§ 15-1725. Prosecution of project works.

1. The licensee shall commence the construction of the project works
within the time fixed therefor in the license. He shall thereafter in
good faith and with due diligence continue the construction thereof, and
within the time fixed in the license complete and put into operation the
whole of such development work or such part or parts thereof as the
license prescribes; except that when not incompatible with the public
interest, the department may, from time to time, for good cause, by
resolution extend the time either for the commencement of construction
or for the completion thereof.

2. The licensee shall, when required by the department and as often as
once in every six months during the course of the construction, file
with the department a detailed statement of the cost of the project
during the period covered by the statement. Within six months after the
licensee has filed its final statement after the completion of the
project, the department shall file a statement of the total cost of the
investment.

3. The department at such time or times as it deems proper may examine
any statement of the licensee, whether partial or complete, and hold a
hearing to determine whether the same correctly states the cost of the
project or part thereof, as therein set forth, and shall have power to
determine whether any part of the expenditure has been made wastefully,
or in disregard of the terms of the license, or in bad faith, and to
deduct such items improperly included as may be necessary to make such
statement or statements conform to the fair and actual cost of the
project or part thereof. Subject to review as provided in section
15-0905, the determination of the department shall be conclusive for all
purposes as to the amount of such investment as shown by any such
statement.