Sec. 308. Coastal community flood control and other purposes
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Section 103(k)(4) of the Water Resources Development Act of 1986 ( 33 U.S.C. 2213(k)(4) ) is amended— in subparagraph (A)— in clause (i), by striking makes and inserting made ; and in clause (ii), by striking repays an amount equal to and inserting 2/3 of the remaining principal by made a payment of an additional $200,000,000 for that eligible deferred payment agreement on or before ; in subparagraph
(B)by inserting interest’s after non-Federal ; and by adding at the end the following: Any agreement made that applied credits to satisfy the terms of a pre-payment made under subsection (k)(4)(A) that resulted in total payment in excess of the amount now required under subsection (k)(4)(A) shall be modified to indicate that the excess credits continue to apply toward any remaining principal of the respective project, or at the request of the non-Federal interest, the agreement shall be modified to retroactively transfer back those excess credits to the non-Federal interest such that those credits may be applied by the non-Federal interest to any cost-shared project identified by the non-Federal interest. .
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Sec. 308
Coastal community flood control and other purposes
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