2012 US Code
Title 42 - The Public Health and Welfare
Chapter 149 - NATIONAL ENERGY POLICY AND PROGRAMS (§§ 15801 - 16538)
Subchapter XIV - ETHANOL AND MOTOR FUELS (§§ 16501 - 16503)
Section 16501 - Commercial byproducts from municipal solid waste and cellulosic biomass loan guarantee program
Publication Title | United States Code, 2012 Edition, Title 42 - THE PUBLIC HEALTH AND WELFARE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 42 - THE PUBLIC HEALTH AND WELFARE CHAPTER 149 - NATIONAL ENERGY POLICY AND PROGRAMS SUBCHAPTER XIV - ETHANOL AND MOTOR FUELS Sec. 16501 - Commercial byproducts from municipal solid waste and cellulosic biomass loan guarantee program |
Contains | section 16501 |
Date | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 109-58, title XV, §1510, Aug. 8, 2005, 119 Stat. 1085. |
Statutes at Large Reference | 119 Stat. 1085 |
Public Law Reference | Public Law 109-58 |
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In this section, the term “municipal solid waste” has the meaning given the term “solid waste” in section 6903 of this title.
(b) Establishment of programThe Secretary shall establish a program to provide guarantees of loans by private institutions for the construction of facilities for the processing and conversion of municipal solid waste and cellulosic biomass into fuel ethanol and other commercial byproducts.
(c) RequirementsThe Secretary may provide a loan guarantee under subsection (b) to an applicant if—
(1) without a loan guarantee, credit is not available to the applicant under reasonable terms or conditions sufficient to finance the construction of a facility described in subsection (b);
(2) the prospective earning power of the applicant and the character and value of the security pledged provide a reasonable assurance of repayment of the loan to be guaranteed in accordance with the terms of the loan; and
(3) the loan bears interest at a rate determined by the Secretary to be reasonable, taking into account the current average yield on outstanding obligations of the United States with remaining periods of maturity comparable to the maturity of the loan.
(d) CriteriaIn selecting recipients of loan guarantees from among applicants, the Secretary shall give preference to proposals that—
(1) meet all applicable Federal and State permitting requirements;
(2) are most likely to be successful; and
(3) are located in local markets that have the greatest need for the facility because of—
(A) the limited availability of land for waste disposal;
(B) the availability of sufficient quantities of cellulosic biomass; or
(C) a high level of demand for fuel ethanol or other commercial byproducts of the facility.
(e) MaturityA loan guaranteed under subsection (b) shall have a maturity of not more than 20 years.
(f) Terms and conditionsThe loan agreement for a loan guaranteed under subsection (b) shall provide that no provision of the loan agreement may be amended or waived without the consent of the Secretary.
(g) Assurance of repaymentThe Secretary shall require that an applicant for a loan guarantee under subsection (b) provide an assurance of repayment in the form of a performance bond, insurance, collateral, or other means acceptable to the Secretary in an amount equal to not less than 20 percent of the amount of the loan.
(h) Guarantee feeThe recipient of a loan guarantee under subsection (b) shall pay the Secretary an amount determined by the Secretary to be sufficient to cover the administrative costs of the Secretary relating to the loan guarantee.
(i) Full faith and creditThe full faith and credit of the United States is pledged to the payment of all guarantees made under this section. Any such guarantee made by the Secretary shall be conclusive evidence of the eligibility of the loan for the guarantee with respect to principal and interest. The validity of the guarantee shall be incontestable in the hands of a holder of the guaranteed loan.
(j) ReportsUntil each guaranteed loan under this section has been repaid in full, the Secretary shall annually submit to Congress a report on the activities of the Secretary under this section.
(k) Authorization of appropriationsThere are authorized to be appropriated such sums as are necessary to carry out this section.
(l) Termination of authorityThe authority of the Secretary to issue a loan guarantee under subsection (b) terminates on the date that is 10 years after August 8, 2005.
(Pub. L. 109–58, title XV, §1510, Aug. 8, 2005, 119 Stat. 1085.)
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