Page:United States Statutes at Large Volume 106 Part 6.djvu/129

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PUBLIC LAW 102-575 —OCT. 30, 1992 106 STAT. 4687 (3) the term Tlatoro Reservoir" means the Platoro Dam and Reservoir of the Platoro Unit of the Conejos Division of the San Luis Valley Project; and (4) the term "Secretary" means the Secretary of the Interior. TITLE XXIV—REDWOOD VALLEY COUNTY WATER DISTRICT, CALIFORNIA SEC. 2401. SALE OF BUREAU OF RECLAMATION LOANS. . (a) The Secretary of the Interior (hereinafter in this title referred to as the "Secretary^) shall conduct appropriate investigations regarding, and is authorized to, sell, or accept prepayment on, loans made pursuant to the Small Reclamation Projects Act (43 U.S.C. 422a-4221) to the Redwood Valley County Water District. (b) Any sale or prepayment of such loans, which are numbered 14-06 -200-8423A and 14-06 -200-842A Amendatory to the Redwood Valley County Water District, shall realize an amount to the Federal Government calculated by discounting the remaining payments due on the loans by the interest rate determined according to this section. (c) The Secretary shall determine the interest rate in accordance with the guidelines set forth in Circular A-129 issued by the OfiEice of Management and Budget concerning loan sales and prepay- ment of loans. (d) In determining the interest rate, the Secretary— (1) shall not equate an appropriate amount of prepayment with the price of the loan if it were to be sold on the open market to a third party, and (2) shall, in following the guidelines set forth in Circular A-129 regarding an allowance for administrative expenses and possible losses, make such an allowance from the perspective of the Federal Government as lender and not from the perspective of a third party purchasing the loan on the open market. (e) If the borrower or purchaser of the loan has access to tax-exempt financing (incluoing, but not limited to, tax-exempt bonds, tax-exempt cash reserves, and cash and loans of any kind from any tax-exempt entity) to finance the transaction, and if the Office of Management and Budget grants the Secretary the ri^ht to conduct such a transaction, then the interest rate by which the Secretary discounts the remaining payments due on the loan shall be a4justed by an amount that compensates the Federal Government for the direct or indirect loss of future tax revenues. (f) Notwithstanding any other provision in this title, the interest rate shall not exceed a composite interest rate consisting of the current market yield on Treasury securities of comparable maturities. (g) The Secretary shall obtain approval from the Secretary of the Treasury and the Director of the Office of Management and Budget of the final terms of any loan sale or prepayment made pursuant to this title. SEC. 2402. SAVINGS PROVISIONS. Nothing in this title, including prepa3rment or other disposition of any loans, shall— (a) except to the extent that prepayment may have been authorized heretofore, reheve the borrower from the applica- 59-194 O—93 5:QL3(Pt.6)