§617a “colorado River Dam Fund”

Summary

Creates a special fund called the Colorado River Dam fund. All money received for the dam project must go into that fund, and the Secretary of the Interior manages spending for the project. The Secretary of the Treasury may lend money to the fund as needed and within approved budgets. From those loans, $25,000,000 is set aside for flood control and must be paid back from 62½ percent of revenues above required periodic payments during the amortization period (see section 617c). If not fully repaid in that period, 62½ percent of all net revenues will go to pay the rest. Interest on advances is 4 percent per year and is paid from the fund. Money borrowed for the fund can only be used for construction and interest during construction. Operation and maintenance must be paid from separate appropriations. Each June 30 the Treasury will charge the fund for interest due; if the fund cannot pay, the Treasury may delay payment and the delayed amount will also earn 4 percent interest until paid. At each fiscal year end the Secretary of the Interior must report any money in the fund that is more than needed for construction, operation, maintenance, and interest; the Treasury then uses that excess to repay the earlier advances and deposits the repayment into the Treasury’s miscellaneous receipts.