Source: https://www.law.cornell.edu/uscode/text/33/467n
Timestamp: 2017-03-26 13:12:21
Document Index: 212342546

Matched Legal Cases: ['§ 467', '§ 467', '§ 467', '§\u202f467', '§\u202f1203', '§\u202f1139']

33 U.S. Code § 467n - Recovery of dam modification costs required for safety purposes | US Law | LII / Legal Information Institute
U.S. Code › Title 33 › Chapter 9 › Subchapter VII › § 467n 33 U.S. Code § 467n - Recovery of dam modification costs required for safety purposes
§ 467n.
Recovery of dam modification costs required for safety purposes
Fifteen percent of the modification costs shall be assigned to project purposes in accordance with the cost allocation in effect for the project at the time the work is initiated. Non-Federal interests shall share the costs assigned to each purpose in accord with the cost sharing in effect at the time of initial project construction: Provided, That the Secretary of the Interior shall recover costs assigned to irrigation in accordance with repayment provisions of Public Law 98–404.
Repayment under this subsection, with the exception of costs assigned to irrigation, may be made, with interest, over a period of not more than thirty years from the date of completion of the work. The interest rate used shall be determined by the Secretary of the Treasury, taking into consideration average market yields on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the applicable reimbursable period during the month preceding the fiscal year in which the costs are incurred, plus a premium of one-eighth of one percentage point for transaction costs. To the extent that more than one interest rate is determined pursuant to the preceding sentence, the Secretary of the Treasury shall establish an interest rate at the weighted average of the rates so determined.
Nothing in this section affects the authority of the Secretary to perform work pursuant to Public Law 84–99, as amended (33 U.S.C. 701n) or cost sharing for such work.
(Pub. L. 99–662, title XII, § 1203, Nov. 17, 1986, 100 Stat. 4263.)
Pub. L. 114–322, title I, § 1139, Dec. 16, 2016, 130 Stat. 1658, provided that: “The Secretary [of the Army] shall issue guidance—
on the types of circumstances under which the requirement in section 1203(a) of the Water Resources Development Act of 1986 (33 U.S.C. 467n(a)) relating to state-of-the-art design or construction criteria deemed necessary for safety purposes applies to a dam safety repair project;
to assist district offices of the Corps of Engineers in communicating with non-Federal interests when entering into and implementing cost-sharing agreements for dam safety repair projects; and
to assist the Corps of Engineers in communicating with non-Federal interests concerning the estimated and final cost-share responsibilities of the non-Federal interests under agreements for dam safety repair projects.”