114 STAT. 2378 PUBLIC LAW 106-512—NOV. 13, 2000 Nov. 13, 2000 [S. 1474] Palmetto Bend Conveyance Act. Deadline. Public Law 106-512 106th Congress An Act Providing for conveyance of the Palmetto Bend project to the State of Texas. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "Palmetto Bend Conveyance Act". SEC. 2. DEFINITIONS. In this Act: (1) PROJECT. — the term "Project" means the Palmetto Bend Reclamation Project in the State of Texas authorized under Public Law 90-562 (82 Stat. 999). (2) SECRETARY.—The term "Secretary" means the Secretary of the Interior. (3) STATE.— The term "State" means the State of Texas, acting through the Texas Water Development Board or the Lavaca-Navidad River Authority or both. SEC. 3. CONVEYANCE. (a) IN GENERAL. —The Secretary shall, as soon as practicable after the date of enactment of this Act and in accordance with all applicable law, and subject to the conditions set forth in sections 4 and 5, convey to the State all right, title and interest (excluding the mineral estate) in and to the Project held by the United States. (b) REPORT. —I f the conveyance under section 3 has not been completed within 1 year and 180 days after the date of enactment of this Act, the Secretary shall submit to the Committee on Resources of the House of Representatives and the Committee on Energy and Natural Resources of the Senate a report that describes— (1) the status of the conveyance; (2) any obstacles to completion of the conveyance; and (3) the anticipated date for completion of the conveyance. SEC. 4. PAYMENT. (a) IN GENERAL.— As a condition of the conveyance, the State shall pay the Secretary the adjusted net present value of current repayment obligations on the Project, calculated 30 days prior to closing using a discount rate equal to the average interest rate on 30-year United States Treasury notes during the preceding calendar month, which following application of the State's August 1, 1999 payment, was, as of October 1999, calculated to be $45,082,675 using a discount rate of 6.070 percent. The State shall
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