Reinstatement and Transfer of the Federal License for Project No. 2696.

Sec. 315. Reinstatement and Transfer of the Federal License for Project No. 2696. (a) Definitions.—(1) Commission.—The term “Commission” means the Federal Energy Regulatory Commission.(2) Town.—The term “town” means the town of Stuyvesant, New York, the holder of Federal Energy Regulatory Commission Preliminary Permit No. 11787. (b) Reinstatement and Transfer.—Notwithstanding section 8 of the Federal Power Act (16 U.S.C. 801) or any other provision 117 STAT. 1865 of that Act, the Commission shall, not later than 30 days after the date of enactment of this Act—(1) reinstate the license for Project No. 2696; and (2) transfer the license to the town. (c) Hydroelectric Incentives.—Project No. 2696 shall be entitled to the full benefit of any Federal law that—(1) promotes hydroelectric development; and(2) that is enacted within 2 years before or after the date of enactment of this Act.(d) Co-Licensee.—Notwithstanding the issuance of a preliminary permit to the town and any consideration of municipal preference, the town may at any time add as a co-licensee to the reinstated license a private or public entity. (e) Project Financing.—The town may receive loans under sections 402 and 403 of the Public Utility Regulatory Policies Act of 1978 (16 U.S.C. 2702, 2703) or similar programs for the reimbursement of the costs of any feasibility studies and project costs incurred during the period beginning on January 1, 2001 and ending on December 31, 2006. (f) Energy Credits.—Any power produced by the project shall be deemed to be incremental hydropower for purposes of qualifying for energy credits or similar benefits.