114 STAT. 2378
PUBLIC LAW 106-512—NOV. 13, 2000
Nov. 13, 2000
[S. 1474]
Palmetto Bend
Conveyance Act.
Deadline.
Public Law 106-512
106th Congress
An Act
Providing for conveyance of the Palmetto Bend project to the State of Texas.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the "Palmetto Bend Conveyance
Act".
SEC. 2. DEFINITIONS.
In this Act:
(1) PROJECT. — the term "Project" means the Palmetto Bend
Reclamation Project in the State of Texas authorized under
Public Law 90-562 (82 Stat. 999).
(2) SECRETARY.—The term "Secretary" means the Secretary
of the Interior.
(3) STATE.— The term "State" means the State of Texas,
acting through the Texas Water Development Board or the
Lavaca-Navidad River Authority or both.
SEC. 3. CONVEYANCE.
(a) IN GENERAL. —The Secretary shall, as soon as practicable
after the date of enactment of this Act and in accordance with
all applicable law, and subject to the conditions set forth in sections
4 and 5, convey to the State all right, title and interest (excluding
the mineral estate) in and to the Project held by the United States.
(b) REPORT. —I f the conveyance under section 3 has not been
completed within 1 year and 180 days after the date of enactment
of this Act, the Secretary shall submit to the Committee on
Resources of the House of Representatives and the Committee on
Energy and Natural Resources of the Senate a report that
describes—
(1) the status of the conveyance;
(2) any obstacles to completion of the conveyance; and
(3) the anticipated date for completion of the conveyance.
SEC. 4. PAYMENT.
(a) IN GENERAL.— As a condition of the conveyance, the State
shall pay the Secretary the adjusted net present value of current
repayment obligations on the Project, calculated 30 days prior to
closing using a discount rate equal to the average interest rate
on 30-year United States Treasury notes during the preceding calendar month, which following application of the State's August
1, 1999 payment, was, as of October 1999, calculated to be
$45,082,675 using a discount rate of 6.070 percent. The State shall
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