Sec. 216. Preserving the Inland Waterway Trust Fund
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Notwithstanding section 102(a) of the Water Resources Development Act of 1986 ( 33 U.S.C. 2212(a) ), for each fiscal year beginning after the date of enactment of this Act, 25 percent of the cost of construction for the Olmsted Project shall be paid from amounts appropriated from the Inland Waterways Trust Fund. In this subsection the term Olmsted Project means the project for navigation, Lower Ohio River, Locks 52 and 53, Illinois and Kentucky, authorized by section 3(a)(6) of the Water Resources Development Act of 1988 (102 Stat. 4013).
It is the sense of Congress that the appropriation for the Olmsted project should be not less than $150,000,000 for each fiscal year until construction of the project is completed. Not later than 1 year after the date of enactment of this Act, the Secretary shall submit a report to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Environment and Public Works of the Senate regarding the lessons learned from the experience of planning and constructing the Olmsted Project and how such lessons might apply to future inland waterway studies and projects.
For any inland waterways project that the Secretary carries out that has an estimated total cost of $500,000,000 or more, the Secretary shall submit to the congressional committees referred to in subsection (a)(4) an annual financial plan for the project. The plan shall be based on detailed annual estimates of the cost to complete the remaining elements of the project and on reasonable assumptions, as determined by the Secretary, of any future increases of the cost to complete the project.
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- 102 Stat. 4013
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