Sec. 1077. Non-Federal interest repayment obligations
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Section 103 of the Water Resources Development Act of 1986 ( 33 U.S.C. 2213 ) is amended by adding at the end the following: In this subsection, the term covered project means any project of the Corps of Engineers— initiated on or after September 8, 2005; and for which there is a delay of 5 or more years beyond the completion date established in the project partnership agreement for the project. Notwithstanding the second sentence of subsection (k), on request of the non-Federal interest for a covered project, the Secretary and the non-Federal interest may renegotiate the repayment terms and conditions, including— recalculation of the interest rate; forgiveness of construction interest accrued during a project delay; and a credit against construction interest for a non-Federal investment that benefits the covered project.
In the case of a non-Federal interest that makes a request under subparagraph
(A)for a covered project, the Secretary shall not impose any payment for the covered project during the period— beginning on the date on which the non-Federal interest makes the request; and ending on the date on which the terms and conditions for the repayment of construction interest are finalized. 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 toward the non-Federal share of the cost of the covered project, if the Secretary determines the remedy to be integral to the completion of the covered project. .
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Sec. 1077
Non-Federal interest repayment obligations
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