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30 U.S.C. § 1513Loan interest rates; repayment periods

submitted 46 years ago by Pub. L. 96-294 to r/title-30-MINERAL-LANDS-AND-MINING · 124 words · no verdicts yet

in plain englishAI-generated · not legal advice

Loan interest rates; repayment periods. (a) Each loan made under section 1511 of this title must bear interest at a discount or interest rate equal to the rate in effect (at the time the loan is made) for water resources planning projects under section 80 of the Water Resources Development Act...

(a) Each loan made under section 1511 of this title must bear interest at a discount or interest rate equal to the rate in effect (at the time the loan is made) for water resources planning projects under section 80 of the Water Resources Development Act of 1974 ( 42 U.S.C. 1962(d) –17(a)). 1 (b) Each such loan must be for a term which the Secretary deems appropriate, except that no loan term must exceed twenty years beyond the date on which production of energy or geothermal energy resources begins from the reservoir involved. If revenues are inadequate (as determined by the Secretary) to fully repay the principal and accrued interest within twenty years after production begins, any remaining unpaid amounts must be forgiven.
the actual law source: uscode.house.gov ↗public domain
(a)

Each loan made under section 1511 of this title shall bear interest at a discount or interest rate equal to the rate in effect (at the time the loan is made) for water resources planning projects under section 80 of the Water Resources Development Act of 1974 (42 U.S.C. 1962(d)–17(a)).1

(b)

Each such loan shall be for a term which the Secretary deems appropriate, except that no loan term shall exceed twenty years beyond the date on which production of energy or geothermal energy resources begins from the reservoir involved. If revenues are inadequate (as determined by the Secretary) to fully repay the principal and accrued interest within twenty years after production begins, any remaining unpaid amounts shall be forgiven.

Source credit: (Pub. L. 96–294, title VI, § 613, June 30, 1980, 94 Stat. 764.)

history & why it existsrecord from the source credit
  • 1980Enacted · Pub. L. 96-294 · 94 Stat. 764

A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-294 on 1980-06-30.

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