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STAT.]

227

PUBLIC LAW 86-530-JUNE 27, 1960

event the aqueduct system is not constructed by the Federal Government. There are also authorized to be appropriated such sums as may be required for the operation and maintenance of said works. SEC. 9. Section 5(f) of the Act entitled "An Act to authorize the Secretary of the Interior to construct, operate, and maintain the Colorado River storage project and participating projects, and for other purposes", approved April 11, 1956 (70 Stat. 109), is amended effective June 1, 1960, to read as follows: "The interest rate applicable to each unit of the storage project and each participating project for purposes of computing interest during construction and interest on the unpaid balance shall be determined by the Secretary of the Treasury, as of the beginning of the fiscal year in which construction is initiated, on the basis of the computed average interest rate payable by the Treasury upon its outstanding mametable public obligations, which are neither due nor callable for redemption for fifteen years from the date of issue." Approved June 27, 1960.

43 USC 62Od. Interest rate.

Public Law 86-530 AN ACT To amend sections 1 and 5b of the Life Insurance Act for Columbia.

the District of

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) subparagraph (i) of paragraph (1) of subsection (c) of section 1 of chapter V of the Life Insurance Act (D.C. Code, section 35-701 (c)(1)(i)) is amended to read as follows: " (i) For all ordinary policies of life insurance issued on the standard basis, excluding any disability and accidental death benefits in such policies, the Commissioners 1941 Standard Ordinary Mortality Table for such policies issued prior to the operative date of the last paragraph of section 5b(d) of this chapter, and the Commissioners 1958 Standard Ordinary Mortality Table for such policies issued on or after such operative date; provided that for any category of such policies issued on female risks all modified net premiums and present values referred to in this section may be calculated according to an age not more than three years younger than the actual age of the insured." (b) Clause (B) of paragraph (2) of such subsection (D.C. Code, sec. 35-701 (c)(2)(B))~ is amended to read as follows: " (B) A net one-year term premium for such benefits provided for in the first policy year. "Eeserves according to the Commissioners reserve valuation method for (i) life-insurance policies providing for a varying amount of insurance or requiring the payment of varying premiums, (ii) annuity and pure endowment contracts, (iii) disability and accidental death benefits in all policies and contracts, and (iv) all other benefits, except life insurance and endowment benefits in life-insurance policies, shall be calculated by a method consistent with the principles of this paragraph (2), except that any extra premiums charged because of impairments or special hazards shall be disregarded in the determination of modified net premiums." SEC. 2. (a) Subsection (d) of section 5b of chapter V of the Life Insurance Act (D.C. Code, sec. 35-705b(d)) is amended to read as follows:

jiaie 27, 1960 [H. R. 10684]

L i f e Insurance Act, D. C. Amendment. 62 Stat. 28. Mortality tsibles.

62 Stat. 32.

Female risks.

62 Stat. 29.

Reserve v a l u ation.

62 Stat. 32.

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