Text of the Mountain Park Project Act of 1994
The text of the bill below is as of Oct 3, 1994 (Reported by House Committee).
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 Committee of the Whole House on the State of the Union, and ordered to be printed 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Mountain Park Project Act of 1994''. SEC. 2. MODIFICATION OF MOUNTAIN PARK PROJECT. (a) In General.--The first section of the Act entitled ``An Act to authorize the Secretary of the Interior to construct, operate, and maintain the Mountain Park reclamation project, Oklahoma, and for other purposes'' (Public Law 90-503; 82 Stat. 853) is amended by striking out ``and controlling floods.'' and inserting in lieu thereof ``controlling floods, and environmental quality activities. As used in this Act, the term `environmental quality activity' means any activity that primarily benefits the quality of natural environmental resources.''. (b) Reallocation of Project Costs.--Such Act is further amended by adding at the end the following new section: ``Sec. 7. (a)(1) Not later than 180 days after the date of enactment of the Mountain Park Project Act of 1994, the Secretary of the Interior (referred to in this section as the `Secretary') shall-- ``(A) conduct appropriate investigations to determine environmental quality activities that could be carried out for the Mountain Park project; and ``(B) on the basis of the determination made under subparagraph (A), make an appropriate reallocation of the costs of the project under sections 2 and 3 (referred to in this section as `project costs') to accommodate the environmental quality activities that the Secretary authorizes pursuant to this subsection. ``(2) In conducting investigations under this subsection, the Secretary shall examine the benefits to natural environmental resources achievable from an environmental quality activity that requires reallocating water or using facilities or land of the Mountain Park project, including any of the following activities: ``(A) Developing in-stream flows. ``(B) Developing wetland habitat. ``(C) Any other environmental quality activity that the Secretary determines to be appropriate to benefit the overall quality of the environment. ``(b)(1) Upon completion of the investigations under subsection (a)(2), the Secretary shall carry out the following: ``(A) The preparation of a proposed reallocation of project costs in conformance with subsection (a)(1)(B). ``(B) Negotiations with the Mountain Park Master Conservancy District (referred to in this section as the `District') to amend the contract executed by the District pursuant to this Act to adjust the obligation of the District to repay project costs, as described in section 2, to reflect the reallocation of nonreimbursable project costs. ``(2) For the purposes of paragraph (1), project costs associated with an environmental quality activity specified by the Secretary pursuant to subsection (a)(2) shall be nonreimbursable project costs. ``(c)(1) Notwithstanding any other provision of this Act, the Secretary is authorized to accept prepayment of the repayment obligation of the District for the reimbursable construction costs of the project allocated to municipal and industrial water supply for the city of Altus, Oklahoma, the city of Frederick, Oklahoma, or the city of Snyder, Oklahoma (or any combination thereof), and, upon receipt of such prepayment, the District's obligation to the United States shall be reduced by the amount of such costs, and any security held therefor, shall be released by the Secretary. ``(2) Any prepayment made pursuant to subsection (c)(1) shall realize to the United States an amount calculated by discounting the remaining repayment obligation by the interest rate determined in accordance with subsection (d). -`-`-(-d-)-(-1-) -T-h-e -S-e-c-r-e-t-a-r-y -s-h-a-l-l -d-e-t-e-r-m-i-n-e -t-h-e -i-n-t-e-r-e-s-t -r-a-t-e -i-n -a-c-c-o-r-d-a-n-c-e -w-i-t-h -t-h-e -g-u-i-d-e-l-i-n-e-s -s-e-t -f-o-r-t-h -i-n -C-i-r-c-u-l-a-r -A---1-2-9 -i-s-s-u-e-d -b-y -t-h-e -O-f-f-i-c-e -o-f -M-a-n-a-g-e-m-e-n-t -a-n-d -B-u-d-g-e-t -c-o-n-c-e-r-n-i-n-g -l-o-a-n -s-a-l-e-s -a-n-d -p-r-e-p-a-y-m-e-n-t -o-f -l-o-a-n-s-. -I-n -d-e-t-e-r-m-i-n-i-n-g -t-h-e -i-n-t-e-r-e-s-t -r-a-t-e-, -t-h-e -S-e-c-r-e-t-a-r-y -s-h-a-l-l -e-q-u-a-t-e -a-n -a-p-p-r-o-p-r-i-a-t-e -a-m-o-u-n-t -o-f -p-r-e-p-a-y-m-e-n-t -w-i-t-h -t-h-e -p-r-i-c-e -o-f -t-h-e -D-i-s-t-r-i-c-t-'-s -o-b-l-i-g-a-t-i-o-n -i-f -i-t -w-e-r-e -t-o -b-e -s-o-l-d -o-n -t-h-e -o-p-e-n -m-a-r-k-e-t -t-o -a -t-h-i-r-d -p-a-r-t-y-. ``(d)(1) The Secretary of the Treasury shall determine the interest rate in accordance with the guidelines set forth in Circular A-129 issued by the Office of Management and Budget and the Department of Treasury Financial Manual. In determining the interest rate, the Secretary shall consider the price of the District's obligation if it were to be sold on the open market to a third party. ``(2) If the District uses tax-exempt financing to finance a prepayment under subsection (c)(1), then the interest rate by which the Secretary discounts the remaining payments due on the District's obligation shall be adjusted by an amount that compensates the United States for the direct or indirect loss of future tax revenues. ``(e) Notwithstanding any payment made by the District pursuant to this section or pursuant to any contract with the Secretary, title to the project facilities shall remain with the United States.''. (c) Repeal.--Section 3101 of the Reclamation Projects Authorization and Adjustment Act of 1992 (Public Law 102-575; 106 Stat. 4698) is repealed.