the State may elect to recommend the construction of recreation <br />and fish and wildlife enhancement facilites included in the <br />reduced development plan prepared by the Bureau of Reclamation. <br />Reimbursable costs of facilities included in the reduced <br />development plan shall not exceed $613,000 plus interest during <br />construction estimated at $15.,000 and interest on the unamortized <br />balance at 6.595 percent, less land easement credit for lands <br />owned by the State and leased to the United States. <br /> <br />The State's share of the separable costs of the Closed Basin <br />Divison, Head-San Luis Lakes ARea, shall be paid by the State <br />under one of the following methods or a combination of methods <br />agreed to between the United States and the State prior to <br />construction of the facilities. <br /> <br />a., A lump-sum payment of not less than one-half of the <br />separable costs for recreation and one-fourth of the separable <br />costs for fish and wildlife purposes prior to the starting of <br />construction of these facilites. If a lump-sum payment is made <br />during or after construction of facilites, appropriate interest <br />during construction would be charged to the State. <br /> <br />, <br /> <br />b. The State my deduct from any repayment to the United <br />States the cost or value of provision of lands, or interest <br />therein, or recreation and fish and wildlife facilities <br />constructed and financed by the State at the current appraised <br />value provided those facilities have been approved in advance by <br />the United States. Title to such facilites shall be transferred <br />and vested in the United States. <br /> <br />c. Repayment in 50 annual installments with interest at a <br />rate to be established in accordance with the project Authorizing <br />Legislation shall become due on October 1 of the year following <br />the year in which the project's recreation and fish and wildlife <br />facilities are, as announced by the United States, sufficiently <br />complete to permit the use thereof to handle initial public <br />visitation without deteriorating the resource. subsequent annual <br />installments shall become due on October 1 of each succeeding <br />year and are based upon repaying the actual separable costs, <br />including interest during construction, and thereafter interest <br />calculated annually on the unpaid principal balance. <br /> <br />-3- <br />