Page:United States Statutes at Large Volume 113 Part 1.djvu/280

 113 STAT. 256 PUBLIC LAW 106-51—AUG. 17, 1999 Establishment. (9) the level of United States oil security is directly related to the level of domestic production of oil, natural gas liquids, and natural gas; and (10) a national security policy should be developed that ensures that adequate supplies of oil are available at all times free of the threat of embargo or other foreign hostile acts. (c) DEFINITIONS. —In this section: (1) BOARD.— The term "Board" means the Loan Guarantee Board established by subsection (e). (2) PROGRAM.— The term "Program" means the Emergency Oil and Gas Guaranteed Loan Program established by subsection (d). (3) QUALIFIED OIL AND GAS COMPANY.— The term "qualified oil and gas company" means a company that— (A)is— (i) an independent oil and gas company (within the meaning of section 57(a)(2)(B)(i) of the Internal Revenue Code of 1986); or (ii) a small business concern under section 3 of the Small Business Act (15 U.S.C. 632) (or a company based in Alaska, including an Alaska Native Corporation created pursuant to the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.)) that is an oil field service company whose main business is providing tools, products, personnel, and technical solutions on a contractual basis to exploration and production operators that drill, complete wells, and produce, transport, refine, and sell hydrocarbons and their byproducts as the main commercial business of the concern or company; and (B) has experienced layoffs, production losses, or financial losses since the beginning of the oil import crisis, after January 1, 1997. (d) EMERGENCY OIL AND GAS GUARANTEED LOAN PROGRAM.— (1) IN GENERAL. —There is established the Emergency Oil and Gas Guaranteed Loan Program, the purpose of which shall be to provide loan guarantees to qualified oil and gas companies in accordance with this section. (2) LOAN GUARANTEE BOARD.—There is established to administer the Program a Loan Guarantee Board, to be composed of— (A) the Secretary of Commerce; (B) the Chairman of the Board of Governors of the Federal Reserve System, who shall serve as Chairman of the Board; and (C) the Chairman of the Securities and Exchange Commission. (e) AUTHORITY.— (1) IN GENERAL.— The Program may guarantee loans provided to qualified oil and gas companies by private banking and investment institutions in accordance with procedures, rules, and regulations established by the Board. (2) TOTAL GUARANTEE LIMIT.—The aggregate amount of loans guaranteed and outstanding at any one time under this section shall not exceed $500,000,000.

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