42 USC 17012 - Advanced battery loan guarantee program

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

§ 17012.

Advanced battery loan guarantee program

(a)

Establishment of program

(b)

Requirements

The Secretary may provide a loan guarantee under subsection (a) to an applicant if—

(1)

without a loan guarantee, credit is not available to the applicant under reasonable terms or conditions sufficient to finance the construction of a facility described in subsection (a);

(2)

the prospective earning power of the applicant and the character and value of the security pledged provide a reasonable assurance of repayment of the loan to be guaranteed in accordance with the terms of the loan; and

(3)

the loan bears interest at a rate determined by the Secretary to be reasonable, taking into account the current average yield on outstanding obligations of the United States with remaining periods of maturity comparable to the maturity of the loan.

(c)

Criteria

In selecting recipients of loan guarantees from among applicants, the Secretary shall give preference to proposals that—

(1)

meet all applicable Federal and State permitting requirements;

(2)

are most likely to be successful; and

(3)

are located in local markets that have the greatest need for the facility.

(d)

Maturity

(e)

Terms and conditions

(f)

Assurance of repayment

(g)

Guarantee fee

(h)

Full faith and credit

(i)

Reports

(j)

Authorization of appropriations

(k)

Termination of authority

(Pub. L. 110–140, title I, § 135, Dec. 19, 2007, 121 Stat. 1513.)

cite as: 42 USC 17012