OCR Text |
Show -3- necessary, and to prepare and issue therefor coupon or registered bonds of the United States, in such form and denomination as he may determine, redeemable in gold coin at the pleasure of the United States after fifteen years from the date of their issue and payable in not to exceed fifty years from such date, and bearing interest at a rate not exceeding 4 per centum per annum, payable semian-nually in gold coin: Provided, however, That the Secretary of the Treasury, in his discretion, may, at the request of the Secretary of the Interior, issue said bonds in series maturing in successive years commencing not earlier than fifteen years from the date of their issue, but all maturing in not to exceed fifty years from such date.] Sec. 2. (a) There is hereby established a special fund, to be known as the "Colorado River Dam fund" (hereinafter referred to as the "fund") and to be available, as hereinafter provided, only for carrying out the provisions of this Act. All revenues received in carrying out the provisions of this Act shall be paid into, and expenditures shall be made out of the fund, under the direction of the Secretary of the Interior. (b) The Secretary of the Treasury is authorised 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 Act, except that the aggregate amount of such advances shall not exceed the sum of $125,000,000. 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. (c) 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. |
Source |
Original book: [State of Arizona, complainant v. State of California, Palo Verde Irrigation District, Coachella Valley County Water District, Metropolitan Water District of Southern California, City of Los Angeles, California, City of San Diego, California, and County of San Diego, California, defendants, United States of America, State of Nevada, State of New Mexico, State of Utah, interveners] : California exhibits. |