16 USC 2104a - Pest and Disease Revolving Loan Fund

U.S Code last checked for updates: Nov 22, 2024

§ 2104a.

Pest and Disease Revolving Loan Fund

(a)

Definitions

In this section:

(1)

Authorized equipment

(A)

In general

(B)

Inclusions

The term “authorized equipment” includes—

(i)

cherry pickers;

(ii)

equipment necessary for—

(I)

the construction of staging and marshalling areas;

(II)

the planting of trees; and

(III)

the surveying of forest land;

(iii)

vehicles capable of transporting harvested trees;

(iv)

wood chippers; and

(v)

any other appropriate equipment, as determined by the Secretary.

(2)

Fund

(3)

Secretary

(b)

Establishment of Fund

(c)

Expenditures from Fund

(1)

In general

(2)

Administrative expenses

(d)

Transfers of amounts

(1)

In general

(2)

Adjustments

(e)

Uses of Fund

(1)

Loans

(A)

In general

The Secretary shall use amounts in the Fund to provide loans to eligible units of local government to finance purchases of authorized equipment to monitor, remove, dispose of, and replace infested trees that are located—

(i)

on land under the jurisdiction of the eligible units of local government; and

(ii)

within the borders of quarantine areas infested by plant pests.

(B)

Maximum amount

The maximum amount of a loan that may be provided by the Secretary to an eligible unit of local government under this subsection shall be the lesser of—

(i)

the amount that the eligible unit of local government has appropriated to finance purchases of authorized equipment in accordance with subparagraph (A); or

(ii)

$5,000,000.

(C)

Interest rate

(D)

Report

(2)

Loan repayment schedule

(A)

In general

(B)

Requirements relating to loan repayment schedule

A loan repayment schedule established under subparagraph (A) shall require the eligible unit of local government—

(i)

to repay to the Secretary of the Treasury, not later than 1 year after the date on which the eligible unit of local government receives a loan under paragraph (1), and semiannually thereafter, an amount equal to the quotient obtained by dividing—

(I)

the principal amount of the loan (including interest); by

(II)

the total quantity of payments that the eligible unit of local government is required to make during the repayment period of the loan; and

(ii)

not later than 20 years after the date on which the eligible unit of local government receives a loan under paragraph (1), to complete repayment to the Secretary of the Treasury of the loan made under this section (including interest).

(f)

Authorization of appropriations

(Pub. L. 110–234, title X, § 10205, May 22, 2008, 122 Stat. 1344; Pub. L. 110–246, § 4(a), title X, § 10205, June 18, 2008, 122 Stat. 1664, 2106.)

cite as: 16 USC 2104a