42 U.S.C. § 1962d-17 : US Code - Section 1962D-17: Regional or river basin plans and Federal water and related land resources projects; preparation, formulation, and evaluation

Search 42 U.S.C. § 1962d-17 : US Code - Section 1962D-17: Regional or river basin plans and Federal water and related land resources projects; preparation, formulation, and evaluation

(a) Interest rate formula for discounting future benefits and cost
computations; repeal of conflicting provisions and administrative
actions
The interest rate formula to be used in plan formulation and
evaluation for discounting future benefits and computing costs by
Federal officers, employees, departments, agencies, and
instrumentalities in the preparation of comprehensive regional or
river basin plans and the formulation and evaluation of Federal
water and related land resources projects shall be the formula set
forth in the "Policies, Standards, and Procedures in the
Formulation, Evaluation, and Review of Plans for Use and
Development of Water and Related Land Resources" approved by the
President on May 15, 1962, and published as Senate Document 97 of
the Eighty-seventh Congress on May 29, 1962, as amended by the
regulation issued by the Water Resources Council and published in
the Federal Register on December 24, 1968 (33 F.R. 19170; 18 C.F.R.
704.39), until otherwise provided by a statute enacted after March
7, 1974. Every provision of law and every administrative action in
conflict with this section is hereby repealed to the extent of such
conflict.
(b) Interest rate for prior authorized projects assured of non-
Federal share of project costs; continuation of rate
In the case of any project authorized before January 3, 1969, if
the appropriate non-Federal interests have, prior to December 31,
1969, given satisfactory assurances to pay the required non-Federal
share of project costs, the discount rate to be used in the
computation of benefits and costs for such project shall be the
rate in effect immediately prior to December 24, 1968, and that
rate shall continue to be used for such project until construction
has been completed, unless otherwise provided by a statute enacted
after March 7, 1974.
(c) Water and related resources projects; Presidential study; scope
of study; report to Congress
The President shall make a full and complete investigation and
study of principles and standards for planning and evaluating water
and related resources projects. Such investigation and study shall
include, but not be limited to, consideration of enhancing regional
economic development, the quality of the total environment
including its protection and improvement, the well-being of the
people of the United States, and the national economic development,
as objectives to be included in federally-financed water and
related resources projects and in the evaluation of costs and
benefits attributable to such projects, as intended in section 1962-
2 of this title, the interest rate formula to be used in
evaluating and discounting future benefits for such projects, and
appropriate Federal and non-Federal cost sharing for such projects.
He shall report the results of such investigation and study,
together with his recommendations, to Congress not later than one
year after funds are first appropriated to carry out this
subsection.