Page:United States Statutes at Large Volume 49 Part 1.djvu/888

 74TH CONGRESS. SESS. I. CH. 687. AUGUST 26, 1935. 843 "(d) That after the first twenty years of operation, out of surplus Main tena nce of amo rtiz ation reserves. earned thereaf ter, if any, accumulated i n excess of a specified rea son- able rate of return upon the net investment of a licensee in any proj- ect or projects under license, the licensee shall establish and maintain amortization reserves, which reserves shall, in the discre- tion of the Commission, be held until the termination of the license or be applied from time to time in reduction of the net investment . Such specified rate of return and the proportion of such surplus earnings to be paid into and held in such reserves shall be set forth in the license. "(e ) That the lice nsee sha ll pay t o the Un ited Sta tes reas onable bylicensee. bar ges pa id annual charges in an amount to be fixed by the Commission for the purpose of reimbursing the United States for the costs of the admin- istration of this Part ; for recompensing it for the use, occupancy, and enjoyment of its lands or other property ; and for the expropriation to the Gove rnment of exc essive profits until the re spective Stat es shall make provision for preventing excessive profits or for the expropria- tion th ereof to themsel ves, or until th e period of amor tization as herein provided is reached, and in fixing such charges the Commission shall seek to avoid increasing the price to the consumers of power by such charges, and any such charges may be adjusted from time to time by the Commission as conditions may require : Provided, That wh en Provisos. Licenses involving licenses are issued involving the use of Government dams or other use of Government structures owned by the United States or tribal lands embraced within dams, etc. Indian reservations the Commission shall, subject to the approval of the Secretary of the Interior in the case of such dams or structures in reclamation projects and, in the case of such tribal lands, subject to the approval of the Indian tribe having jurisdiction of such lands as provided in section 16 of the Act of June 18, 1934 (48 Stat . 984). fix a reasonable annual charge for the use thereof, and such charges may with like approval be readjusted by the Commission at the end of twenty years after the project is available for service and at periods of not less than ten years thereafter upon notice and oppor- tunity for hearing : Provided further, That licenses for the develop- License s for d evelop- . of power by ment, transmission, or distribution of power by States or municipali- States, etc. ties shal l be iss ued and enjoyed without charge t o the e xtent su ch power is sold to the public without profit or is used by such State or munici pality f or State or muni cipal pu rposes, except that as to projects constructed or to be constructed by States or municipal- ities primarily designed to provide or improve navigation, licenses therefor shall be issued without charge ; and that licenses for the development, transmission, or distribution of power for domestic, mining, or other beneficial use in projects of not more than one hundred horsepower installed capacity may be issued without charge, except on tribal lands wi thin Ind ian rese rvations ; but in no cas e shall a license be issued free of charge for the development and utilization of power created by any Government dam and that the amount ch arged th erefor i n any li cense sh all be s uch as determin ed by the Commission. In the event an overpayment of any charge due me re di ts for overpay- under this section shall be made by a licensee, the Commission is authorize d to all ow a cre dit for such ove rpayment when c harges a re due for any subsequent period. "(f) That whenever any licensee hereunder is directly benefited by licReimbursement e e- the construction work of another licensee, a permittee, or of the seed by project of United States of a storage reservoir or other headwater improvement, another licensee . the Commission shall require as a condition of the license that the licensee so benefited shall reimburse the owner of such reservoir or other improvements for such part of the annual charges for interest, maintenance, and depreciation thereon as the Commission may deem