Sec. 3302. Pricing of water storage contracts
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Section 7 of the Flood Control Act of 1944 ( 33 U.S.C. 709 ) is amended— by striking such regulations: and inserting the following: Provided , That this section those regulations. This subsection ; and by striking the section designation and all that follows through It shall be the duty of the Secretary of the Army to and inserting the following: Subject to paragraph (2), the Secretary of the Army shall price each water storage contract entered into by the Secretary at fair market value.
For purposes of paragraph (1), the fair market value of a water storage contract shall not exceed 110 percent of the lowest-contracted price at any facility of the Corps of Engineers located within 50 miles of the water source covered by the contract, as adjusted for inflation. Except as provided in paragraph (2), the Secretary of the Army shall .
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Sec. 3302
Pricing of water storage contracts
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