§617a “colorado River Dam Fund”

Summary

Creates a special pool of money called the Colorado River Dam fund. All money earned or spent for carrying out this part of the law goes into or comes out of that fund, and the Secretary of the Interior manages it. The Treasury Secretary may advance money to the fund when the Interior Secretary says it is needed. Of those advances, $25,000,000 is set aside for flood control and must be repaid from 62.5% of revenues that exceed the amounts needed to make scheduled amortization payments during the amortization period (see section 617c). If the $25,000,000 is not repaid during that period, then 62.5% of all net revenues will be used to finish repaying it. Advances carry 4% interest per year, paid annually from the fund unless other rules apply. Money advanced from Treasury may only be used for construction and for interest that accrues during construction. Operation and maintenance costs must come from separate appropriations. Each June 30 the Treasury will record the interest due for the year at 4%; if the fund cannot pay, Treasury may delay part of the payment, but the delayed amount will still earn 4% until paid. At the end of each fiscal year the Interior Secretary must tell Treasury how much of the fund is more than what is needed for construction, operation, maintenance, and interest; Treasury must then treat that excess as repayment of the advances and return it to the Treasury’s miscellaneous receipts.