§617a “Colorado River Dam Fund”

Summary

Creates a special “Colorado River Dam fund” to hold all money received for this project and to pay project costs under the direction of the Secretary of the Interior. The Treasury may lend money to the fund, when the Interior asks and within available appropriations. Of any Treasury advances, $25,000,000 is set aside for flood control and must be repaid from 62½ percent of revenues that exceed required periodical payments during the amortization period (see section 617c). If not fully repaid then, 62½ percent of all net revenues will go to finish repaying it. Interest on advances is 4 percent per year and is paid from the fund. Money advanced by the Treasury can only be used for construction and for interest during construction. Operation and maintenance costs need separate appropriations. Each June 30 the Treasury will charge the fund for interest due at 4 percent; the Treasury may delay payment, but any delayed amount will earn 4 percent until paid. At the end of each fiscal year the Interior must tell the Treasury how much in the fund is more than needed for construction, operation, maintenance, and interest, and that excess must be used to repay the Treasury and put into miscellaneous receipts.