Page:United States Statutes at Large Volume 75.djvu/214

 174

PUBLIC LAW 87-70-JUNE 30, 1961

[75 S T A T.

not public highways, and any other real or personal property needed for an economic, efficient, and coordinated mass transportation system." 42 USC 1492. ^^^ Section 202(b)(2) of such Amendments is amended by adding at the end thereof the following new sentence: "Subject to such maximum maturity, the Administrator in his discretion may provide for the postponement of the payment of interest on not more than 50 per centum of any financial assistance extended to an applicant under this section for a period up to ten years where (A) such assistance does not exceed 50 per centum of the development cost of the project involved, and (B) it is determined by the Administrator that such applicant will experience above-average population growth and the project would contribute to orderly community development, economy, and efficiency; and any amounts so postponed shall be payable with interest in annual installments during the remaining maturity of such assistance." (d)(1) Section 202(b) of such Amendments is further amended by adding at the end thereof the following new paragraph: "(3) Financial assistance extended under this section shall bear interest at a rate determined by the Administrator which shall be not more than the higher of (A) 3 per centum per annum, or (B) the total of one-half of 1 per centum per annum added to the rate of interest paid by the Administrator on funds obtained from the Secrestl?. ^uf28.*'*^' '"* t^^y of th^ Treasury as provided in section 203(a). " 42 USC 1493. (2) The third sentence of section 203(a) of such Amendments is amended to read as follows: "Such notes or other obligations shall bear interest at a rate determined by the Secretary of the Treasury which shall be not more than the higher of (1) 2^^ per centum per annum, or (2) the average annual interest rate on all interest-bearing obligations of the United States then forming a part of the public debt as computed at the end of the fiscal year next preceding the issuance by the Administrator and adjusted to the nearest one-eighth of 1 per centum." 42 USC 1492. ^g^ Section 202(b) of such Amendments is further amended by adding at the end thereof (after the paragraph added by subsection (d)(1) of this section) the following new paragraph: "(4) No financial assistance shall be extended under clause (1) of subsection (a) of this section to any municipality or other political subdivision having a population of fifty thousand or more (one hundred fifty thousand or more in the case of a community situated in an area designated as a redevelopment area under the second Ante, p. 48. seuteuce of section 5(a) of the Area Redevelopment Act) according to the most recent decennial census, or to any public agency or instrumentality of one or more municipalities or other political subdivisions having a population (or an aggregate population) equal to or exceeding that figure according to such census." 42 USC 1492. ^£^ Section 202(c) of such Amendments is amended by striking out "this section" and inserting in lieu thereof "clause (1) of subsection (a) of this section". (g) Section 202 of such Amendments is further amended by adding at the end thereof the following new subsection: " (d) No loans may be made for transportation facilities or equipment, pursuant to clause (2) of subsection (a) of this section, unless the Administrator determines (1) that there is being actively developed (or has been developed) for the urban or other metropolitan area served by the applicant a program, meeting criteria established by him, for the development of a comprehensive and coordinated mass transportation system; (2) that the proposed facilities or equipment can reasonably be expected to be required for such a system; and (3)

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