§2008c. Allocation and transfer of loan guarantee authority
(a) Allocation of loan guarantee authority
The Secretary shall allocate among all States the amounts appropriated for loan guarantees under the water and waste or community facility program authorized under section 1926(a) of this title, and the business and industry loan program authorized under section 1932 of this title, in a manner similar to that used for the allocation of direct loan and grant funds appropriated for such programs, and that the Secretary determines to be fair, reasonable, and appropriate.
(b) Transfer of loan guarantee authority
(1) In general
If the sums appropriated for loan guarantees and made available to any eligible State (within the meaning of section 2008(b)(3) of this title) under a program specified in subsection (a) of this section for the fiscal year are insufficient to enable the Secretary to provide the full amount of the assistance requested for a project specified in section 2008(c)(4) of this title, the Secretary may transfer to the program from the other such programs part or all of the sums appropriated for loan guarantees made available to such eligible State for such other program for such fiscal year.
(2) Limitation on guarantee amounts transferred
With regard to each such eligible State, the amount of loan guarantees transferred from a program under this section shall not exceed the amount for such program left unobligated after obligating to each project in an application ranked higher in priority on the list described in section 2008a(b)(6) of this title the full amount of assistance requested for each such project.
(Pub. L. 87 128, title III, §368, as added Pub. L. 101 624, title XXIII, §2317, Nov. 28, 1990,
Effective Date
Subsection (b) of this section effective Oct. 1, 1991, see section 2007(d) of this title.
Section Referred to in Other Sections
This section is referred to in sections 2007, 6943 of this title.