Page:United States Statutes at Large Volume 105 Part 3.djvu/496

 105 STAT. 2380 PUBLIC LAW 102-242—DEC. 19, 1991 interest on any loan to the Corporation guaranteed under paragraph (1) that is payable in such fiscal year are irrevocably pledged to be deposited into a sinking fund or defeasance fund maintained by the Corporation and are irrevocably pledged and dedicated to the repayment of the principal of such guaranteed loan in the inverse order of the maturity of such principal installments. (5) INVESTMENT GRADE RATING.— The Secretary may not , guarantee under this section the repayment of any loan proposed to be made to the State of Rhode Island or the Depositors Economic Protection Corporation unless each such proposed loan has received a rating (for purposes of which the collateral securing the guarantee is considered to be securing the loan) of- (A) the highest investment grade from a nationally recognized statistical rating organization; (B) not less than 1 less than the investment grade rating from 2 nationally recognized statistical rating organizations; or (C) not less than 2 less than the highest investment grade from 2 nationally recognized statistical rating organizations to the extent that— (i) a rating of not less than 1 less than the highest investment grade rating from 2 nationally recognized statistical rating organization has not been achieved through the use of all of the collateral listed in subsection (a)(2)(A) and the available collateral under subparagraph (B) or (C) of subsection (a)(2) at the time of the State of Rhode Island's request for the loan guarantee; and (ii) representatives of the State of Rhode Island and the Secretary are able to agree upon the lesser grade rating based on changes negotiated to other terms of this subtitle, including the purchase of bond insurance. (6) TERMS.— (A) IN GENERAL.—The guarantee provided for in this subsection shall be with respect to a loan which— (i) is made not more than 1 year after the date of enactment of this Act; (ii) will mature not later than 8 years after the date of such loan; and (iii) is scheduled to be repaid in equal installments of principal during the last 4 years of the repayment term of such loan. (B) AUTHORITY TO VARY TIME PERIODS. —The Secretary and the duly authorized representative of the State of Rhode Island may, by mutual agreement, modify any durational requirement specified in subparagraph (A). (7) ADDITIONAL TERMS AND CONDITIONS.— Except as otherwise provided in this subsection, the terms and conditions of any loan guarantee under this section shall be established by mutual agreement of the Secretary of the Treasury and the duly authorized representative of the State of Rhode Island. (b) APPROPRIATION OF AMOUNTS.— T here are hereby appropriated to the Secretary of the Treasury such sums as may be necessary for any fiscal year to meet the obligation of the United States under subsection (a)(D.

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