16 U.S.C. § 1006a — Loans or advancements for financing local share of costs; repayment; interest; maximum amount
submitted 72 years ago by ch. 656 to r/title-16-CONSERVATION · 242 words · no verdicts yet
The Secretary may lend money or make advances to finance local shares of improvement-work costs, including certain watershed programs. Repayment may take up to 50 years, interest is capped by a specified municipal-obligation yield, and a single plan may receive no more than $10 million.
The Secretary may make loans or advances—(a) to local organizations to finance their share of the costs of improvement works under this chapter; and (b) to State and local agencies to finance their share of improvement-work costs, as defined in section 1002, connected with the 11 watershed-improvement programs authorized by section 13 of the Act of December 22, 1944, as amended and supplemented. The works connected with those 11 programs must be integral parts of watershed or subwatershed work plans agreed to by the Secretary of Agriculture and the concerned State and local agencies.
A loan or advance must be made under a contract or agreement with terms the Secretary considers appropriate. It must require repayment within no more than 50 years after the date when the improvement works’ main benefits first become available. Interest may not exceed the current market yield for outstanding municipal obligations with remaining maturities comparable to the loan’s average maturity, adjusted to the nearest one-eighth of 1 percent. For one improvement-work plan, the loan or advance may not exceed $10,000,000.
The Secretary is authorized to make loans or advancements (a) to local organizations to finance the local share of costs of carrying out works of improvement provided for in this chapter, and (b) to State and local agencies to finance the local share of costs of carrying out works of improvement (as defined in section 1002 of this title) in connection with the eleven watershed improvement programs authorized by section 13 of the Act of December 22, 1944 (58 Stat. 887), as amended and supplemented: Provided, That the works of improvement in connection with said eleven watershed improvement programs shall be integral parts of watershed or subwatershed work plans agreed upon by the Secretary of Agriculture and the concerned State and local agencies. A loan or advance under this section shall be made under a contract or agreement that provides, under such terms and conditions as the Secretary considers appropriate, for the repayment of the loan or advance in not more than 50 years from the date when the principal benefits of the works of improvement first become available, with interest at a rate not to exceed the current market yield for outstanding municipal obligations with remaining periods to maturity comparable to the average maturity for the loan, adjusted to the nearest ⅛ of 1 percent. With respect to any single plan for works of improvement, the amount of any such loan or advancement shall not exceed $10,000,000.
Source credit: (Aug. 4, 1954, ch. 656, § 8, as added Aug. 7, 1956, ch. 1027, § 1(g), 70 Stat. 1090; amended Pub. L. 86–468, § 1, May 13, 1960, 74 Stat. 131; Pub. L. 95–113, title XV, § 1508, Sept. 29, 1977, 91 Stat. 1022; Pub. L. 104–127, title VII, § 791(b), Apr. 4, 1996, 110 Stat. 1151.)
- 1954Enacted · Act of Aug. 4, 1954, ch. 656 · 70 Stat. 1090
- 1960Amended · Pub. L. 86-468 · 74 Stat. 131
- 1977Amended · Pub. L. 95-113 · 91 Stat. 1022
- 1996Amended · Pub. L. 104-127 · 110 Stat. 1151
A history note hasn’t been published yet. The record shows enactment by ch. 656 on 1954-08-04.
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