Page:United States Statutes at Large Volume 80 Part 1.djvu/236

 200

PUBLIC LAW 89-448-JUNE14, 1966

[80 STAT.

Public Law 89-448 June 14, 1966

'^^" ^^^^]

AN ACT

To authorize the Secretary of the Interior to construct, operate, and maintain a third powerplant at the Grand Coulee Dam, Columbia Basin project, Washington, and for other purposes.

Be it enacted by the Senate and House of Representatives of the r^°e^c'"washrn'" ^^^'^^^ States of America in Congress assembled, That (a) the Secrep^rojec, as mg ^^^^ ^^ ^^^ Interior is hereby authorized to construct, operate, and maintain a third powerplant with a raited capacity of approximately three million six hundred thousand kilowatts, and necessary appurtenant works, including a visitor center, at Grand Coulee Dam as an addition to and an integral part of the Columbia Basin Federal reclamation project. The construction cost of the third powerplant allocated to power and associated with each stage of development shall be repaid with interest within fifty years from the time that stage becomes revenue producing. The interest rate used for computing interest during construction and interest on the unpaid balance of the cost allocated to power shall be determined by the Secretary of the Treasury as of the beginning of the fiscal year in which the initial request for appropriations for the construction of the third powerplant is made, by computing the average interest rate payable by the Treasury on all interest-bearing marketable public debt obligations of the United States then outstanding, which, upon original issue, had terms to maturity of fifteen years or more, and by adjusting such average rate to the next lowest multiple of one-eighth of one per centum. (b) Construction of the third powerplant may be undertaken in such stages as in the determination of the Secretary will effectuate the fullest, most beneficial, and most economic utilization of the waters of the Columbia River, A^V°^\^n ^^''^'•' SEC. 2. The Secretary of the Interior shall prepare, maintain, and dent and C o n g r e s s.

^''P^®^'

43 USC 391 et seq.

,

i*^

-r-»

•i

T

i

/^

^

T i

. T

present annually to the President and the Congress a consolidated financial statement for all projects heretofore or hereafter authorized, including the third powerplant at Grand Coulee Dam, from or by means of which commercial power and energy is marketed through the facilities of the Federal Columbia River power system and for all other projects associated therewith to the extent that the costs of these projects are required by law to be charged to and returned from net revenues derived from the power and energy, or any power and energy, so marketed, and he shall, if said consolidated statement indicates that the reimbursable construction costs of the projects, or any of the projects, covered thereby which are chargeable to and re'^urnable from the commercial power and energy so marketed are likely not to be returned within the period prescribed by law, take prompt action to adjust the rates charged for such power and energy to the extent necessary to assure such return. Section 9, subsection (c) of the Act of August 20, 1937 (50 Stat. 736), as amended (16 U.S.C. 832h) is hereby repealed. That portion of the construction cost of any project hereafter authorized to be constructed, operated, and maintained by the Secretary of the Interior under the Federal reclamation laws (Act of June 17, 1902, 32 Stat. 388, and Acts amendatory thereof or supplementary thereto) within the Pacific Northwest which, though allocated to irrigation, is beyond the ability of the irrigation water users to repay within the repayment period prescribed by law for that project and cannot be returned within the same period from other project sources of revenue shall be charged to and returned within that period from net revenues derived from the marketing of commercial power and energy through

�