Page:United States Statutes at Large Volume 116 Part 1.djvu/378

 116 STAT. 352 PUBLIC LAW 107-171—MAY 13, 2002 TITLE VI—RURAL DEVELOPMENT Subtitle A—Consolidated Farm and Rural Development Act SEC. 6001. ELIGIBILITY OF RURAL EMPOWERMENT ZONES AND RURAL ENTERPRISE COMMUNITIES FOR DIRECT AND GUARAN- TEED LOANS FOR ESSENTIAL COMMUNITY FACILITIES. Section 306(a)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1926(a)(1)) is amended by inserting after the first sentence the following: "The Secretary may also make or insure loans to communities that have been designated as rural empowerment zones or rural enterprise communities pursuant to part I of subchapter U of chapter 1 of the Internal Revenue Code of 1986, or as rural enterprise communities pursuant to section 766 of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999 (Public Law 105-277; 112 Stat. 2681, 2681-37), to provide for the installation or improvement of essential community facilities including necessary related equipment, and to furnish financial assistance or other aid in planning projects for such purposes.". SEC. 6002. WATER OR WASTE DISPOSAL GRANTS. Section 306(a)(2) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1926(a)(2)) is amended— (1) by striking "(2) The" and inserting the following: "(2) WATER, WASTE DISPOSAL, AND WASTEWATER FACILITY GRANTS. — " (A) AUTHORITY.— "(i) IN GENERAL. —The"; (2) by striking "aggregating not to exceed $590,000,000 in any fiscal year"; (3) by striking "The amount" and inserting the following: "(ii) AMOUNT. —The amount"; (4) by striking "paragraph" and inserting "subparagraph"; (5) by striking "The Secretary shall" and inserting the following: "(iii) GRANT RATE.— The Secretary shall"; and (6) by adding at the end the following: " (B) REVOLVING FUNDS FOR FINANCING WATER AND WASTEWATER PROJECTS.— "(i) IN GENERAL.— The Secretary may make grants to qualified private, nonprofit entities to capitalize revolving funds for the purpose of providing financing to eligible entities for— "(I) predevelopment costs associated with proposed water and wastewater projects or with existing water and wastewater systems; and "(II) short-term costs incurred for replacement equipment, small-scale extension services, or other small capital projects that are not part of the regular operations and maintenance activities of existing water and wastewater systems, "(ii) ELIGIBLE ENTITIES.— To be eligible to obtain financing from a revolving fund under clause (i), an

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