Page:United States Statutes at Large Volume 121.djvu/1668

 PUBLIC LAW 110–140—DEC. 19, 2007

121 STAT. 1647

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‘‘(E) CREDIT RISK.—The Secretary shall— ‘‘(i) prescribe explicit standards for use in periodically assessing the credit risk of making direct loans under this subsection; and ‘‘(ii) find that there is a reasonable assurance of repayment before making a loan. ‘‘(F) ADVANCE BUDGET AUTHORITY REQUIRED.—New direct loans may not be obligated under this subsection except to the extent that appropriations of budget authority to cover the costs of the new direct loans are made in advance, as required by section 504 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661c). ‘‘(3) CRITERIA.—Evaluation of projects for potential loan funding shall be based on criteria established by the Secretary, including criteria relating to— ‘‘(A) improvement in energy efficiency; ‘‘(B) reduction in greenhouse gas emissions and other air emissions, including criteria air pollutants and ozonedepleting refrigerants; ‘‘(C) increased use of renewable electric energy sources or renewable thermal energy sources; ‘‘(D) reduction in consumption of fossil fuels; and ‘‘(E) need for funding assistance, including consideration of the size of endowment or other financial resources available to the institutional entity. ‘‘(4) LABOR STANDARDS.— ‘‘(A) IN GENERAL.—All laborers and mechanics employed by contractors or subcontractors in the performance of construction, repair, or alteration work funded in whole or in part under this section shall be paid wages at rates not less than those prevailing on projects of a character similar in the locality as determined by the Secretary of Labor in accordance with sections 3141 through 3144, 3146, and 3147 of title 40, United States Code. The Secretary shall not approve any such funding without first obtaining adequate assurance that required labor standards will be maintained upon the construction work. ‘‘(B) AUTHORITY AND FUNCTIONS.—The Secretary of Labor shall have, with respect to the labor standards specified in paragraph (1), the authority and functions set forth in Reorganization Plan Number 14 of 1950 (15 Fed. Reg. 3176; 64 Stat. 1267) and section 3145 of title 40, United States Code. ‘‘(h) PROGRAM PROCEDURES.—Not later than 180 days after the date of enactment of this section, the Secretary shall establish procedures for the solicitation and evaluation of potential projects for grant and loan funding and administration of the grant and loan programs. ‘‘(i) AUTHORIZATION.— ‘‘(1) GRANTS.—There is authorized to be appropriated for the cost of grants authorized in subsections (b), (c), and (d) $250,000,000 for each of fiscal years 2009 through 2013, of which not more than 5 percent may be used for administrative expenses. ‘‘(2) LOANS.—There is authorized to be appropriated for the initial cost of direct loans authorized in subsection (g) $500,000,000 for each of fiscal years 2009 through 2013, of

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