§ 485b. Amendment of existing repayment contracts

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1939

   Pub. L. 76–418 § 3 · 53 Stat. 1187

   Enacted · 43 U.S.C. § 485b

   (Aug. 4, 1939, ch. 418, § 3, 53 Stat. 1188.)

   Source evidence

   Code source credit
   (Aug. 4, 1939, ch. 418, § 3, 53 Stat. 1188.)

   Enacted provision · exact public law section
   Sec. 3. In connection with any repayment contract or other form Modification of existing repayment contracts authorized. of obligation, existing on the date of this Act, to pay construction charges, providing for repayment on the basis of a definite period, the Secretary is hereby authorized, upon request by the water users involved or their duly authorized representatives for amendment under this section of said contract or other form of obligation, and if in the Secretary’s judgment such amendment is both practicable and in keeping with the general purpose of this Act, to amend Spread of unaccrued construction charges in definite annual installments. said contract or other form of obligation so as to provide that the construction charges remaining unaccrued on the date of the amendment, or any later date agreed upon, shall be spread in definite annual installments on the basis of a longer definite period fixed in each case by the Secretary: Provided, That for any construction Proviso. Limitation. charges said longer period shall not exceed forty years, exclusive of 1931 and subsequent years to the extent of moratoria or deferments of construction charges due and payable for such years effected pursuant to Acts of. Congress, from the date when the first installment of said construction charges became due and payable under the original obligation to pay said construction charges and in no event shall the unexpired part of said longer period exceed double the number of remaining years, as of the date of the amendment made pursuant to this Act, in which installments of said construction charges would become due and payable under said existing repayment contract or other form of obligation to pay construction charges.

1 of 1 references resolved to an enrolled provision