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(7) Subject to subsection (12), the annual rental in the 20-year period immediately following the date fixed for the completion of the initial development shall be
(a) an amount based upon the horsepower capacity of the initial development as fixed in the interim licence and computed at the rate fixed in the interim licence for the use of water during the life of the interim licence; or
(b) an amount based upon the horsepower-year of electrical output and the annual load factor and at a rate not less than the following:
13 (1) Within 60 days after being notified in writing by the Director of the approval of the general construction plans and specifications, an interim licensee shall, for the purpose of guaranteeing the performance and fulfilment by the interim licensee of the terms and conditions of the licence, forward to the Director for deposit with the Department of Finance,
(a) a guarantee deposit computed, in the case of a power undertaking, upon the horsepower capacity of the site as determined by the Director according to the following scale:
