Page:United States Statutes at Large Volume 62 Part 1.djvu/301

 80TH CONG., 2D SESS.-CH. 340 -MAY 25, 1948 applicable to the project) to yield a reasonable return on the unliqui- dated portion of the power system construction costs, and (for the same purpose) to yield such additional sums as will cover the amount by which the wholesale value of the electric energy sold exceeds the cost thereof where such excess is the result of the electric energy hav- ing been obtained on a special basis in return for water rights or other grants. (h) All net revenues hereafter accumulated from the power system shall be applied annually to the following purposes, in the following order of priority: (1) To liquidate all matured installments of the schedule of repay- ments for construction costs of the power system; (2) To liquidate all matured installments of the schedule of repay- ments for construction costs of the irrigation system of each division, on an equal per acre basis for all irrigable lands within the division; (3) To liquidate unmatured installments of the schedule of repay- ments for construction costs of the power system which will mature at a date not later than the maturity of any unliquidated installment of irrigation system construction costs; (4) To liquidate unmatured installments of the schedule of repay- ments for construction costs of the irrigation system of each division which will mature at a date prior to the maturity of any unliquidated installment of power system construction costs, on an equal per acre basis for all irrigable lands within the division; (5) To liquidate construction costs chargeable against Indian- owned lands the collection of which is deferred under the Act of July 1, 1932 (47 Stat. 564; 25 U. S. C., sec. 386a); and (6) To liquidate the annual operation and maintenance costs of the irrigation system. (i) In applying net revenues from the power system to the annual installments of irrigation system construction costs for any division of the project under the preceding subsection, allowance shall be made for any construction costs deferred under the Act of July 1, 1932 (47 Stat. 564; 25 U. S . C., sec. 386a), or already repaid to the United States which have been deducted from such install- ments under subsection (e) of this section, by distributing the net revenues available for such application over all irrigable lands within the division on an equal per acre basis, and by applying the net revenues distributed to the lands chargeable with the construction costs that have been so deferred or repaid, in amounts proportionate to the deductions made on account of such costs, to any then unpaid or subsequently assessed costs of operating and maintaining the irrigation system which are chargeable against the same lands. (j) Any matured installment of irrigation system construction costs, or portion thereof, which is not liquidated at or before its maturity through the application thereto of net revenues from the power system under subsection (h) of this section shall be repaid to the United States by an assessment against the lands chargeable with the construction costs included in the installment. Such repayment shall be deferred for any period of time that may be requisite to provide for the assessment and collection of such costs in conformity with the laws of the State of Montana, but shall be completed within two years after the maturity of the installment concerned. SEC. 3. The repayment adjustments provided for in sections 1 and 2 of this Act shall not become effective unless, within two years after the approval of this Act, the irrigation districts embracing lands within the project not covered by trust or restricted patents have entered into contracts satisfactory to the Secretary of the Interior whereby such districts (1) obligate themselves for the repayment of Net revenues from power system. Allowance for con- struction costs. Assessment against lands. Supplemental con- tracts. 62 STAT.] 271

�