Page:United States Statutes at Large Volume 86.djvu/341

 86 STAT. ]

PUBLIC LAW 92-318-JUNE 23, 1972

299

including a determination that the rate of interest does not exceed such per centum per annum on the principal obligation outstanding as the Commissioner determines to be reasonable, taking into account the range of interest rates prevailing in the private market for similar loans and the risks assumed by the United States. The Commissioner may charge a premium for such insurance in an amount reasonably determined by him to be necessary to cover administrative expenses and probable losses under subsections (a) and (b). Such insurance shall be subject to such further terms and conditions as the Commissioner determines to be necessary. "PART D—ASSISTANCE IN MAJOR DISASTER AREAS •'AUTHORIZATION

"SEC. 761. (a) The (Commissioner shall carry out a program of financial assistance to public institutions of higher education, in accordance with the provisions of this part. "(b) There are authorized to be appropriated for each fiscal year such sums as may be necessary to carry out the provisions of this part. "ASSISTANCE FOR CONSTRUCTION OF ACADEMIC FACILITIES

"SEC. 762. (a) If the Director of the Office of Emergency Planning determines that a public institution of higher education is, in whole or in part, within an area which, after June 30, 1971, and before July 1, 1975, has suffered a disaster which is a major disaster, and if the Commissioner determines with respect to such institution that— "(1) the academic facilities of such institution have been destroyed or seriously damaged as a result of the disaster; "(2) such institution is exercising due diligence in availing itself of State and other financial assistance available for restoration or replacement of such facilities; and "(3) the institution does not have sufficient funds available from such other sources, including proceeds of insurance on the facilities, to provide for the restoration or replacement of such facilities; the Commissioner is authorized to provide such assistance to such institution as is provided in subsection (b). " (b)(1) Assistance under this section shall be a grant to an eligible institution, as determined under subsection (a), of an amount necessary to enable the institution to carry out the construction necessary to restore or replace the academic facilities determined under clause (1) of subsection (a) to be damaged or destroyed. "(2) The maximum amount of a grant under this section shall not exceed the cost of construction incident to the restoration or replacement of the facilities determined to be damaged or destroyed under clause (1) of subsection (a) less the amount of additional assistance determined under clause (3) of subsection (a) to be available. " (c)(1) Assistance under this section may include a grant of an amount necessary to enable the institution to lease, or otherwise obtain the use of, such facilities as are needed to replace, temporarily, facilities which have been made unavailable as a result of a major disastei-. "(2) An institution shall be eligible for assistance under this subsection if it qualifies for assistance under subsection (a), whether or not it receives assistance under subsection (b).

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