Page:United States Statutes at Large Volume 121.djvu/1537

 121 STAT. 1516

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Regulations.

VerDate Aug 31 2005

07:12 Jan 26, 2009

PUBLIC LAW 110–140—DEC. 19, 2007

(B) will provide sufficient information to the Secretary for the Secretary to ensure that the qualified investment is expended efficiently and effectively; and (C) has met such other criteria as may be established and published by the Secretary. (4) RATES, TERMS, AND REPAYMENT OF LOANS.—A loan provided under this subsection— (A) shall have an interest rate that, as of the date on which the loan is made, is equal to the cost of funds to the Department of the Treasury for obligations of comparable maturity; (B) shall have a term equal to the lesser of— (i) the projected life, in years, of the eligible project to be carried out using funds from the loan, as determined by the Secretary; and (ii) 25 years; (C) may be subject to a deferral in repayment for not more than 5 years after the date on which the eligible project carried out using funds from the loan first begins operations, as determined by the Secretary; and (D) shall be made by the Federal Financing Bank. (e) IMPROVEMENT.—The Secretary shall issue regulations that require that, in order for an automobile manufacturer to be eligible for an award or loan under this section during a particular year, the adjusted average fuel economy of the manufacturer for light duty vehicles produced by the manufacturer during the most recent year for which data are available shall be not less than the average fuel economy for all light duty vehicles of the manufacturer for model year 2005. In order to determine fuel economy baselines for eligibility of a new manufacturer or a manufacturer that has not produced previously produced equivalent vehicles, the Secretary may substitute industry averages. (f) FEES.—Administrative costs shall be no more than $100,000 or 10 basis point of the loan. (g) PRIORITY.—The Secretary shall, in making awards or loans to those manufacturers that have existing facilities, give priority to those facilities that are oldest or have been in existence for at least 20 years. Such facilities can currently be sitting idle. (h) SET ASIDE FOR SMALL AUTOMOBILE MANUFACTURERS AND COMPONENT SUPPLIERS.— (1) DEFINITION OF COVERED FIRM.—In this subsection, the term ‘‘covered firm’’ means a firm that— (A) employs less than 500 individuals; and (B) manufactures automobiles or components of automobiles. (2) SET ASIDE.—Of the amount of funds that are used to provide awards for each fiscal year under subsection (b), the Secretary shall use not less than 10 percent to provide awards to covered firms or consortia led by a covered firm. (i) AUTHORIZATION OF APPROPRIATIONS.—There are authorized to be appropriated such sums as are necessary to carry out this section for each of fiscal years 2008 through 2012.

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