43 U.S.C. § 617a : US Code - Section 617A: "Colorado River Dam Fund"

Search 43 U.S.C. § 617a : US Code - Section 617A: "Colorado River Dam Fund"

(a) Creation of fund; purpose; receipts and expenditures under
control of Secretary of the Interior
There is established a special fund, to be known as the "Colorado
River Dam fund" (hereinafter referred to as the "fund"), and to be
available, as hereafter provided for, only for carrying out the
provisions of this subchapter. All revenues received in carrying
out the provisions of this subchapter shall be paid into and
expenditures shall be made out of the fund, under the direction of
the Secretary of the Interior.
(b) Advancements to fund by Secretary of the Treasury; allocation;
repayment; interest
The Secretary of the Treasury is authorized to advance to the
fund, from time to time and within the appropriations therefor,
such amounts as the Secretary of the Interior deems necessary for
carrying out the provisions of this subchapter..(!1) Of this amount
the sum of $25,000,000 shall be allocated to flood control and
shall be repaid to the United States out of 62 1/2 per centum of
revenues, if any, in excess of the amount necessary to meet
periodical payments during the period of amortization, as provided
in section 617c of this title. If said sum of $25,000,000 is not
repaid in full during the period of amortization, then 62 1/2 per
centum of all net revenues shall be applied to payment of the
remainder. Interest at the rate of 4 per centum per annum accruing
during the year upon the amounts so advanced and remaining unpaid
shall be paid annually out of the fund, except as herein otherwise
provided.
(c) Limitation on use made of advancements
Moneys in the fund advanced under subsection (b) of this section
shall be available only for expenditures for construction and the
payment of interest, during construction, upon the amounts so
advanced. No expenditures out of the fund shall be made for
operation and maintenance except from appropriations therefor.
(d) Unpaid interest on advancements; charge on fund; rate of
interest
The Secretary of the Treasury shall charge the fund as of June 30
in each year with such amount as may be necessary for the payment
of interest on advances made under subsection (b) of this section
at the rate of 4 per centum per annum accrued during the year upon
the amounts so advanced and remaining unpaid, except that if the
fund is insufficient to meet the payment of interest the Secretary
of the Treasury may, in his discretion, defer any part of such
payment, and the amount so deferred shall bear interest at the rate
of 4 per centum per annum until paid.
(e) Money in fund in excess of amount needed; certification of
fact; disposition
The Secretary of the Interior shall certify to the Secretary of
the Treasury, at the close of each fiscal year, the amount of money
in the fund in excess of the amount necessary for construction,
operation, and maintenance, and payment of interest. Upon receipt
of each such certificate the Secretary of the Treasury is
authorized and directed to charge the fund with the amount so
certified as repayment of the advances made under subsection (b) of
this section, which amount shall be covered into the Treasury to
the credit of miscellaneous receipts.