Sec. 351. Flood control and other purposes
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Section 103(k) of the Water Resources Development Act of 1986 ( 33 U.S.C. 2213 ) is amended— by striking Except as and inserting the following: Except as ; and by adding at the end the following: At the request of a non-Federal interest, the Secretary and the non-Federal interest may renegotiate the terms and conditions of an eligible deferred payment, including— permitting the non-Federal contribution to be made without interest, pursuant to paragraph (1); recalculation of the interest rate; full or partial forgiveness of interest accrued during the period of construction; and a credit against construction interest for a non-Federal investment that benefits the completion or performance of the project or separable element.
An eligible deferred payment agreement under subparagraph
(A)is an agreement for which— the non-Federal contribution was made with interest; the period of project construction exceeds 10 years from the execution of a project partnership agreement or appropriation of funds; and the construction interest exceeds $45,000,000. The Secretary is authorized to credit any costs incurred by the non-Federal interest (including in-kind contributions) to remedy a design or construction deficiency of a covered project or separable element toward the non-Federal share of the cost of the covered project, if the Secretary determines the remedy to be integral to the completion or performance of the covered project. If the non-Federal interest incurs costs or in-kind contributions for a project to remedy a design or construction deficiency of a project or separable element which has a 100 percent Federal cost share, and the Secretary determines the remedy to be integral to the completion or performance of the project, the Secretary is authorized to credit such costs to any interest accrued on a deferred non-Federal contribution. Notwithstanding a deferred payment agreement with a non-Federal interest, the Secretary shall accept, without interest of any type, the repayment of a non-Federal contribution for any eligible deferred payment described in paragraph (2)(B) for which— the non-Federal interest makes a payment of at least $200 million for that eligible deferred payment agreement on or before September 30, 2021; and the non-Federal interest repays the remaining principal by September 30, 2023. .
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Sec. 351
Flood control and other purposes
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