Page:United States Statutes at Large Volume 90 Part 1.djvu/1215

 PUBLIC LAW 94-385—AUG. 14, 1976

90 STAT. 1165

PART D—ENERGY CONSERVATION AND RENEWABLE-RESOURCE OBLIGATION GUARANTEES PROGRAM

SEC. 451. (a)(1) The Administrator may, in accordance with this section and such rules as he shall prescribe after consultation with the Secretary of the Treasury, guarantee and issue commitments to guarantee the payment of the outstanding principal amount of any loan, note, bond, or other obligation evidencing indebtedness, if— (A) such obligation is entered into or issued by any person or by any State, political subdivision of a State, or agency and instrumentality of either a State or political subdivision thereof; and (B) the purpose of entering into or issuing such obligation is the financing of any energy conservation measure or renewableresource energy measure which is to be installed or otherwise implemented in any building or industrial plant owned or operated by the person or State, political subdivision of a State, or agency or instrumentality of either a State or political subdivision thereof, (i) which enters into or issues such obligation, or (ii) to which such measure is leased. (2) No guarantee or conunitment to guarantee may be issued under this subsection with respect to any obligation— (A) which is a general obligation of a State; or (B) which is entered into or issued for the purpose of financing any energy conservation measure or renevvable-resouice energy measure which is to be installed or otherwise implemented in a residential building containing 2 or fewer dwelling units. (3) Before prescribing rules pursuant to this subsection, the Administrator shall consult with the Administrator of the Small Business Administration in order to formulate procedures which would assist small business concerns in obtaining guarantees and commitments to guarantee under this section. (b) No obligation may be guaranteed, and no commitment to guarantee an obligation may be issued, under subsection (a), unless the Administrator finds that the measure which is to be financed by such obligation— (1) has been identified by an energy audit to be an energy conservation measure or a renewable-resource energy measure; or (2) is included on a list of energy conservation measures and renewable-resource energy measures which the Administrator publishes under section 365(e)(1) of the Energy Policy and Conservation Act. Before issuing a guarantee under subsection (a), the Administrator may require that an energy audit be conducted with respect to an energy conservation measure or a renewable-resource energy measure which is on a list described in paragraph (2) and which is to be financed by the obligation to be guaranteed under this section. The amount of any obligation which may be guaranteed under subsection (a) may include the cost of an energy audit. (c)(i) The Administrator shall limit the availability of a guarantee otherwise authorized by subsection (a) to obligations entered into by or issued by borrowers who can demonstrate that financing is not otherwise available on reasonable terms and conditions to allow the measure to be financed.

Payment guarantees. 42 USC 6881.

Ante, p. 1162. Energy audit.

Limitation.

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