42 U.S.C. § 291j–4 — Payment of interest on guaranteed loans
submitted 82 years ago by Pub. L. 91-296 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 138 words · no verdicts yet
For guaranteed loans to nonprofit hospitals, the Secretary pays the lender enough to cut the effective interest rate by 3 percentage points a year — but only up to whatever amount Congress actually appropriates for this purpose.
Subject to the provisions of subsection (b), in the case of a guarantee of any loan to a nonprofit private agency under this part with respect to a hospital or other medical facility, the Secretary* shall pay, to the holder of such loan and for and on behalf of such hospital or other medical facility amounts sufficient to reduce by 3 per centum per annum the net effective interest rate otherwise payable on such loan. Each holder of a loan, to a nonprofit private agency, which is guaranteed under this part shall have a contractual right to receive from the United States interest payments required by the preceding sentence.
Contracts to make the payments provided for in this section shall not carry an aggregate amount greater than such amount as may be provided in appropriations Acts.
Source credit: (July 1, 1944, ch. 373, title VI, § 624, as added Pub. L. 91–296, title II, § 201, June 30, 1970, 84 Stat. 347.)
- 1944Enacted · Pub. L. 91-296 · 84 Stat. 347
A history note hasn’t been published yet. The record shows enactment by Pub. L. 91-296 on 1944-07-01.
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