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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2917 Introduced in House (IH)]

  2d Session
                                H. R. 2917

 To authorize the Chief of Engineers of the Army Corps of Engineers to 
 make capital improvements for the Washington Aqueduct, and for other 
                               purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 31, 1996

  Ms. Norton introduced the following bill; which was referred to the 
             Committee on Transportation and Infrastructure

_______________________________________________________________________

                                 A BILL

 
 To authorize the Chief of Engineers of the Army Corps of Engineers to 
 make capital improvements for the Washington Aqueduct, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CAPITAL IMPROVEMENTS FOR THE WASHINGTON AQUEDUCT.

    (a) Authorizations.--
            (1) Authorization of modernization.--Subject to approval 
        in, and in such amounts as may be provided in appropriations 
        Acts, the Chief of Engineers of the Army Corps of Engineers is 
        authorized to modernize the Washington Aqueduct.
            (2) Authorization of appropriations.--There is authorized 
        to be appropriated to the Army Corps of Engineers borrowing 
        authority in amounts sufficient to cover the full costs of 
        modernizing the Washington Aqueduct. The borrowing authority 
        shall be provided by the Secretary of the Treasury, under such 
        terms and conditions as are established by the Secretary of the 
        Treasury, after a series of contracts with each public water 
        supply customer has been entered into under subsection (b).
    (b) Contracts With Public Water Supply Customers.--
            (1) Contracts to repay corps debt.--To the extent provided 
        in appropriations Acts, and in accordance with paragraphs (2) 
        and (3), the Chief of Engineers of the Army Corps of Engineers 
        is authorized to enter into a series of contracts with each 
        public water supply customer under which the customer commits 
        to repay a pro-rata share of the principal and interest owed by 
        the Army Corps of Engineers to the Secretary of the Treasury 
        under subsection (a). Under each of the contracts, the customer 
        that enters into the contract shall commit to pay any 
        additional amount necessary to fully offset the risk of default 
        on the contract.
            (2) Offsetting of risk of default.--Each contract under 
        paragraph (1) shall include such additional terms and 
        conditions as the Secretary of the Treasury may require so that 
        the value to the Government of the contracts is estimated to be 
        equal to the obligational authority used by the Army Corps of 
        Engineers for modernizing the Washington Aqueduct at the time 
        that each series of contracts is entered into.
            (3) Other conditions.--Each contract entered into under 
        paragraph (1) shall--
                    (A) provide that the public water supply customer 
                pledges future income from fees assessed to operate and 
                maintain the Washington Aqueduct;
                    (B) provide the United States priority over all 
                other creditors; and
                    (C) include other conditions that the Secretary of 
                the Treasury determines to be appropriate.
    (c) Borrowing Authority.--Subject to an appropriation under 
subsection (a)(2) and after entering into a series of contracts under 
subsection (b), the Secretary, acting through the Chief of Engineers of 
the Army Corps of Engineers, shall seek borrowing authority from the 
Secretary of the Treasury under subsection (a)(2).
    (d) Definitions.--In this section:
            (1) Public water supply customer.--The term ``public water 
        supply customer'' means the District of Columbia, the county of 
        Arlington, Virginia, and the city of Falls Church, Virginia.
            (2) Value to the government.--The term ``value to the 
        Government'' means the net present value of a contract under 
        subsection (b) calculated under the rules set forth in 
        subparagraphs (A) and (B) of section 502(5) of the 
        Congressional Budget Act of 1974 (2 U.S.C. 661a(5)), excluding 
        section 502(5)(B)(i) of the Act, as though the contracts 
        provided for the repayment of direct loans to the public water 
        supply customers.
            (3) Washington aqueduct.--The term ``Washington Aqueduct'' 
        means the water supply system of treatment plans, raw water 
        intakes, conduits, reservoirs, transmission mains, and pumping 
        stations owned by the Federal Government located in the 
        metropolitan Washington, District of Columbia, area.
                                 <all>
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