43 U.S.C. § 617a — “Colorado River Dam Fund”

submitted 98 years ago by ch. 42 to r/title-43-PUBLIC-LANDS · 525 words · no verdicts yet

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This section creates the Colorado River Dam Fund and controls how its revenues, advances, interest, and repayments are handled. The fund may generally pay construction costs and construction-period interest, while operation and maintenance require separate appropriations.

(a) A special fund called the “Colorado River Dam fund” is established. It is available only to carry out this subchapter. All revenues received under the subchapter go into the fund, and expenditures come from it under the Interior Secretary's direction. (b) The Treasury Secretary may periodically advance to the fund, within appropriations, amounts the Interior Secretary considers necessary. Of the advances, $25,000,000 is allocated to flood control and must be repaid from 62.5 percent of revenues above the amount needed for periodic amortization payments. If it is not fully repaid during amortization, 62.5 percent of all net revenues pays the remainder. Interest at 4 percent per year on unpaid advances is paid annually from the fund unless this subchapter provides otherwise. (c) Advances are available only for construction and construction-period interest. The fund may not pay operation and maintenance except from appropriations for those purposes. (d) Each June 30, the Treasury Secretary must charge the fund for that year's 4-percent interest on unpaid advances. If the fund lacks enough money, the Secretary may defer any part; deferred interest itself bears 4-percent annual interest until paid. (e) At the end of each fiscal year, the Interior Secretary must certify to the Treasury Secretary the money exceeding what is needed for construction, operation, maintenance, and interest. The Treasury Secretary must then charge that amount to the fund as repayment of advances and deposit it in the Treasury as miscellaneous receipts.

the actual law source: uscode.house.gov ↗public domain

(a) Creation of fund; purpose; receipts and expenditures under control of Secretary of the Interior

There is established a special fund, to be known as the “Colorado River Dam fund” (hereinafter referred to as the “fund”), and to be available, as hereafter provided for, only for carrying out the provisions of this subchapter. All revenues received in carrying out the provisions of this subchapter shall be paid into and expenditures shall be made out of the fund, under the direction of the Secretary of the Interior.

(b) Advancements to fund by Secretary of the Treasury; allocation; repayment; interest

The Secretary of the Treasury is authorized to advance to the fund, from time to time and within the appropriations therefor, such amounts as the Secretary of the Interior deems necessary for carrying out the provisions of this subchapter..1 Of this amount the sum of $25,000,000 shall be allocated to flood control and shall be repaid to the United States out of 62½ per centum of revenues, if any, in excess of the amount necessary to meet periodical payments during the period of amortization, as provided in section 617c of this title. If said sum of $25,000,000 is not repaid in full during the period of amortization, then 62½ per centum of all net revenues shall be applied to payment of the remainder. Interest at the rate of 4 per centum per annum accruing during the year upon the amounts so advanced and remaining unpaid shall be paid annually out of the fund, except as herein otherwise provided.

Moneys in the fund advanced under subdivision (b) shall be available only for expenditures for construction and the payment of interest, during construction, upon the amounts so advanced. No expenditures out of the fund shall be made for operation and maintenance except from appropriations therefor.

(d) Unpaid interest on advancements; charge on fund; rate of interest

The Secretary of the Treasury shall charge the fund as of June 30 in each year with such amount as may be necessary for the payment of interest on advances made under subdivision (b) at the rate of 4 per centum per annum accrued during the year upon the amounts so advanced and remaining unpaid, except that if the fund is insufficient to meet the payment of interest the Secretary of the Treasury may, in his discretion, defer any part of such payment, and the amount so deferred shall bear interest at the rate of 4 per centum per annum until paid.

(e) Money in fund in excess of amount needed; certification of fact; disposition

The Secretary of the Interior shall certify to the Secretary of the Treasury, at the close of each fiscal year, the amount of money in the fund in excess of the amount necessary for construction, operation, and maintenance, and payment of interest. Upon receipt of each such certificate the Secretary of the Treasury is authorized and directed to charge the fund with the amount so certified as repayment of the advances made under subdivision (b), which amount shall be covered into the Treasury to the credit of miscellaneous receipts.

Source credit: (Dec. 21, 1928, ch. 42, § 2, 45 Stat. 1057; Pub. L. 98–381, title I, § 103(a)(1), Aug. 17, 1984, 98 Stat. 1334.)

history & why it existsrecord from the source credit

1928Enacted · Act of Dec. 21, 1928, ch. 42 · 45 Stat. 1057
1984Amended · Pub. L. 98-381 · 98 Stat. 1334

A history note hasn’t been published yet. The record shows enactment by ch. 42 on 1928-12-21.

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