
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: 43USC421e]

 
                         TITLE 43--PUBLIC LANDS
 
  CHAPTER 12--RECLAMATION AND IRRIGATION OF LANDS BY FEDERAL GOVERNMENT
 
        SUBCHAPTER III--INSTITUTION AND CONSTRUCTION OF PROJECTS
 
Sec. 421e. Municipal and industrial water supply delivery and 
        distribution; allocation of loan funds; loan repayment contract 
        requirements; rate of interest
        
    Unless otherwise provided in the Act authorizing construction of the 
project, the delivery and distribution of municipal and industrial water 
supplies shall be deemed to be an authorized project purpose under 
sections 421a to 421h of this title, and where appropriate, an 
allocation of loan funds acceptable to the Secretary shall be made 
between irrigation and municipal and industrial purposes. Loan repayment 
contracts shall require that the borrower pay interest on that portion 
of the unamortized loan obligation (including interest during 
construction) allocated in each year to municipal and industrial 
purposes at the rate provided in the Act authorizing the project, or 
absent such an authorized rate, at a rate determined by the Secretary of 
the Treasury as of the beginning of the fiscal year in which the 
contract, or contract amendment entered into pursuant to section 421f of 
this title, is executed, on the basis of the computed average interest 
rate payable by the Treasury upon its outstanding marketable public 
obligations which are neither due nor callable for redemption for 
fifteen years from date of issue, and by adjusting such average rate to 
the nearest one-eighth of 1 per centum.

(July 4, 1955, ch. 271, Sec. 5, as added Pub. L. 92-487, Oct. 3, 1972, 
86 Stat. 805.)

                  Section Referred to in Other Sections

    This section is referred to in sections 421a to 421d, 421f to 421h 
of this title.
