Page:United States Statutes at Large Volume 110 Part 2.djvu/498

 110 STAT. 1321-351 PUBLIC LAW 104-134—APR. 26, 1996 Administrator under section 13 of the Federal Columbia River Transmission System Act (16 U.S.C. 838k); (3) "new capital investment" means a capital investment for a project, facility, or separable unit or feature of a project or facility, placed in service after September 30, 1996; (4) "old capital investment" means a capital investment the capitalized cost of which— (A) was incurred, but not repaid, before October 1, 1996, and (B) was for a project, facility, or separable unit or feature of a project or facility, placed in service before October 1, 1996; (5) "repayment date" means the end of the period within which the Administrator's rates are to assure the repayment of the principal amount of a capital investment; and (6) "Treasury rate" means— (A) for an old capital investment, a rate determined by the Secretary of the Treasury, taking into consideration prevailing market yields, during the month preceding October 1, 1996, on outstanding interestbearing obligations of the United States with periods to maturity comparable to the period between October 1, 1996, and the repayment date for the old capital investment; and (B) for a new capital investment, a rate determined by the Secretary of the Treasury, taking into consideration prevailing market yields, during the month preceding the beginning of the fiscal year in which the related project, facility, or separable unit or feature is placed in service, on outstanding interest-bearing obligations of the United States with periods to maturity comparable to the period between the beginning of the fiscal year and the repayment date for the new capital investment. (b) NEW PRINCIPAL AMOUNTS.— Effective date. (1) PRINCIPAL AMOUNT. — Effective October 1, 1996, an old capital investment has a new principal amount that is the sum of— (A) the present value of the old payment amounts for the old capital investment, calculated using a discount rate equal to the Treasury rate for the old capital investment; and (B) an amount equal to $100,000,000 multiplied by a fraction whose numerator is the principal amount of the old payment amounts for the old capital investment and whose denominator is the sum of the principal amounts of the old payment amounts for all old capital investments. (2) DETERMINATION. — With the approval of the Secretary of the Treasury based solely on consistency with this section, the Administrator shall determine the new principal amounts under subsection (b) and the assignment of interest rates to the new principal amounts under subsection (c). (3) OLD PAYMENT AMOUNTS. —For the purposes of this subsection, "old payment amounts" means, for an old capital investment, the annual interest and principal that the Administrator

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