[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2236 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
                                S. 2236

  To direct the Secretary of the Interior to enter into negotiations 
  concerning the Nueces River project, Texas, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                June 23 (legislative day, June 7), 1994

 Mrs. Hutchison introduced the following bill; which was read twice and 
       referred to the Committee on Energy and Natural Resources

_______________________________________________________________________

                                 A BILL


 
  To direct the Secretary of the Interior to enter into negotiations 
  concerning the Nueces River project, Texas, 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. NUECES RIVER PROJECT, TEXAS.

    (a) Loan Contract.--
            (1) In general.--As soon as practicable after the date of 
        enactment of this Act and in accordance with this section, the 
        Secretary of the Interior (referred to in this section as the 
        ``Secretary'') shall enter into and, to the extent practicable, 
        complete negotiations with the city of Corpus Christi, Texas, 
        on loan contract numbered 6-07-01-XO675 (referred to in this 
        section as the ``loan contract''), which was entered into 
        pursuant to title X of the Reclamation Development Act of 1974 
        (Public Law 93-493; 43 U.S.C. 600g et seq.) and concerns the 
        Nueces River project, Texas (referred to in this section as the 
        ``project'').
            (2) Discount.--The Secretary shall discount the remaining 
        Federal debt obligation under the loan contract based on the 
        actual water yield to the city of Corpus Christi from the 
        project. For the purpose of this paragraph, the actual water 
        yield shall be considered to be 88,394 acre feet per year, 
        which is 57.11 percent of the original estimated incremental 
        yield expected from the construction of the project.
            (3) Prepayment.--Upon request by the city of Corpus 
        Christi, the Secretary shall accept prepayment on the remaining 
        Federal debt obligation under the loan contract in the amount 
        specified in paragraph (4).
            (4) Total remaining cost.--The prepayment under paragraph 
        (3) and the discount based on the actual water yield under 
        paragraph (2) shall result in a total remaining cost of the 
        project of $21,031,077. The payment of this amount to the 
        Secretary shall satisfy local sponsor cost obligations with 
        respect to the project.
    (b) Transfer of Title.--On payment of the amount specified in 
subsection (a)(4), the Secretary is authorized to transfer title for 
the project to local sponsors of the project.

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