Page:United States Statutes at Large Volume 48 Part 1.djvu/92

 66 73d CONGRESS. SESS. I. CH. 32. MAY 18, 1933 . the mutual exchange of unused excess power upon suitable terms, for the conservation of stored water, and as an emergency or break-down relief. Payments to A la- SEC. 13 . Five per centum of the gross proceeds received by the bama and T ennessee. board for the sale of power generated at Dam Numbered 2, or from any other hydropower plant hereafter constructed in the State of Alabama, shall be paid to the State of Alabama ; and 5 per centum of the gross proceeds from the sale of power generated at Cove Creek Dam, hereinafter provided for, or any other dam located in the State Additionalpo«er of Tennessee shall be paid to the State of Tennessee. Upo n the generated to be ascer- tai ned. completion of said Cove Creek Dam the board shall ascertain how much additional power is thereby generated at Dam Numbered 2 and at any other dam hereafter constructed by the Government of the United St ates on the Te nnessee River, in the Stat e of Alabama, or Perc enta ge of pro - in the State of Tennessee, and from the gross proceeds of the sale of ceeds to A labama and Tennessee. such additional power 21/2 per centum shall be paid to the State of Alabama and 21/z per centum to th e Sta te of Tennes see. These included . dams to be percentages shall apply to any other dam that may hereafter be constructed and controlled and operated by the board on the Tennessee River or any of its tribut aries, the ma in purp ose of which is to c ontrol flood waters and where the development of electric power is inci- Computing gro ss pro- dental to the operation of such flood-control dam. In ascertaining ce `'ds. the gross proceeds from the sale of such power upon which a per- centage is paid to the States of Alabama and Tennessee, the board shall not take into consideration the proceeds of any power sold or delivered to the Government of the United States, or any department or agency of the Government of the United States, used in the oper- ation of any locks on the Tennessee Ri ver or for any experimental purpose, or for the manufacture of fertilizer or any of the ingre- proti"O. dients th ereof, or for any other gov ernmental pur pose : Provided, Percentages subject torevision . That the percentages to be paid to the States of Alabama and Ten- nessee, as provided in this section, shall be subject to revision and change by the board, and any new percentages established by the board, when approved by the President, shall remain in effect until and unless again changed by the board with the approval of the Limitations . President . No change of said percentages shall be made more often than once in five years, and no change shall be made without giving to the States of Alabama and Tennessee an opportunity to be heard . Dam Numbered 2, SEC . 14. The bo ard sh all ma ke a thorou gh inv estiga tion as to nitrate plants, etc . the present value of Dam Numbered 2, and the steam plants at nitrate Present value to be plant numbered 1, and nitrate plant numbered 2, and as to the cost made for allocation, etc, purpose. of Cove Creek Dam, for the purpose of ascertaining how much of the value or the cost of said properties shall be allocated and charged up to (1) flood control, (2) navigation, (3) fertilizer, (4) nati onal Finding s anal, u-e, defense, and (5) the development of power. The findings thus to keeping book values. made by the board, when approved by the President of the United States, shall be final, and such findings shall thereafter be used in all allocation of value for the purpose of keeping the book value of said Future structures. properties. In like manner, the cost and book value of any dams, steam plants, or other similar improvements hereafter constructed and turned over to said board for the purpose of control and manage- ment shall be ascertained and allocated. Bond i ;sue for con- SEC. 15 . In the construction of any future dam, steam plant, or s truct ion expen ses, au- thorized. other facility, to be used in whole or in part for the generation or transmission of electric power the board is hereby authorized and empowered to issue on the credit of the United States and to sell serial bonds not exceeding $50,000,000 in amount, having a maturity not more than fifty years from the date of issue thereof, and bearing