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( 2 ) 4 <br /> General Statute 143-354( 11 ) to assign to any county or <br /> municipality or any other local government having a need for <br /> water supply storage in federal projects any interest held by the <br /> State in such storage, upon assumption of repayment obligation <br /> therefore, or compensation to the State, by such local <br /> government; and <br /> WHEREAS, the Commission has allocated percent of the <br /> water supply storage held by the State to the Allocation Holder <br /> for its use; <br /> NOW, THEREFORE, the State and the Allocation Holder agree as <br /> follows: <br /> ARTICLE 1 - Definitions. <br /> (a) Annual Operation and Maintenance (O&M Expense) - Annual <br /> expense funded under the O&M, General account. These expenses <br /> include the daily project O&M costs which. are capitalized. <br /> (b) Fiscal Year - Refers to the State' s fiscal year. The <br /> year begins on 1 July and ends on 30 June. <br /> (c) Initial Project Investment Costs - The initial cost of <br /> the Project, including: land acquisition; construction; interest <br /> during construction on the value of land, labor, and materials <br /> used for planning and construction of the Project. <br /> (d) Interest During Construction - An amount of interest <br /> which accrues on expenditures for the establishment of Project <br />