42 U.S.C. § 18715

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 18715 - Transmission facility financing

(a) Appropriation

In addition to amounts otherwise available, there is appropriated to the Secretary for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $2,000,000,000, to remain available through September 30, 2030, to carry out this section: Provided, That the Secretary shall not enter into any loan agreement pursuant to this section that could result in disbursements after September 30, 2031.

(b) Use of funds

The Secretary shall use the amounts made available by subsection (a) to carry out a program to pay the costs of direct loans to non-Federal borrowers, subject to the limitations that apply to loan guarantees under section 50141(d) and under such terms and conditions as the Secretary determines to be appropriate, for the construction or modification of electric transmission facilities designated by the Secretary to be necessary in the national interest under section 824p(a) of title 16.

(c) Loans

A direct loan provided under this section-

(1) shall have a term that does not exceed the lesser of-

(A) 90 percent of the projected useful life, in years, of the eligible transmission facility; and

(B) 30 years;

(2) shall not exceed 80 percent of the project costs; and

(3) shall, on first issuance, be subject to the condition that the direct loan is not subordinate to other financing.

(d) Interest rates

A direct loan provided under this section shall bear interest at a rate determined by the Secretary, taking into consideration market yields on outstanding marketable obligations of the United States of comparable maturities as of the date on which the direct loan is made.

(e) Definition of direct loan

In this section, the term "direct loan" has the meaning given the term in section 661a of title 2.

42 U.S.C. § 18715

Pub. L. 117-169, title V, §501510151,, 136 Stat. 2046.

EDITORIAL NOTES

REFERENCES IN TEXTSection 50141(d), referred to in subsec. (b), is section 50141(d), Aug. 16, 2022 of Pub. L. 117-169, 136 Stat. 2043, which is not classified to the Code.

CODIFICATIONSection was enacted as part of Pub. L. 117-169 and not as part of div. D of Pub. L. 117-58 which enacted this chapter.

STATUTORY NOTES AND RELATED SUBSIDIARIES

DEFINITION OF "SECRETARY" "Secretary" means the Secretary of Energy, see section 50111 of Pub. L. 117-169 set out as a note under section 17113b of this title.

Secretary: The term "Secretary" means the Secretary of Housing and Urban Development.1 See References in Text note below.
project: The terms "federally assisted housing" and "project" mean-(A) a public housing project (as such term is defined in section 3(b) of the United States Housing Act of 1937 [42 U.S.C. 1437a(b)] );(B) housing for which project-based assistance is provided under section 8 of the United States Housing Act of 1937 [42 U.S.C. 1437f] ;(C) housing that is assisted under section 1701q of title 12;(D) housing that is assisted under section 1701q of title 12, as such section existed before November 28, 1990;(E) housing financed by a loan or mortgage insured under section 1715l(d)(3) of title 12 that bears interest at a rate determined under the proviso of section 1715l(d)(5) of title 12;(F) housing insured, assisted, or held by the Secretary or a State or State agency under section 1715z-1 of title 12;(G) housing constructed or substantially rehabilitated pursuant to assistance provided under section 8(b)(2) of the United States Housing Act of 1937 [42 U.S.C. 1437f(b)(2)], as in effect before October 1, 1983, that is assisted under a contract for assistance under such section; and(H) housing that is assisted under section 8013 1 of this title.