33 U.S.C. § 467n : US Code - Section 467N: Recovery of dam modification costs required for safety purposes

Search 33 U.S.C. § 467n : US Code - Section 467N: Recovery of dam modification costs required for safety purposes

(a) After November 17, 1986, costs incurred in the modification
by the Secretary of dams and related facilities constructed or
operated by the Secretary, the cause of which results from new
hydrologic or seismic data or changes in state-of-the-art design or
construction criteria deemed necessary for safety purposes, shall
be recovered in accordance with the provisions in this subsection:
(1) 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.
(2) 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.
(b) 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.