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48 U.S.C. § 1428b — Prerequisite for loan or loan guarantee; maximum participation in available funds; reserves for loan guarantees

submitted 58 years ago by Pub. L. 90-601 to r/title-48-TERRITORIES-AND-INSULAR-POSSESSIONS · 149 words · no verdicts yet

in plain englishAI-generated · not legal advice

Applicants must show that reasonable financing is otherwise unavailable before receiving a loan or guarantee. The section also limits project funding, guarantees, loan participation, and guarantee reserves.

The administering agency may not make a loan or guarantee under this subchapter unless the applicant shows that financing is otherwise unavailable on reasonable terms. No single project may receive more than 25 percent of funds actually appropriated by Congress under section 1428. A guarantee may cover no more than 90 percent. For loans, participation must be prudent for the individual loan and tied to the minimum participation needed for this subchapter. Reserves for guarantees must be at least 25 percent of the guarantee.
the actual law source: uscode.house.gov ↗public domain

No loan or loan guarantee shall be made under this subchapter to any applicant who does not satisfy the agency or agencies administering the plan that financing is otherwise unavailable on reasonable terms and conditions. The maximum participation in the funds made available under section 1428 of this title shall be limited (a) so that not more than 25 per centum of the funds actually appropriated by the Congress may be devoted to any single project (b) to 90 per centum of loan guarantee, and (c) with respect to all loans, to that decree of participation prudent under the circumstances of individual loans but directly related to the minimum essential participation necessary to accomplish the purposes of this subchapter: Provided, That, with respect to loan guarantees, the reserves maintained by the agency or agencies for the guarantees shall not be less than 25 per centum of the guarantee.

Source credit: (Pub. L. 90–601, § 4, Oct. 17, 1968, 82 Stat. 1172.)

history & why it existsrecord from the source credit
  • 1968Enacted · Pub. L. 90-601 · 82 Stat. 1172

A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-601 on 1968-10-17.

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