Union Calendar No. 449

103D CONGRESS

2D SESSION H. R. 4784

[Report No. 103–803]

A BILL

To modify the Mountain Park Project in

Oklahoma, and for other purposes.

OCTOBER 3, 1994

Reported with an amendment, committed to the Commitordered to be printed tee of the Whole House on the State of the Union, and
IB

Union Calendar No. 449

103D CONGRESS

2D SESSION H. R. 4784

[Report No. 103–803]

To modify the Mountain Park Project in Oklahoma, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

JULY 19, 1994

Mr. MCCURDY introduced the following bill; which was referred to the

Committee on Natural Resources

OCTOBER 3, 1994

Reported with an amendment, committed to the Committee of the Whole

House on the State of the Union, and ordered to be printed

[Omit the part struck through and insert the part printed in italic]

A BILL

To modify the Mountain Park Project in Oklahoma, and

for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Mountain Park Project

5 Act of 1994’’.
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1 SEC. 2. MODIFICATION OF MOUNTAIN PARK PROJECT.

2 (a) IN GENERAL.—The first section of the Act enti3 tled ‘‘An Act to authorize the Secretary of the Interior

4 to construct, operate, and maintain the Mountain Park

5 reclamation project, Oklahoma, and for other purposes’’

6 (Public Law 90–503; 82 Stat. 853) is amended by striking

7 out ‘‘and controlling floods.’’ and inserting in lieu thereof

8 ‘‘controlling floods, and environmental quality activities.

9 As used in this Act, the term ‘environmental quality activ10 ity’ means any activity that primarily benefits the quality

11 of natural environmental resources.’’.

12 (b) REALLOCATION OF PROJECT COSTS.—Such Act

13 is further amended by adding at the end the following new

14 section:

15 ‘‘SEC. 7. (a)(1) Not later than 180 days after the

16 date of enactment of the Mountain Park Project Act of

17 1994, the Secretary of the Interior (referred to in this sec18 tion as the ‘Secretary’) shall—

19 ‘‘(A) conduct appropriate investigations to de20 termine environmental quality activities that could

21 be carried out for the Mountain Park project; and

22 ‘‘(B) on the basis of the determination made

23 under subparagraph (A), make an appropriate

24 reallocation of the costs of the project under sections

25 2 and 3 (referred to in this section as ‘project costs’)

26 to accommodate the environmental quality activities
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1 that the Secretary authorizes pursuant to this sub2 section.

3 ‘‘(2) In conducting investigations under this sub4 section, the Secretary shall examine the benefits to natural

5 environmental resources achievable from an environmental

6 quality activity that requires reallocating water or using

7 facilities or land of the Mountain Park project, including

8 any of the following activities:

9 ‘‘(A) Developing in-stream flows.

10 ‘‘(B) Developing wetland habitat.

11 ‘‘(C) Any other environmental quality activity

12 that the Secretary determines to be appropriate to

13 benefit the overall quality of the environment.

14 ‘‘(b)(1) Upon completion of the investigations under

15 subsection (a)(2), the Secretary shall carry out the

16 following:

17 ‘‘(A) The preparation of a proposed reallocation

18 of project costs in conformance with subsection

19 (a)(1)(B).

20 ‘‘(B) Negotiations with the Mountain Park

21 Master Conservancy District (referred to in this sec22 tion as the ‘District’) to amend the contract exe23 cuted by the District pursuant to this Act to adjust

24 the obligation of the District to repay project costs,
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1 as described in section 2, to reflect the reallocation

2 of nonreimbursable project costs.

3 ‘‘(2) For the purposes of paragraph (1), project costs

4 associated with an environmental quality activity specified

5 by the Secretary pursuant to subsection (a)(2) shall be

6 nonreimbursable project costs.

7 ‘‘(c)(1) Notwithstanding any other provision of this

8 Act, the Secretary is authorized to accept prepayment of

9 the repayment obligation of the District for the reimburs10 able construction costs of the project allocated to munici11 pal and industrial water supply for the city of Altus, Okla12 homa, the city of Frederick, Oklahoma, or the city of Sny13 der, Oklahoma (or any combination thereof), and, upon

14 receipt of such prepayment, the District’s obligation to the

15 United States shall be reduced by the amount of such

16 costs, and any security held therefor, shall be released by

17 the Secretary.

18 ‘‘(2) Any prepayment made pursuant to subsection

19 (c)(1) shall realize to the United States an amount cal20 culated by discounting the remaining repayment obligation

21 by the interest rate determined in accordance with sub22 section (d).

23 ‘‘(d)(1) The Secretary shall determine the interest

24 rate in accordance with the guidelines set forth in Circular

25 A–129 issued by the Office of Management and Budget
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1 concerning loan sales and prepayment of loans. In deter2 mining the interest rate, the Secretary shall equate an ap3 propriate amount of prepayment with the price of the Dis4 trict’s obligation if it were to be sold on the open market

5 to a third party.

6 ‘‘(d)(1) The Secretary of the Treasury shall determine

7 the interest rate in accordance with the guidelines set forth

8 in Circular A–129 issued by the Office of Management and

9 Budget and the Department of Treasury Financial Manual.

10 In determining the interest rate, the Secretary shall con11 sider the price of the District’s obligation if it were to be

12 sold on the open market to a third party.

13 ‘‘(2) If the District uses tax-exempt financing to fi14 nance a prepayment under subsection (c)(1), then the in15 terest rate by which the Secretary discounts the remaining

16 payments due on the District’s obligation shall be adjusted

17 by an amount that compensates the United States for the

18 direct or indirect loss of future tax revenues.

19 ‘‘(e) Notwithstanding any payment made by the Dis20 trict pursuant to this section or pursuant to any contract

21 with the Secretary, title to the project facilities shall re22 main with the United States.’’.

23 (c) REPEAL.—Section 3101 of the Reclamation

24 Projects Authorization and Adjustment Act of 1992 (Pub25 lic Law 102–575; 106 Stat. 4698) is repealed.