Page:United States Statutes at Large Volume 90 Part 2.djvu/863

 PUBLIC LAW 94-487—OCT. 12, 1976

90 STAT. 2331

Public Law 94-487 94th Congress An Act To amend the Public Works and Economic Development Act of 1965, as amended, to extend the authorizations for a three-year period.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I SEC. 101. This Act may be cited as the "Public Works and Economic Development Act Amendents of 1976". SEC. 102. Section 2 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3121) is amended by inserting at the end the following new sentence: "Congress further declares that, in furtherance of maintaining the national economy at a high level, the assistance authorized by this Act should be made available to both rural and urban areas; that such assistance be available for planning for economic development prior to the actual occurrences of economic distress in order to avoid such condition; and that such assistance be used for long-term economic rehabilitation in areas where long-term economic deterioration has occurred or is taking place.". SEC. 103. (a) Section 101 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3131) is amended by striking out subsection (e). (b) The second sentence of subsection (c) of section 101 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3131) is amended by striking out "may" each of the two places it appears and inserting in lieu thereof at each such place "shall". (c) Section 101(c) of such Act is further amended by adding after the second sentence the following new sentence: "In case of any community development corporation which the Secretary determines has exhausted its effective borrowing capacity, the Secretary may reduce the non-Federal share below such per centum or waive the non-Federal share in the case of such a grant for a project in a redevelopment area designated as such under section 401(a)(6) of this Act.". SEC. 104. The first sentence of section 102 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3132) is amended— (1) by striking out "and June 30, 1976," and inserting in lieu thereof "June 30, 1976, September 30, 1977, September 30, 1978, and September 30, 1979,"; and (2) by inserting immediately before "shall be available" the following: ", and for the period beginning July 1, 1976, and ending September 30, 1976, not to exceed $7,500,000 of the funds authorized to be appropriated under such section 105 for such period,". SEC. 105. Section 105 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3135) is amended— (1) by striking out the period at the end of the first sentence and inserting in lieu thereof the following: ", not to exceed $62,500,000 for the period beginning July 1, 1976, and ending September 30,

Oct. 12, 1976 [S. 2228] Public Works and Economic Development Act Amendments of 1976. 42 USC 3121 note. Rural and urban area assistance.

Community development corporation grants, nonFederal share, waiver. 42 USC 3161.

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