[USC02] 42 USC 291j-4: Payment of interest on guaranteed loans
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42 USC 291j-4: Payment of interest on guaranteed loans Text contains those laws in effect on December 12, 2019
From Title 42-THE PUBLIC HEALTH AND WELFARECHAPTER 6A-PUBLIC HEALTH SERVICESUBCHAPTER IV-CONSTRUCTION AND MODERNIZATION OF HOSPITALS AND OTHER MEDICAL FACILITIESPart B-Loan Guarantees and Loans for Modernization and Construction of Hospitals and Other Medical Facilities
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§291j–4. Payment of interest on guaranteed loans

(a) Subject to the provisions of subsection (b), in the case of a guarantee of any loan to a nonprofit private agency under this part with respect to a hospital or other medical facility, the Secretary shall pay, to the holder of such loan and for and on behalf of such hospital or other medical facility amounts sufficient to reduce by 3 per centum per annum the net effective interest rate otherwise payable on such loan. Each holder of a loan, to a nonprofit private agency, which is guaranteed under this part shall have a contractual right to receive from the United States interest payments required by the preceding sentence.

(b) Contracts to make the payments provided for in this section shall not carry an aggregate amount greater than such amount as may be provided in appropriations Acts.

(July 1, 1944, ch. 373, title VI, §624, as added Pub. L. 91–296, title II, §201, June 30, 1970, 84 Stat. 347 .)