Sec. 7. Repayment credit
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The Administrator shall deduct from the interest payable to the Secretary of the Treasury from net proceeds (as defined in section 13 of the Federal Columbia River Transmission System Act ( 16 U.S.C. 838k ))— in fiscal year 2030, $2,700,000; and in each subsequent fiscal year in which the Administrator makes a payment under section 5, $2,700,000. Except as provided in paragraphs
(2)and (3), each deduction made under this section for the fiscal year shall be— a credit to the interest payments otherwise payable by the Administrator to the Secretary of the Treasury during the fiscal year in which the deduction is made; and allocated pro rata to all interest payments on debt associated with the generation function of the Federal Columbia River Power System that are due during the fiscal year. If, in an applicable fiscal year under paragraph (1), the deduction is greater than the amount of interest due on debt associated with the generation function for the fiscal year, the amount of the deduction that exceeds the interest due on debt associated with the generation function shall be allocated pro rata to all other interest payments due during the fiscal year. To the extent that a deduction exceeds the total amount of interest described in paragraphs
(1)and (2), the deduction shall be applied as a credit against any other payments that the Administrator makes to the Secretary of the Treasury.
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