42 USC 18715 - Transmission facility financing

(a)

Appropriation

(b)

Use of funds

(c)

Loans

A direct loan provided under this section—

(1)

shall have a term that does not exceed the lesser of—

(A)

90 percent of the projected useful life, in years, of the eligible transmission facility; and

(B)

30 years;

(2)

shall not exceed 80 percent of the project costs; and

(3)

shall, on first issuance, be subject to the condition that the direct loan is not subordinate to other financing.

(d)

Interest rates

(e)

Definition of direct loan