42 USC 8832 - Construction loans

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

§ 8832.

Construction loans

(a)

Authority of Secretary of Energy

(b)

Estimated project construction costs as determinative of initial and revised amount of loan; interest rate

(1)

Any loan under this section—

(A)

may not exceed 80 per centum of the total estimated cost of the construction of the municipal waste energy project involved, and

(B)

shall bear interest at a rate determined by the Secretary of Energy (taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans) plus not to exceed one per centum, as determined by the Secretary of Energy, and adjusted to the nearest one-eighth of one per centum.

(2)

In the event the total estimated costs of construction of the project thereafter exceed the total estimated costs initially determined by the Secretary of Energy, the Secretary may in addition, upon application therefor, make a loan for so much of the additional estimated costs as does not exceed 10 per centum of the initial total estimated costs of construction.

(c)

Preconditions

(Pub. L. 96–294, title II, § 232, June 30, 1980, 94 Stat. 697.)

cite as: 42 USC 8832