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PUBLIC LAW 86-913-SEPT. 2, 1968
[72
ST A T.
and payment of interest on the Corporation's indebtedness in connection with such facilities; "(ii) until the Secretary of the Interior has concluded that such facilities will most economically and expeditiously provide an adequate supplemental supply of potable water for St. Thomas; and "(iii) if the Secretary so concludes, until the expiration of forty-five calendar days (exclusive of days on which the House Reports to Conof Representatives or the Senate is not in session because of an gress. adjournment of more than three days to a day certain) from the date on which such construction contract has been submitted to the Committees on Interior and Insular Affairs of the House of Representatives and the Senate. With such contract, there shall also be submitted to such committees an explanatory statement of the Secretary's conclusion pursuant to (ii) hereof, together with the reasons therefor and supplemental data concerning alternative sources of water which have been investigated. Report to Con- The Corporation shall report annually to the Congress on the operagress. tion of the plant and shall include in its reports all technical and operational information pertinent to the prosecution of the Government's saline water research and development program (Act of July 2, 1952, 42 USC 1951 et QQ Stat. 328, as amended) which is derived from said operation. Corporation bor" (p) To borrow from the Treasury of the United States, within such rowing authority. amounts as may be approved in appropriation Acts, for |;he sole purpose of constructing, operating, and maintaining the facilities authorized in subsection (o) of this section, sums of money not to exceed a total of $2,000,000. For this purpose the Corporation may issue to the Secretary of the Treasury its notes, debentures, bonds, or other obligations to be redeemable at the option of the Corporation before maturity in such manner as may be stipulated in such obligations: Provided, That all such obligations shall be redeemed within a period of not to exceed twenty years from date of issuance out of revenues from the sale of water. Each such obligation shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yields on outstanding marketable obligations of the United States having comparable maturities. The Secretary of the Treasury is authorized and directed to purchase any obligations of the Corporation to be issued hereunder and, for such purpose, the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which 40 Stat. 288. 31 USC 774(2). securities may be issued under the Second Liberty Bond Act, as amended, are extended to include any purchases of the Corporation's obligations hereunder." 48 USC 1407e. SEC. 4. Section 6(a) of said Act is hereby amended by striking out the figure "$9,000,000" in both places where it appears therein and inserting in lieu thereof the figure "$11,000,000". 48 USC I407g. SEC. 5. Section 8(a) of said Act is hereby amended to read as follows: " (a) Appropriations are authorized for payment to the Corporation in the form of a grant of such amounts as may be necessary to cover losses incurred in the conduct of its activities which are included in the annual budget as predominantly revenue producing." 48 USC 1407h. SEC. 6. The first paragraph of section 9 of said Act is hereby amended by striking out the words "the Chairman of the Reconstruction Finance Corporation" and inserting in lieu thereof the words "the Administrator of the Small Business Administration". Transfer of f a SEC. 7. (a) The Secretary of the Navy is hereby authorized and cilities. directed to transfer and convey to the Virgin Islands Corporation,
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