Updating the Hoover Dam documents, 1978 / Milton N. Nathanson.

page XII-5

APPENDIX XII XII-5 3 1 and maintaining that unit which are allocated to said pur- 2 pose and interest on the unamortized balance of said con- 3 struction allocation and, in addition, within the time speci- 4 fled in subsection (a) of this section, so much of the irriga- 5 tion allocation for each block as is beyond the ability of the 6 water users to repay. 7 (c) The interest rate to be used for purposes of com- 8 puting interest during construction and interest on the uri- 9 paid balance of those portions of the reimbursable costs 10 which are properly allocable to commercial power develop- 11 ment and municipal and industrial water supply shall be 12 determined by the Secretary of the Treasury, as of the 13 beginning of the fiscal year in which this bill is enacted, 14 on the basis of the computed average interest rate payable 15 by the Treasury upon its outstanding marketable public 16 obligations, which are neither due nor callable for redemp- 17 tion for fifteen years from date of issue. If the interest rate 18 so computed is not a multiple of one-eighth of 1 per centum, 19 the rate of interest to be used for these purposes shall be 20 the multiple of one-eighth of 1 per centum next lower than 21 the rate so computed: Provided, however, That as to Indian 22 lands payment of construction costs within the capacity of 23 the land to repay shall be subject to the Act of July 1, 24 1932 (47 Stat. 564). 25 Sec. 3. (a) The Secretary is authorized as a part of the