[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2253 Introduced in Senate (IS)]
103d CONGRESS
2d Session
S. 2253
To modify the Mountain Park Project in Oklahoma, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 30 (legislative day, June 7), 1994
Mr. Nickles (for himself and Mr. Boren) introduced the following bill;
which was read twice and referred to the Committee on Energy and
Natural Resources
_______________________________________________________________________
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; REFERENCES.
(a) Short Title.--This Act may be cited as the ``Mountain Park
Project Act of 1994''.
(b) References.--Whenever in this Act an amendment or repeal is
expressed in terms of an amendment to, or repeal of, a section or other
provision, the reference shall be considered to be made to a section or
other provision 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 et seq.).
SEC. 2. MODIFICATION OF MOUNTAIN PARK PROJECT.
(a) In General.--The first section (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.--The Act (Public Law 90-503, 82
Stat. 853 et seq.) is 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 of water, 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 proposed a 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) The Secretary shall determine the interest rate in
accordance with the guidelines set forth in Circular A-129 issued by
the office of Management and Budget concerning loan sales and
prepayment of loans. In determining the interest rate, the Secretary
shall equate an appropriate amount of prepayment with 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.
``(f) Section 3101 of the Reclamation Projects Authorization and
Adjustment Act of 1992 (Public Law 102-575; 106 Stat. 4698) is
repealed.
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