PASSAIC RIVER, NEW JERSEY.

SEC. 333. PASSAIC RIVER, NEW JERSEY.Section 1148 of the Water Resources Development Act of 1986 (100 Stat. 4254) is amended to read as follows: “SEC. 1148. PASSAIC RIVER BASIN.“(a) Acquisition of Lands.—The Secretary may acquire from willing sellers lands on which residential structures are located and that are subject to frequent and recurring flood damage, as identified in the supplemental floodway report of the Corps of Engineers, Passaic River Buyout Study, September 1995, at an estimated total cost of $194,000,000. “(b) Retention of Lands for Flood Protection.—Lands acquired by the Secretary under this section shall be retained by the Secretary for future use in conjunction with flood protection and flood management in the Passaic River Basin. “(c) Cost Sharing.—The non-Federal share of the cost of carrying out this section shall be 25 percent plus any amount that might result from application of subsection (d). 110 STAT. 3719 “(d) Applicability of Benefit-Cost Ratio Waiver Authority.—In evaluating and implementing the project under this section, the Secretary shall allow the non-Federal interest to participate in the financing of the project in accordance with section 903(c), to the extent that the Secretary’s evaluation indicates that applying such section is necessary to implement the project.”.