Section 3
SEC. 3. (a) For the proper coordination of the activities of the different entities concerned in this project, the Marikina Project Coordinating Committee created under Administrative Order Numbered Two hundred sixteen of September twenty-nine, nineteen hundred and fifty-three is hereby authorized to serve as the implementing agency of this project. This Committee shall have charge of locations for funds and their allocation to the respects agencies. Where dollar assistance is made available by the FOA to the Marikina River Multi-Purpose Project, the Coordinating Committee is authorized to make, from auable economic development bond funds, peso deposits into the Counterpart Fund—Special Account in amounts commensurate with the value of the dollar commodities procured for the project. (b) The Coordinating Committee shall determine the actual legitimate cost of the multi-purpose project after the construction of the original structures and/or any addition thereto and to make the final allocation to the different entities concerned of their share of the cost of the project. For purposes of pre-determination of the depreciation or amortization and interest charges that will enter into the expected unit production costs of (1) electric power, (2) industrial water, and (3) irrigation water, the Coordinating Committee shall also make suitable allocation of the overall construction cost estimates to each phase of the project, prior to or during the course of construction as the need for such allocation may arise, taking into consideration the commercial values of each of the products from the project and assigning a proper value to the economic and social benefits to be derived from flood control. The Coordinating Committee shall, after the completion of the construction of the multi-purpose project, prescribe such rules and regulations as are necessary for the efficient operation and maintenance of the multi-purpose works, define the responsibilities of each participating entity with respect thereto, including the appropriation, delivery and use of the stored waters for the generation of power, industrial and municipal water supply irrigation, flood control, or other uses.