§3214. Transfer of functions of Area Redevelopment Administration
(a) Functions; powers; duties
The functions, powers, duties, and authorities and the assets, funds, contracts, loans, liabilities, commitments, authorizations, allocations, and records which are vested in or authorized to be transferred to the Secretary of the Treasury under section 2525(b) of this title, and all functions, powers, duties, and authorities under section 2525(c) of this title are hereby vested in the Secretary.
(b) Designation of interim Administrator
The President may designate a person to act as Administrator under this chapter until the office is filled as provided in this chapter or until the expiration of the first period of sixty days following August 26, 1965, whichever shall first occur. While so acting such person shall receive compensation at the rate provided by this chapter for such office.
(c) Effective date of chapter
The provisions of this chapter shall take effect on August 26, 1965, unless herein explicitly otherwise provided.
(d) Extension of project eligibility
Notwithstanding any requirements of this chapter relating to the eligibility of areas, projects for which applications are pending before the Area Redevelopment Administration on August 26, 1965 shall for a period of one year thereafter be eligible for consideration by the Secretary for such assistance under the provisions of this chapter as he may determine to be appropriate.
(e) Limitation on assistance
No financial assistance authorized under this chapter shall be used to finance the cost of facilities for the generation, transmission, or distribution of electrical energy, or to finance the cost of facilities for the production or transmission of gas (natural, manufactured, or mixed), except (1) for projects specifically authorized by Congress, and (2) for local projects for industrial parks and industrial or commercial areas in communities where the electrical energy or gas supply is, or is threatened to be interrupted or curtailed resulting in a loss of jobs, or where the purpose is to save jobs, or create new jobs, on condition that (A) the Secretary finds that project financing is not available from private lenders or other Federal agencies on terms which, in the opinion of the Secretary, will permit accomplishment of the project, and (B) the State or Federal regulatory body regulating such service determines that the facility to be financed will not compete with an existing public utility rendering such a service to the public at rates or charges subject to regulation by such State or Federal regulatory body, or if there is a determination of competition, the State or Federal regulatory body must make a determination that in the area to be served by the facility for which the financial assistance is to be extended there is a need for an increase in such service (taking into consideration reasonably foreseeable future needs) which the existing public utility is not able to meet through its existing facilities or through an expansion which it agrees to undertake. Not more than $7,000,000 appropriated to carry out subchapters I and II of this chapter may be expended annually for such projects.
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References in Text
Section 2525 of this title, referred to in subsec. (a), was in the original a reference to section 29 of the Area Redevelopment Act,
Amendments
1976-Subsec. (e).