Page:United States Statutes at Large Volume 78.djvu/569

 78 STAT. ]

PUBLIC LAW 88-452-AUG. 20, 1964

(c) the amount of the loan, together with other funds available, is adequate to assure completion of the project or achievement of the purposes for which the loan is made; (d) the loan bears interest at a rate not less than (1) a rate determined by the Secretary of the Treasury, taking into consideration the average market yield on outstanding Treasury obligations of comparable maturity, plus (2) such additional charge, if any, toward covering other costs of the program as the Director may determine to be consistent with its purposes: Provided, however, That the rate of interest charged on loans made in redevelopment areas designated under the Area Redevelopment Act (42 U.S.C. 2501 et seq.) shall not exceed the rate currently applicable to new loans made under section 6 of that Act (42 U.S.C. 2505); and (e) fees not in excess of amounts necessary to cover administrative expenses and probable losses may be required on loan guaranties. L I M I T A T I O N ON" F I N A N C I A L

527

75 Stat. 47.

ASSISTANCE

SEC. 406. No financial assistance shall be extended pursuant to this title where the Director determines that the assistance will be used in relocating establishments from one area to another or in financing subcontractors to enable them to undertake work theretofore performed in another area by other subcontractors or contractors, DURATION O F PROGRAM

SEC. 407. The Director shall carry out the programs provided for in this title during the fiscal year ending June 30, 1965, and the two succeeding fiscal years. TITLE V—WORK E X P E R I E N C E P R O G R A M S STATEMENT OF PURPOSE

SEC. 501. I t is the purpose of this title to expand the opportunities for constructive work experience and other needed training available to persons who are unable to support or care for themselves or their families. I n carrying out this purpose, the Director shall make maximum use of the programs available under the Manpower Development and Training Act of 1962, as amended, and Vocational Education Act of 1963. P A Y M E N T S FOR E X P E R I M E N T A L, P I L O T, AND DEMONSTRATION PROJECTS

SEC. 502. In order to stimulate the adoption of programs designed to help unemployed fathers and other needy persons to secure and retain employment or to attain or retain capability for self-support or personal mdependence, the Director is authorized to transfer funds appropriated or allocated to carry out the purposes of this title to the Secretary of Health, Education, and Welfare to enable him to make payments for experimental, pilot, or demonstration projects under section 1115 of the Social Security Act (42 U.S.C. 1315), subject to the limitations contained in section 409(a)(1) to (6), inclusive, of such Act (42 U.S.C. 609(a)(l) - (6)), in addition to the sums otherwise available pursuant thereto. The costs of such projects to the United States for the fiscal year ending June 30, 1965, shall, notwithstanding the provisions of such Act, be met entirely from funds appropriated or allocated to carry out the purposes of this title.

^^ „!*• '^l' note. 77 Stat. 403. 20 USC 35 note.

^e Stat. 192. 76 Stat. 186.

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