33 USC 1293 - Loan guarantees

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

§ 1293.

Loan guarantees

(a)

State or local obligations issued exclusively to Federal Financing Bank for publicly owned treatment works; determination of eligibility of project by Administrator

(b)

Conditions for issuance

No guarantee, or commitment to make a guarantee, may be made pursuant to this section—

(1)

unless the Administrator certifies that the issuing body is unable to obtain on reasonable terms sufficient credit to finance its actual needs without such guarantee; and

(2)

unless the Administrator determines that there is a reasonable assurance of repayment of the loan, obligation, or participation therein.

A determination of whether financing is available at reasonable rates shall be made by the Secretary of the Treasury with relationship to the current average yield on outstanding marketable obligations of municipalities of comparable maturity.

(c)

Fees for application investigation and issuance of commitment guarantee

(d)

Commitment for repayment

(June 30, 1948, ch. 758, title II, § 213, as added Pub. L. 94–558, Oct. 19, 1976, 90 Stat. 2639; amended Pub. L. 96–483, § 2(e), Oct. 21, 1980, 94 Stat. 2361.)

cite as: 33 USC 1293