Sec. 8339. CITY OF EL DORADO, KANSAS

181 words·~1 min read·/statute-compilations/comps-17475/sec-8339

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## SEC. 8339 CITY OF EL DORADO, KANSAS ###

(a)In General The Secretary shall amend the contract described in subsection

(b)between the United States and the City of El Dorado, Kansas, relating to storage space for water supply, to change the method of calculation of the interest charges that began accruing on June 30, 1991, on the investment costs for the 72,087 acre-feet of future use storage space, from compounding interest annually to charging simple interest annually on the principal amount, until— ####

(1)the City of El Dorado informs the Secretary of the desire to convert the future use storage space to present use; and ####

(2)the principal amount plus the accumulated interest becomes payable pursuant to the terms of the contract. ###

(b)Contract Described The contract referred to in subsection

(a)is the contract between the United States and the City of El Dorado, Kansas, for the use by the City of El Dorado of storage space for water supply in El Dorado Lake, Kansas, entered into on June 30, 1972, and titled Contract DACW56-72-C-0220.