§3141. Public works and development facility loans

(a) Required findings precedent

Upon the application of any State, or political subdivision thereof, Indian tribe, or private or public nonprofit organization or association representing any redevelopment area or part thereof, the Secretary is authorized to purchase evidence of indebtedness and to make loans to assist in financing the purchase or development of land and improvements for public works, public service, or development facility usage, including public works, public service, and development facility usage, to be provided by agencies of the Federal Government pursuant to legislation requiring that non-Federal entities bear some part of the cost thereof, and the acquisition, construction, rehabilitation, alteration, expansion, or improvement of such facilities, including related machinery and equipment, within a redevelopment area, if he finds that-

(1) the project for which financial assistance is sought will directly or indirectly-

(A) tend to improve the opportunities, in the area where such project is or will be located, for the successful establishment or expansion of industrial or commercial plants or facilities,

(B) otherwise assist in the creation of additional long-term employment opportunities for such area, or

(C) primarily benefit the long-term unemployed and members of low-income families or otherwise substantially further the objectives of the Economic Opportunity Act of 1964 [42 U.S.C. 2701 et seq.];

(2) the funds requested for such project are not otherwise available from private lenders or from other Federal agencies on terms which in the opinion of the Secretary will permit the accomplishment of the project;

(3) the amount of the loan plus the amount of other available funds for such project are adequate to insure the completion thereof;

(4) there is a reasonable expectation of repayment; and

(5) such area has an approved overall economic development program as provided in section 3142(b)(10) of this title and the project for which financial assistance is sought is consistent with such program.

(b) Loan terms; interest rates

Subject to section 3211(5) of this title, no loan, including renewals or extensions thereof, shall be made under this section for a period exceeding forty years, and no evidence of indebtedness maturing more than forty years from the date of purchase shall be purchased under this section. Such loans shall bear interest at a rate not less than a rate determined by the Secretary of the Treasury taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, adjusted to the nearest one-eighth of 1 per centum, less not to exceed one-half of 1 per centum per annum.

(c) Authorization of appropriations

There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this section and section 3142 of this title, except that annual appropriations for the purpose of purchasing evidences of indebtedness, paying interest supplement to or on behalf of private entities making and participating in loans, and guaranteeing loans, shall not exceed $170,000,000 for the fiscal year ending June 30, 1966, and for each fiscal year thereafter through the fiscal year ending June 30, 1973, and shall not exceed $55,000,000 for the fiscal year ending June 30, 1974, and shall not exceed $75,000,000 for the fiscal years ending June 30, 1975, and June 30, 1976, and shall not exceed $18,750,000 for the period beginning July 1, 1976, and ending September 30, 1976, and shall not exceed $200,000,000 per fiscal year for the fiscal years ending September 30, 1977, September 30, 1978, September 30, 1979, September 30, 1980, and September 30, 1981, and not to exceed $46,500,000 for the fiscal year ending September 30, 1982.

(d) Repealed. Pub. L. 94–487, title I, §107(b), Oct. 12, 1976, 90 Stat. 2332

(e) Rules and regulations

The Secretary shall prescribe regulations which will assure that appropriate local governmental authorities have been given a reasonable opportunity to review and comment upon proposed projects under this section.

( Pub. L. 89–136, title II, §201, Aug. 26, 1965, 79 Stat. 554 ; Pub. L. 91–304, §1(b), July 6, 1970, 84 Stat. 375 ; Pub. L. 92–65, title I, §104, Aug. 5, 1971, 85 Stat. 167 ; Pub. L. 93–46, §2, June 18, 1973, 87 Stat. 96 ; Pub. L. 93–423, §4(a), Sept. 27, 1974, 88 Stat. 1158 ; Pub. L. 94–487, title I, §107(a), (b), Oct. 12, 1976, 90 Stat. 2332 ; Pub. L. 96–506, §1(3), Dec. 8, 1980, 94 Stat. 2745 ; Pub. L. 97–35, title XVIII, §1821(a)(2), Aug. 13, 1981, 95 Stat. 766 .)

References in Text

The Economic Opportunity Act of 1964, referred to in subsec. (a)(1)(C), is Pub. L. 88–452, Aug. 20, 1964, 78 Stat. 508 , as amended, which was classified generally to chapter 34 (§2701 et seq.) of this title prior to repeal, except for titles VIII and X, by Pub. L. 97–35, title VI, §683(a), Aug. 13, 1981, 95 Stat. 519 . Titles VIII and X of the Act are classified generally to subchapters VIII (§2991 et seq.) and X (§2996 et seq.) of chapter 34 of this title. For complete classification of this Act to the Code, see Tables.

Amendments

1981-Subsec. (c). Pub. L. 97–35 substituted appropriation of $46,500,000 for fiscal year ending Sept. 30, 1982, for appropriation of $200,000,000, for such year.

1980-Subsec. (c). Pub. L. 96–506 inserted provisions extending limitation of $200,000,000 per fiscal year for fiscal years ending Sept. 30, 1980, 1981, and 1982.

1976-Subsec. (c). Pub. L. 94–487, §107(a), provided for paying of interest supplement to or on behalf of private entities making, participating in, and guaranteeing loans, and authorized appropriations for interim period July 1, 1976, to Sept. 30, 1976, and for fiscal years ending Sept. 30, 1977, 1978, and 1979.

Subsec. (d). Pub. L. 94–487, §107(b), struck out subsec. (d) which prohibited financial assistance to any public service or development facility which would compete with regulated public utilities.

1974-Subsec. (c). Pub. L. 93–423 inserted ", and shall not exceed $75,000,000 per fiscal year for the fiscal years ending June 30, 1975, and June 30, 1976" after "year ending June 30, 1974".

1973-Subsec. (c). Pub. L. 93–46 authorized appropriation of $55,000,000 for fiscal year ending June 30, 1974, for purchase of evidences of indebtedness.

1971-Subsec. (c). Pub. L. 92–65 substituted "June 30, 1973" for "June 30, 1971".

1970-Subsec. (c). Pub. L. 91–304 extended limitations on authorization of appropriations from fiscal year ending June 30, 1970 to fiscal year ending June 30, 1971.

Section Referred to in Other Sections

This section is referred to in sections 3142, 3143, 3171, 3211, 3220, 3221, 3222, 3223 of this title; title 15 section 636.