Page:United States Statutes at Large Volume 46 Part 2.djvu/367

 SEVEXTY-FIRST COXGRESS. SESS. III. CH. 93. 1931. 1975 able as part of the project supplemental construction charge here- LI'luidation. inafter mentioned. Interest and penalties heretofore 'paid on deferred char~es under articles 17 (b) and (d) shall be remltted and credited agamst the association's obligation for supplemental construction. Second. During each of the ,ears 1932 to 1937, both inclusive, dr~iTarmstroBot (talk)tsrTarmstroBot (talk)on of the association shall have the rlght to expend for the construction Sum to b! exPended. of a drainage system such portion of the construction charge pay- able to the United States under said contract of 1927, as said associ- ation may consider necessary and as may be provided for by plans ~repared by the association and approved by or on behalf of the F.xpenditure secured from designated assess- ecretary of the Interior, the moneys so expended to be secured me!1ts. from construction charge assessments to be made to meet the regular construction charge installments that become due and payable under the said contract of 1927 on December 1 of the years 1931 to 1936, inclusive. The amounts so expanded by the association for drainage Credits. each calendar year from December 1 to November 30, for six years, beginning with December 1, 1931, shall be credited to the annual construction charge that becomes due annually on December 1 of each year during the period of 1932 to 1937, both inclusive, the pay- ment of the construction charges for which it is so substituted being in each case postponed to be paid later as a part nf the supplemental construction charges authorized in item 3 hereof. Should the In{;nused sum covered amounts so expended and credited annually be less than the annual. construction charge for the years 1932 to 1937, both inclusive, the balance of each year's charge shall be payable to the United States in accordance with the contract of 1927. Third The amounts so expended and credited the amounts post- Supplement!!1 con- • •••, structlOn charge. poned under the prOVlSlOns of Item 1 hereof, and any amounts of Sums constituting. primary construction charges applicable to productive lands that shall not have become due and payable by the association under the contract of 1927, on or before December 1, 1961, shall be considered and defined as the project supplemental construction charge and P hI. shall be made payable by the association ill annual installments of tionaf~ $85,000, the first installment of such supplemental construction ments. charges to be payable on December 1, 1962, and a like installment on December 1 of each subsequent year until the total of the supple- mental construction charge indebtedness is reduced to $85,000 or less, which remaining amount shall then be made payable as the iast installment on December 1 of the calendar year next following the year in which ihe indebtedness is so reduced; and Fourth. No stock assessment levied by the association to raise OCharges due Federal dIG t· db· d ovemment. payments ue t le overnment on construc lOn nee e Increase Limitation on stock more than 15 per centum of the normal yearly per irrigable acre =:~:s to meet. construction installment as provided in section 17 of the contract d April 8, 1927, to meet deficits or estimated deficits due to the failure Deficits. of some of the association's stockholders to "pay their assessments when due, any resulting delinquencies as estabhshed after foreclosure of maximum assessement liens in meeting installments of charges due the United States from the association to be paid as a part of the supplemental construction charge authorized in item (3) hereof. . SEC. 2 . It shall be provided as a condition subsequent that said ti:nttitTarmstroBot (talk) 15:21, 18 January 2013 (UTC): contract shall terminate and be annulled unless (1) the General tr~ti C I rad <k Assembly of the State of Colorado at its twenty-eighth session eratA~m'bfy in~r~ enacts legislation, which becomes effective (a) authorizing a water !~o:;W users' association to be incorporated for a term of at least seventy- five years, and (b) amending chapter 76 of Colorado Session Laws, Stnte. amendm~Dt 1929, so as to permit the decree in proceedings to confirm a contract confirmmg contract. between such association and the United States to constitute as