FULL COST (USBR)

A water rate defined by Congress in the Reclamation Reform Act of 1982 intended to represent the federal government's actual cost in providing project water to irrigators. The full-cost rate for each project or district is calculated by amortizing the expenditures for construction properly allocable to irrigation facilities in service, including all operation and maintenance deficits funded, less payments, over such periods as may be required under federal reclamation law or applicable contract provisions. Interest on all charges accrues from October 12, 1982, on costs outstanding at that date or from the date incurred of costs arising subsequent to October 12, 1982. The term Full-Cost Rate means the full-cost charge plus actual operation, maintenance, and replacement costs.