42 U.S.C. § 15972 — Loan to place Alaska clean coal technology facility in service
submitted 21 years ago by Pub. L. 109-58 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 369 words · no verdicts yet
The Energy Secretary may lend up to $80 million to the owner of the Healy, Alaska clean coal plant to get it running reliably. Before lending, the Secretary must confirm the plan is likely to work, the money is enough, and the loan is likely to be repaid.
In this section:
The term “borrower” means the owner* of the clean coal technology plant.
The term “clean coal technology plant” means the plant located near Healy, Alaska, constructed under Department cooperative agreement number DE–FC–22–91PC90544.
The term “cost of a direct loan” has the meaning given the term in section 661a(5)(B) of title 2.
Subject to subsection (c), the Secretary* shall use amounts made available under subsection (e) to provide the cost of a direct loan to the borrower for purposes of placing the clean coal technology plant into reliable operation for the generation of electricity.
The amount of the direct loan provided under subsection (b) shall not exceed $80,000,000.
Before providing the direct loan to the borrower under subsection (b), the Secretary shall determine that—
the plan of the borrower for placing the clean coal technology plant in reliable operation has a reasonable prospect of success;
the amount of the loan (when combined with amounts available to the borrower from other sources) will be sufficient to carry out the project*; and
there is a reasonable prospect that the borrower will repay the principal and interest on the loan.
The direct loan provided under subsection (b) shall bear interest at a rate and for a term that the Secretary determines appropriate, after consultation with the Secretary of the Treasury, taking into account the needs and capacities of the borrower and the prevailing rate of interest for similar loans made by public and private lenders.
The Secretary may require any other terms and conditions that the Secretary determines to be appropriate.
The Secretary shall retain any payments of principal and interest on the direct loan provided under subsection (b) to support energy research and development activities, to remain available until expended, subject to any other conditions in an applicable appropriations Act.
There are authorized to be appropriated such sums as are necessary to provide the cost of a direct loan under subsection (b).
Source credit: (Pub. L. 109–58, title IV, § 412, Aug. 8, 2005, 119 Stat. 754.)
- 2005Enacted · Pub. L. 109-58 · 119 Stat. 754
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-58 on 2005-08-08.
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