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Allowing Prepayment of Federal Contracts with the Unitah Water Conservancy District

Floor Speech

Location: Washington, DC


Mrs. NAPOLITANO. Mr. Speaker, H.R. 818, sponsored by our friend and colleague Congressman Matheson, would allow the Uintah Water Conservancy District of Uintah County, Utah, to prepay--that means to pay ahead of time for anybody who really understands the prepay--the debt owed to the Federal Government for the construction of the Jensen Unit.

At a time when our country is watching our dollars and cents, H.R. 818 is legislation that does make very credible sense. The water district would have the option to pay its loan early--what a novel concept--and translate the interest savings into lower rates for its customers--again, quite an interesting concept. The Federal Government, in turn, would benefit from the accelerated repayment of the debt to the Treasury and be able to use that for debt reduction or whatever else is needed.

I do commend Congressman Matheson of Utah for his efforts in moving this legislation. Identical legislation passed the House unanimously in the 111th Congress, so I ask my colleagues to support this bill.

With that, I yield such time as he may consume to the gentleman from Utah (Mr. Matheson).


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