PUBLIC LAW 105-316—OCT. 30, 1998 112 STAT. 2999 Public Law 105-316 105th Congress An Act To authorize prepayment of amounts due under a water reclamation project contract Oct. 30, 1998 for the Canadian River Project, Texas. [H.R 3687] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Canadian River Project SECTION 1. SHORT TITLE. Prepayment Act. This Act may be cited as the "Canadian River Project Prepay- t^^^^ ^^^^ ment Act". note. SEC. 2. DEFINITIONS. 43 USC 600b For the purposes of this Act: (1) The term "Authority" means the Canadian River Municipal Water Authority, a conservation and reclamation district of the State of Texas. (2) The term "Canadian River Project Authorization Act" means the Act entitled "An Act to authorize the construction, operation, and maintenance by the Secretary of the Interior of the Canadian River reclamation project, Texas", approved December 29, 1950 (ch. 1183; 64 Stat. 1124). (3) The term "Project" means all of the right, title and interest in and to all land and improvements comprising the pipeline and related facilities of the Canadian River Project authorized by the Canadian River Project Authorization Act. (4) The term "Secretary" means the Secretary of the Interior. SEC. 3. PREPAYMENT AND CONVEYANCE OF PROJECT. 43 USC 600b (a) IN GENERAL. —(1) In consideration of the Authority accepting the obligation of the Federal Government for the Project and subject to the payment by the Authority of the applicable amount under paragraph (2) within the 360-day period beginning on the date of the enactment of this Act, the Secretary shall convey the Project to the Authority, as provided in section 2(c)(3) of the Canadian River Project Authorization Act (64 Stat. 1124). (2) For purposes of paragraph (1), the applicable amount shall be— (A) $34,806,731, if payment is made by the Authority within the 270-day period beginning on the date of the enactment of this Act; or (B) the amount specified in subparagraph (A) adjusted to include interest on that amount since the date of the enactment of this Act at the appropriate Treasury bill rate for an equivalent term, if payment is made by the Authority after the period referred to in subparagraph (A).