Page:United States Statutes at Large Volume 62 Part 1.djvu/413

 62 STAT.] 8OrH CONG., 2D SESS. - CHS. 453, 454-JUNE 12, 1948 383 such rates as in his judgment will produce power revenues which, together with power revenues from all other sales of power and energy, will be at least sufficient to cover (1) an appropriate share of the annual operation and maintenance cost, including reasonable pro- vision for replacements; (2) the return, within not exceeding sixty- six years from the date upon which each feature becomes revenue producing, of an appropriate share of the construction investment properly allocable by the Secretary to commercial power and energy together with interest on the unpaid balance at a rate of not less than 21/2 per centum per annum; (3) the return, without interest, within a period not exceeding sixty-six years, and, with respect to each irriga- tion block, within a period conforming so far as practicable to the period within which water users are required to repay their share of the irrigation costs of that share of the investment found by the Secre- tary to be properly allocable to irrigation but assigned for return from net power revenues. SEC. 4. The Secretary of the Interior is authorized to enter into Repayment con- contracts for repayment of those construction costs of the develop- tracts ment assigned to be repaid by the project water users, which, in the discretion of the Secretary, may require, among other things, that those charges be distributed between the presently irrigated lands and the new lands and among farm units in a manner that takes into account the productivity of the land and in the case of new lands the estimated cost of preparing the land for irrigation, all in the manner and to the extent that the Secretary shall find to be proper: Provided, That these charges shall be such as will provide for the payment of (1) an appropriate share of the annual operation and maintenance cost, including reasonable provisions for replacements, and (2) repayment within a period not exceeding sixty-six years without interest of an appropriate share of that part of the construc- tion cost which can properly be allocated to irrigation and probably be repaid by the water users. SEC. 5. The power and energy revenues to be applied toward the Power and energy fulfillment of the obligation to return that share of the investment revenues. found by the Secretary to be properly allocable to irrigation but assigned for return from net power and energy revenues may include one-fifth of the revenues derived from the interest component of power rates in addition to any and all sums otherwise assigned for such purposes from power revenues. SEC. 6. The Secretary of the Interior is hereby authorized to con- Extra capacity in struct extra capacity in the main canal for the future irrigation of m can approximately seven thousand acres of land, in addition to the pres- ently proposed development, and to recognize the cost of providing such extra capacity as a deferred obligation to be paid at such time as the additional area may be brought into the project. SEC. 7. There are hereby authorized to be appropriated, out of any Apprpriation au moneys in the Treasury not otherwise appropriated, such sums as may be required for the purposes of this Act. Approved June 12, 1948. [CHAPTER 454] AN ACT NAT June 121948 To amend paragraph 1772 of the Tariff Act of 1930, as amended. IH.R. 5553] [Public Law 630] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That paragraph 1772 of the Tariff Act of 1930, as amended, is amended by striking 6. c., n . out "July 1, 1948," and inserting in lieu thereof "July 1, 1949,". 1201. par. iM. Approved June 12, 1948.

�