§618c Charges as Retroactive; Adjustment of Accounts

Summary

When this part takes effect under section 618i, the fees and how they are figured must be treated as if they began on June 1, 1937. The United States and everyone with contracts to buy or produce power at the project will have their accounts adjusted so they end up, as nearly as possible, in the same position they would have been in on that date. Adjustments to contractors will not be paid in cash but given as credits spread over whatever time the Secretary decides. If payments to Arizona or Nevada under section 618a(c) are reduced because of taxes collected, each person who paid any of those taxes will get credits or other adjustments equal to their share of the reduction, based on how much tax they paid compared with the total.