33 U.S.C. § 2216 — Rate of interest

Page 713 TITLE 33—NAVIGATION AND NAVIGABLE WATERS § 2220 Subsec. (d). Pub. L. 110–114, § 2043(a)(3), added subsec. (d). 2000—Subsec. (a)(1)(E). Pub. L. 106–541 substituted ‘‘The’’ for ‘‘Not more than 1⁄2 of the’’. 1996—Subsec. (a)(1). Pub. L. 104–303, § 203(a)(1), in- serted heading and amended text of par. (1) generally. Prior to amendment text read as follows: ‘‘The Sec- retary shall not initiate any feasibility study for a water resources project after November 17, 1986, until appropriate non-Federal interests agree, by contract, to contribute 50 percent of the cost for such study dur- ing the period of such study. Not more than one-half of such non-Federal contribution may be made by the pro- vision of services, materials, supplies, or other in-kind services necessary to prepare the feasibility report.’’ Subsec. (a)(2). Pub. L. 104–303, § 203(a)(2), inserted heading. 1990—Subsec. (b). Pub. L. 101–640 inserted at end ‘‘Costs of planning and engineering of projects for which non-Federal interests contributed 50 percent of the cost of the feasibility study shall be treated as costs of construction.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1996 AMENDMENT Pub. L. 104–303, title II, § 203(b), Oct. 12, 1996, 110 Stat. 3678, provided that: ‘‘The amendments made by sub- section (a) [amending this section] shall apply notwith- standing any feasibility cost-sharing agreement en- tered into by the Secretary and the non-Federal inter- ests. On request of the non-Federal interest, the Sec- retary shall amend any feasibility cost-sharing agree- ments in effect on the date of the enactment of this Act [Oct. 12, 1996] so as to conform the agreements with the amendments.’’ NO REQUIREMENT OF REIMBURSEMENT Pub. L. 104–303, title II, § 203(c), Oct. 12, 1996, 110 Stat. 3678, provided that: ‘‘Nothing in this section [amending this section and enacting provisions set out above] or any amendment made by this section requires the Sec- retary to reimburse the non-Federal interests for funds previously contributed for a study.’’ § 2216. Rate of interest Whenever a non-Federal interest is required or elects to repay an amount under this Act over a period of time, the amount to be repaid shall in- clude interest at a rate determined by the Sec- retary of the Treasury, taking into consider- ation the average market yields on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the reimbursement period, during the month preceding the fiscal year in which costs for the construction of the project are first incurred (or in the case of recalculation the fiscal year in which the recalculation is made), plus a pre- mium of one-eighth of one percentage point for transaction costs; except that such rates for hy- droelectric power shall be in accordance with ex- isting law. (Pub. L. 99–662, title I, § 106, Nov. 17, 1986, 100 Stat. 4089.) Editorial Notes REFERENCES IN TEXT This Act, referred to in text, is Pub. L. 99–662, Nov. 17, 1986, 100 Stat. 4082, known as the Water Resources De- velopment Act of 1986. For complete classification of this Act to the Code, see Short Title note set out under section 2201 of this title and Tables. § 2217. Limitation on applicability of certain pro- visions in reports If any provision in any report designated by this Act recommends that a State contribute in cash 5 percent of the construction costs allo- cated to non-vendible project purposes and 10 percent of the construction costs allocated to vendible project purposes, such provision shall not apply to the project recommended in such report. (Pub. L. 99–662, title I, § 107, Nov. 17, 1986, 100 Stat. 4089.) Editorial Notes REFERENCES IN TEXT This Act, referred to in text, is Pub. L. 99–662, Nov. 17, 1986, 100 Stat. 4082, known as the Water Resources De- velopment Act of 1986. For complete classification of this Act to the Code, see Short Title note set out under section 2201 of this title and Tables. § 2218. General applicability of cost sharing Unless otherwise specified, the cost sharing provisions of this subchapter shall apply to all projects in this Act. The Federal share of any cost of a project authorized by this Act for which cost a Federal share is not established in this subchapter, shall be the share of such cost otherwise provided by law. (Pub. L. 99–662, title I, § 108, Nov. 17, 1986, 100 Stat. 4089.) Editorial Notes REFERENCES IN TEXT This Act, referred to in text, is Pub. L. 99–662, Nov. 17, 1986, 100 Stat. 4082, known as the Water Resources De- velopment Act of 1986. For complete classification of this Act to the Code, see Short Title note set out under section 2201 of this title and Tables. § 2219. Definitions For purposes of this subchapter, terms shall have the meanings given by section 2241 of this title. (Pub. L. 99–662, title I, § 109, Nov. 17, 1986, 100 Stat. 4089.) § 2220. Rivers and harbors and other waterways projects for benefit of navigation, flood con- trol, hurricane protection, beach erosion control, and other purposes (a) Congressional declaration of policy; purchase of indebtedness and loans to local interests to meet contribution requirements In the prosecution of projects for rivers and harbors and other waterways for the benefit of navigation, the control of destructive flood wa- ters, hurricane protection, beach erosion con- trol, and for other purposes, authorized to be prosecuted under the direction of the Secretary of the Army under the supervision of the Chief of Engineers in accordance with plans adopted and authorized by the Congress, it is hereby de- clared to be the policy of the Congress, that whenever such projects are located wholly or partially within an area which is eligible for fi- nancial assistance under the Public Works and