Page:United States Statutes at Large Volume 121.djvu/1667

 121 STAT. 1646

PUBLIC LAW 110–140—DEC. 19, 2007

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‘‘(B) an amount equal to the lesser of— ‘‘(i) $90,000; or ‘‘(ii) 60 percent of the cost of guidance on overcoming barriers to project implementation, including financial, contracting, siting, and permitting barriers; and ‘‘(C) an amount equal to the lesser of— ‘‘(i) $250,000; or ‘‘(ii) 40 percent of the cost of detailed engineering and design of sustainable energy infrastructure. ‘‘(3) GRANTS FOR EFFICIENCY IMPROVEMENT AND ENERGY SUSTAINABILITY.—In the case of grants for efficiency improvement and energy sustainability under subsection (c), grant funds shall be available for not more than an amount equal to the lesser of— ‘‘(A) $1,000,000; or ‘‘(B) 60 percent of the total cost. ‘‘(4) GRANTS FOR INNOVATION IN ENERGY SUSTAINABILITY.— In the case of grants for innovation in energy sustainability under subsection (d), grant funds shall be available for not more than an amount equal to the lesser of— ‘‘(A) $500,000; or ‘‘(B) 75 percent of the total cost. ‘‘(g) LOANS FOR ENERGY EFFICIENCY IMPROVEMENT AND ENERGY SUSTAINABILITY.— ‘‘(1) IN GENERAL.—Subject to the availability of appropriated funds, the Secretary shall provide loans to institutional entities for the purpose of implementing energy efficiency improvements and sustainable energy infrastructure. ‘‘(2) TERMS AND CONDITIONS.— ‘‘(A) IN GENERAL.—Except as otherwise provided in this paragraph, loans made under this subsection shall be on such terms and conditions as the Secretary may prescribe. ‘‘(B) MATURITY.—The final maturity of loans made within a period shall be the lesser of, as determined by the Secretary— ‘‘(i) 20 years; or ‘‘(ii) 90 percent of the useful life of the principal physical asset to be financed by the loan. ‘‘(C) DEFAULT.—No loan made under this subsection may be subordinated to another debt contracted by the institutional entity or to any other claims against the institutional entity in the case of default. ‘‘(D) BENCHMARK INTEREST RATE.— ‘‘(i) IN GENERAL.—Loans under this subsection shall be at an interest rate that is set by reference to a benchmark interest rate (yield) on marketable Treasury securities with a similar maturity to the direct loans being made. ‘‘(ii) MINIMUM.—The minimum interest rate of loans under this subsection shall be at the interest rate of the benchmark financial instrument. ‘‘(iii) NEW LOANS.—The minimum interest rate of new loans shall be adjusted each quarter to take account of changes in the interest rate of the benchmark financial instrument.

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