Finish the Arkansas Valley Conduit Act

(1) in subsection (c) of the first section (76 Stat. 390; 123 Stat. 1320), in the second sentence—

(A) by inserting, without interest, before in an amount;

(B) by striking that is comprised of revenue generated by payments and inserting, which payment shall only consist of funding provided during construction from any person other than the Secretary;

(C) by inserting of before revenue that; and

(D) by inserting over a period of 100 years after project facilities; and

(2) in section 2(b)(3)(A) (76 Stat. 390; 123 Stat. 1321)—

(A) by striking plus interest; and

(B) by striking this section and inserting subsection (c) of the first section.

(1) in the first section—

(A) in subsection (c), in the second sentence, by striking or in the case of the Arkansas Valley Conduit, payment in an amount equal to 35 percent of the cost of the conduit that is comprised of revenue generated by payments pursuant to a repayment contract and revenue that may be derived from contracts for the use of Fryingpan-Arkansas project excess capacity or exchange contracts using Fryingpan-Arkansas project facilities,; and

(B) by adding at the end the following:

Notwithstanding the reclamation laws or any other provision of this Act, the contract for the Arkansas Valley Conduit shall provide for payment in an amount equal to 35 percent of the cost of the conduit that consists of—

(A) funding provided during construction from any entity other than the Secretary; and

(B) repayment of the balance not covered under subparagraph (A) for a period of not more than 75 years with simple interest at a rate that is equal to 50 percent of the interest rate determined by the Secretary of the Treasury under section 2(c), including revenue derived from contracts for the use of excess capacity or exchange contracts using Fryingpan-Arkansas project facilities.

The contract for the Arkansas Valley Conduit shall provide for the assumption by the contracting parties of the care, operation, maintenance, and replacement of the conduit.

(B) ; and

(2) in section 2(b)(3)(A), by striking this section and inserting subsection (d) of the first section.