Page:United States Statutes at Large Volume 87.djvu/1011

 87

STAT.]

979

PUBLIC LAW 93-234-DEC. 31, 1973

December 31, 1974, or the effective date of the initial rate map published by the Secretary under paragraph (2) of section 1360 for the area in which such property is located, whichever is later, shall not be less than the applicable estimated risk premium rate for such area (or subdivision thereof) under section 1307(a)(1).''.

82 Stat. 587. 42 USC 4 1 0 1.

42 USC 4014.

FINANCING

SEC. 104. Section 1309(a) of the National Flood Insurance Act of 1968 is amended by striking out all after the semicolon and inserting 82 Stat. 577. 42 USC 4016. in lieu thereof the following: "except that the total amount of notes and obligations which may be issued by the Secretary pursuant to such authority (1) without the approval of the President, may not exceed $500,000,000, and (2) with the approval of the President, may connot exceed $1,000,000,000. The Secretary shall report to the Committee g r Report a to comession l on Banking and Currency of the House of Representatives and the m i t t e e s. Committee on Banking, Housing and Urban Affairs of the Senate at any time when he requests the approval of the President in accordance with the preceding sentence,". PROGRAM

EXPIRATION

SEC. 105. Section 1319 of the National Flood Insurance Act of 1968 is amended to read as follows: 'PROGRAM

82 Stat. 5 8 1. 42 USC 4026.

EXPIRATION

"SEC. 1319. No new contract for flood insurance under this title shall be entered into after June 30, 1977.". EMERGENCY IMPLEMENTATION or

PROGRAM

SEC. 106. Subsection (a) of section 1336 of the National Flood Insurance Act of 1968 is amended by striking the date "December 31, 1973" and inserting in lieu thereof "December 31, 1975". DEFINITION o r

FLOOD

,

83 Stat. 396; 85 Stat. 7 7 5. 42 USC 4056.

^ ^

SEC, 107. Section 1370(b) of the National Flood Insurance Act of 1968 is amended by inserting "proximately" before "caused".

82 Stat. 588; 83 Stat. 3 9 7. 42 USC 4 1 2 1.

EXTENSION or FLOOD INSURANCE PROGRAM TO COVER LOSSES FROM EROSION A N D U N D E R M I N I N G OF S H O R E L I N E S

SEC. 108. (a) Section 1302 of the National Flood Insurance Act of 1988 is amended by adding at the end thereof the following new subsection: " (g) The Congress also finds that (1) the damage and loss which may result from the erosion and undermining of shorelines by waves or currents in lakes and other bodies of water exceeding anticipated cyclical levels is related in cause and similar in effect to that which results directly from storms, deluges, overflowing; waters, and other forms of flooding, and (2) the problems involved m providing protection against this damage and loss, and the possibilities for making such protection available through a Federal or federally sponsored program, are similar to those which exist in connection with efforts to provide protection against damage and loss caused by such other forms of flooding. I t is therefore the further purpose of this title to make available, by means of the methods, procedures, and instrumentalities which are otherwise established or available under this title for purposes of the flood insurance program, protection against damage and loss resulting from the erosion and undermining of shorelines by waves

42 USC 4001,

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