Pub. L. 83-364, tit. I, sec. 108

Sec. 108. (a) Subsection (a) of section 2 of the Act entitled “An Act authorizing loans from the United States Treasury for the expansion of the District of Columbia water system”, approved June 2, 1950 (64 Stat. 195; sec. 43–1540, D. C. Code, 1951 edition), is amended by striking the figures “23,000,000”, and inserting in lieu thereof the figures “35,000,000”. (b) Subsections (c) and (d) of section 2 of such Act approved June 2, 1950, are amended to read as follows: “(c) Any loan advanced pursuant to this section shall be repaid to the Secretary of the Treasury in substantially equal annual payments, including principal and interest, within a period of thirty years beginning on July 1 of the second fiscal year following the date on which each such advance is credited to the Water Fund: Provided, That any such loan advanced prior to the effective date of this amendatory section shall, for the purpose of determining the time when repayment thereof shall begin, be deemed to have been credited to the Water Fund on such effective date, and interest accrued on any such loan advanced prior to the effective date of this amendatory section shall be paid at such time and in such manner as the Secretary of the Treasury shall determine: Provided further, That the Commissioners may, in their discretion, make repayments in larger amounts at any 68 Stat. 104 time during the life of any loan advanced pursuant to this section. Interest on such loans shall begin to accrue as of the dates the respective advancements are credited to the Water Fund. “(d) Loans advanced pursuant to this section during any six-month period (beginning with the six-month period ending June 30, 1953) shall be at a rate of interest determined by the Secretary of the Treasury as of the beginning of such period, which, in his judgment, would reflect the cost of money to the Treasury for borrowings at a maturity approximately equal to one-half of the period of time the loan is outstanding.”. (c) Subsection (e) of section 2 of such Act approved June 2, 1950, is amended by striking therefrom “beginning with the budget estimates for fiscal year 1961”.