1. If the Congress shall enact legislation authorizing payments to be made to the State of Nevada, conforming to the requirements of subsection 2, upon the election of the State of Nevada to receive the same in commutation and in lieu of the payments now provided for this state in section 4(b) of the Boulder Canyon Project Act, the State of Nevada does hereby elect to receive such payments conforming to the requirements of subsection 2, in commutation and in lieu of the payments to it, so provided for in the Boulder Canyon Project Act. 2. The foregoing election is made upon the condition that the congressional legislation shall provide for payments to be made to the State of Nevada in the definite and fixed sum of $300,000 for each year of operation (June 1 to May 31) of the Boulder Dam and power plant during the period of not less than 50 years of operation beginning with the year of operation ending May 31, 1938, and continuing annually thereafter until and including the year of operation ending May 31, 1987, and for such further time, if any, as may be provided for in such proposed congressional legislation, each such annual payment to be due and payable before June 30 immediately following the close of the year of operation for which it is made. The payment for the years of operation ending May 31, 1938, and May 31, 1939, shall be due and payable on June 30, 1939, and shall be made as soon thereafter as administration of such congressional legislation will permit; and each such annual payment shall be made annually thereafter at such times as shall be provided for in the proposed act of the Congress. All payments shall be subject to such adjustments as may be prescribed by such congressional legislation, in the event that any such payments cannot be made, either in whole or in part, by reason of failure of revenues received by the United States from the operation of Boulder Dam and incidental works and power plant, due to any act of God, or of the public enemy, or any major catastrophe or any other unforeseen and unavoidable cause. 3. The Attorney General of Nevada is hereby authorized and empowered upon the enactment of such congressional legislation to determine whether or not there is substantial conformity between the provisions thereof and the provisions of this section, and to certify such determination to the Governor, who shall proclaim the same. Upon the filing of a copy of such proclamation with the Secretary of the Interior, the election hereby made shall become final and complete. 4. Since an emergency exists therefor, this section shall become effective immediately upon the effective date of such congressional legislation; but if the Congress shall not enact such legislation, then the enactment of this section shall not be deemed to waive or diminish any right or rights of the State of Nevada under the Boulder Canyon Project Act, and contracts made thereunder. 5. This section is hereby declared to be the appropriate and the only appropriate legislative action of this state for the purpose of accomplishing the election by the state to receive and accept the commutation provided for in this section and required by the proposed congressional legislation to make such commutation effective.
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