Page:United States Statutes at Large Volume 49 Part 1.djvu/884

 74 TH CONGRESS. SESS. I. CH. 687. AUGUST 26, 1935. which are a part of said unit, and all storage, diverting, or forebay reservoi rs dire ctly con nected therewit h, the primary line or lines transmitting power therefrom to the point of junction with the dis- tribution system or with the interconnected primary transmission system, all miscellaneous structures used and useful in connection with said unit or any part thereof, and all water-rights, rights-of- way, ditches, dams, reservoirs, lands, or interest in lands the use and occupancy of which are necessary or appropriate in the main- tenance and operation of such unit ; " 12) `project works' means the physical structures of a project ; " 13) `net invest ment' in a proj ect mean s the a ctual l egitimat e original cost thereof as defined and interpreted in the 'classifica- tion of investment in road and equipment of steam roads, issue of 1914, Interstate Commerce Commission', plus similar costs of additions thereto and betterments thereof, minus the sum of the following items properly allocated thereto, if and to the extent that such ite ms have been ac cumulat ed durin g the p eriod of the li cense from earnings in excess of a fair return on such investment : (a) Unappropriated surplus, (b) aggregate credit balances of current depreciation accounts, and (c) aggregate appropriations of surplus or income held in amortization, sinking fund, or similar reserves, or expend ed for a ddition s or bet terment s or use d for t he purp oses for which such reserves were created. The ter m `cost' shall include, inso far as ap plic able, the elem ents ther eof presc ribed in said clas si- ficati on, but shall n ot inclu de expe nditures from funds obtained through donations by States, municipalities, individuals, or others, and said classification of investment of the Interstate Comm erce Commission shall insofar as applicable be published and promulgated as a part of the rules and regulations of the Commission ; " (14) `Commission' and `Commissioner' means the Fed era l Power Commission, and a member thereof, respectively ; " (15) `Sta te comm ission' means t he regul atory b ody of t he Stat e or mun icipalit y havin g jurisd iction to regul ate rat es and charges for the sale of electric energy to consumers within the State or municipality ; " (16) `security' means any note, stock, treasury stock, bond, debenture, or other evidence of interest in or indebtedness ofa corporation subject to the provisions of this Act." SEC. 202. Section 4 of the Federal Water Power Act, as amended, is amended to read as follows " SEC . 4 . The Commission is hereby authorized and empowered- "(a) To make in vestiga tions an d to co llect an d recor d data c on- cerning the utilization of the water resources of any region to be developed, the water-power industry and its relation to other indus- tries and to interstate or foreign commerce, and concerning the loca- tion, capacity, development costs, and relation to markets of power sites, and whether the power from Government dams can be advan- tageously used by the United States for its public purposes, and what is a fair value of such power, to the extent the Commission may deem necessary or useful for the purposes of this Act. "(b) To determine the actual legitimate original cost of and the net investment in a licensed project, and to aid the Commission in such determinations, each licensee shall, upon oath, within a reasonable period of time to be fixed by the Commission, after the construction o f the original project or any addition thereto or better- ment thereof, file with the Commission in such detail as the Commis- sion may require, a statement in duplicate showing the actual legiti- mate original cost of construction of such project, addition, or better- ment, and of the price paid for water rights, rights-of-way, lands, or 839 "Project works," "Net inves tment. " "Commission" ; "Commissioner ." "State c ommission. " "Security." Vol.41,p.1065;ti.S. C.,p.695. Po wers of Com mis- sion . I nves tig atio ns . I nform ation to be furnished bylicensee.