Page:United States Statutes at Large Volume 123.djvu/175

 123STA T . 1 5 5 PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9(1)Theag g r ega t ea moun to f guarantee s e x ten d ed under th i sse c tion during the p receding month . ( 2 ) The aggregate amount of guarantees outstanding. ( 3 ) D efau l ts and pa y ments on defaults made under this section. ( 4 ) The identity of each purchaser of a guarantee found b y the A dministrator to ha v e misused guarantees under this section. ( 5 ) Any other information the Administrator deems nec - essary to fully inform C ongress of undue ris k to the U nited S tates associated w ith the issuance of guarantees under this section. (f) D URATION O FP RO G RA M . — The authority of this section shall terminate on the date 2 years after the date of enactment of this section. (g) F UN D ING.—Such sums as necessary are authori z edtobe appropriated to carry out the provisions of this section. (h) B UDG E T TREATMENT.— N othing in this section shall be con- strued to exempt any activity of the Administrator under this section from the Federal Credit R eform Act of 1 9 9 0 (title V of the Congressional Budget and I mpoundment Control Act of 19 7 4 2 U.S.C. 6 61 and following). (i) E MERGEN CY RU L EMA K ING AUT H ORITY.—The Administrator shall issue regulations under this section within 15 days after the date of enactment of this section. The notice re q uirements of section 553(b) of title 5 , United States Code shall not apply to the promulgation of such regulations. SEC. 504. STIMULU S FOR COMMUNITY DE V ELO P MENT L ENDING. (a) LO W INTEREST REFINANCING UNDER THE LOCAL DEVELOPMENT BUSINESS LOAN PROGRAM.—Section 502 of the Small Business Investment Act of 195 8 (15 U.S.C. 696) is amended by adding at the end the following

‘(7) PERMISSI B LE DEBT REFINANCING.— ‘‘(A) IN GENERAL.—Any financing approved under this title may include a limited amount of debt refinancing. ‘‘(B) E X PANSIONS.—If the pro j ect involves expansion of a small business concern, any amount of existing indebt- edness that does not exceed 50 percent of the project cost of the expansion may be refinanced and added to the expan- sion cost, if— ‘‘(i) the proceeds of the indebtedness were used to acquire land, including a building situated thereon, to construct a building thereon, or to purchase equip- ment; ‘‘(ii) the existing indebtedness is collateralized by fixed assets; ‘‘(iii) the existing indebtedness was incurred for the benefit of the small business concern; ‘‘(iv) the financing under this title will be used only for refinancing existing indebtedness or costs relating to the project financed under this title; ‘‘(v) the financing under this title will provide a substantial benefit to the borrower when prepayment penalties, financing fees, and other financing costs are accounted for; Deadlin e s.