42 U.S.C. § 291m–1 — Loans for certain hospital experimentation projects

submitted 82 years ago by Pub. L. 90-174 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 254 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary may loan money to a hospital that got a construction grant if building costs jumped through no fault of its own. The loan can cover up to two-thirds of the extra cost, at low interest, repaid over up to 50 years. Congress authorized $3,500,000 for this program.

(a) Other public or private sources unavailable This section helps hospitals that got a special grant before August 18, 1964, for building an experimental facility meant to cut hospital costs. If building costs went up a lot, through no fault of the hospital, and it can't get money elsewhere, the Secretary can loan it money. The loan can cover up to 66⅔ percent of the extra cost, as determined by the Secretary. (b) Application; form; information The hospital must apply for the loan. The Secretary decides the form and what information and assurances the application must include. (c) Interest; repayment period The loan charges 2½ percent interest a year on the unpaid amount. The Secretary sets how long the hospital has to repay it, but it can't be longer than 50 years. (d) Authorization of appropriation Congress authorized $3,500,000 to pay for this program.

the actual law source: uscode.house.gov ↗public domain

(a) Other public or private sources unavailable for alleviation of hardship due to increased construction costs

In order to alleviate hardship on any recipient of a grant under section 291n 1 of this title (as in effect immediately before August 18, 1964) for a project for the construction of an experimental or demonstration facility having as its specific purpose the application of novel means for the reduction of hospital costs with respect to which there has been a substantial increase in the cost of such construction (over the estimated cost of such project on the basis of which such grant was made) through no fault of such recipient, the Secretary is authorized to make a loan to such recipient not exceeding 66⅔ per centum of such increased costs, as determined by the Secretary, if the Secretary determines that such recipient is unable to obtain such an amount for such purpose from other public or private sources.

(b) Application; form; information

Any such loan shall be made only on the basis of an application submitted to the Secretary in such form and containing such information and assurances as he may prescribe.

Each such loan shall bear interest at the rate of 2½ per centum per annum on the unpaid balance thereof and shall be repayable over a period determined by the Secretary to be appropriate, but not exceeding fifty years.

(d) Authorization of appropriation

There are hereby authorized to be appropriated $3,500,000 to carry out the provisions of this section.

Source credit: (July 1, 1944, ch. 373, title VI, § 643A, formerly § 623A, as added Pub. L. 90–174, § 11, Dec. 5, 1967, 81 Stat. 541, and renumbered § 643A, Pub. L. 91–296, title II, § 201, June 30, 1970, 84 Stat. 344.)

history & why it existsrecord from the source credit

1944Enacted · Pub. L. 90-174 · 81 Stat. 541

A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-174 on 1944-07-01.

all 0 arguments · sorted by: best

no arguments yet — make the first case