
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC1962d-17]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                  CHAPTER 19B--WATER RESOURCES PLANNING
 
                 SUBCHAPTER IV--MISCELLANEOUS PROVISIONS
 
Sec. 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conflict with this section is hereby repealed to the extent of such 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.

(Pub. L. 93-251, title I, Sec. 80, Mar. 7, 1974, 88 Stat. 34.)

                          Codification

    Section was enacted as part of the Water Resources Development Act 
of 1974, and not as part of the Water Resources Planning Act which 
comprises this chapter.


   Rates Used To Assess Return on Federal Government's Investment in 
      Projects of Army Corps of Engineers and Bureau of Reclamation

    Pub. L. 95-28, title II, Sec. 204, May 13, 1977, 91 Stat. 121, 
provided that: ``It is hereby reiterated that the interest rates or 
rates of discount to be used to assess the return on the Federal 
Government's investment in projects of the United States Army Corps of 
Engineers or the Department of the Interior Bureau of Reclamation, shall 
be those interest rates or rates of discount established by Public Law 
93-251, the Water Resources Development Act of 1974 [see Short Title of 
1974 Amendment note set out under section 1962 of this title] or by any 
prior law authorizing projects of the United States Army Corps of 
Engineers or the Department of the Interior Bureau of Reclamation.''

                  Section Referred to in Other Sections

    This section is referred to in section 9205 of this title; title 16 
section 2704; title 30 sections 1513, 1531.
