Page:United States Statutes at Large Volume 122.djvu/1368

 12 2 STA T . 1 345PUBLIC LA W 11 0– 234 —M A Y 22, 200 8foreach f is ca ly ear t o p aythea dm i n istrati v ee x penses nec - essary to carry o u t this section .( d )TRANSFE RS O F AM O U N T S. — ( 1 ) I N G ENERA L .—The amounts re q uired to b e transferred to the F und under this section shall be transferred at least monthly from the g eneral fund of the Treasury to the Fund on the basis of estimates made by the S ecretary of the Treasury. ( 2 )A DJ USTMENTS.— P roper ad j ustment shall be made in amounts subsequently transferred to the extent prior estimates w ere in excess of or less than the amounts required to be transferred. (e) U SES OF FUND.— (1) L OANS.— (A) IN GENERAL.—The Secretary shall use amounts in the Fund to provide loans to eligible units of local government to finance purchases of authori z ed equipment to monitor , remove, dispose of, and replace infested trees that are located— (i) on land under the jurisdiction of the eligible units of local government and (ii) within the borders of quarantine areas infested by plant pests. ( B ) M A XI MUM AMOUNT.—The maximum amount of a loan that may be provided by the Secretary to an eligible unit of local government under this subsection shall be the lesser of— (i) the amount that the eligible unit of local govern- ment has appropriated to finance purchases of author- ized equipment in accordance with subparagraph (A); or (ii) $5, 0 00,000. ( C ) INTEREST RATE.—The interest rate on any loan made by the Secretary under this paragraph shall be a rate equal to 2 percent. ( D ) R E P ORT.— N ot later than 1 8 0 days after the date on which an eligible unit of local government receives a loan provided by the Secretary under subparagraph (A), the eligible unit of local government shall submit to the Secretary a report that describes each purchase made by the eligible unit of local government using assistance pro- vided through the loan. (2) LOAN REPA Y MENT S CH EDULE.— (A) IN GENERAL.—To be eligible to receive a loan from the Secretary under paragraph (1), in accordance with each requirement described in subparagraph (B), an eligible unit of local government shall enter into an agreement with the Secretary to establish a loan repayment schedule relating to the repayment of the loan. (B) RE Q UIREMENTS RELATING TO LOAN REPAYMENT SCHEDULE.—A loan repayment schedule established under subparagraph (A) shall require the eligible unit of local government— (i) to repay to the Secretary of the Treasury, not later than 1 year after the date on which the eligible unit of local government receives a loan under para- graph (1), and semiannually thereafter, an amount equal to the quotient obtained by dividing— Deadlin e .

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