S.Amdt. 5002

SA 5002. Mr. HATCH (for himself and Mr. Lee) submitted an amendment
intended to be proposed by him to the bill S. 2848, to provide for the
conservation and development of water and related resources, to
authorize the Secretary of the Army to construct various projects for
improvements to rivers and harbors of the United States, and for other
purposes; which was ordered to lie on the table; as follows:

At the end of title VIII, add the following:

SEC. 8___. PREPAYMENT OF CERTAIN REPAYMENT OBLIGATIONS UNDER
CONTRACTS BETWEEN THE UNITED STATES AND THE
WEBER BASIN WATER CONSERVANCY DISTRICT.

(a) Definitions.--In this section:
(1) Covered contract.--
(A) In general.--The term ``covered contract'' means the
repayment contract numbered 14-06-400-33 between the United
States and the Weber Basin Water Conservancy District, dated
December 12, 1952, which provides for the repayment of Weber
Basin Project construction costs allocated to irrigation and
municipal and industrial purposes for which repayment is
provided pursuant to the contract under terms and conditions
similar to the terms and conditions used in implementing the
prepayment provisions in section 210 of the Central Utah
Project Completion Act (Public Law 102-575; 106 Stat. 4624).
(B) Inclusions.--The term ``covered contract'' includes--
(i) any amendments and supplements to the contract
described in subparagraph (A); and
(ii) any applicable contracts related to the contract
described in subparagraph (A).
(2) District.--The term ``District'' means the Weber Basin
Water Conservancy District.
(b) Authorization of Prepayment.--The Secretary of the
Interior shall allow for the prepayment of Central Utah
Project, Bonneville Unit, repayment obligations under the
covered contract.
(c) Requirements and Authorities.--The prepayment
authorized under subsection (b)--
(1) shall result in the United States recovering the net
present value of all repayment streams that would have been
payable to the United States if this section was not in
effect;
(2) may be provided in several installments;
(3) may not be adjusted on the basis of the type of
prepayment financing used by the District; and
(4) shall be made in a manner that provides that total
repayment is made not later than September 30, 2026.
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