Page:United States Statutes at Large Volume 90 Part 2.djvu/864

 90 STAT. 2332

PUBLIC LAW 94-487—OCT. 12, 1976 1976, and not to exceed $425,000,000 per fiscal year for the fiscal years ending September 30, 1977, September 30, 1978, and September 30, 1979."; (2) by striking out "and June 30, 1976," in the t h i r d sentence and inserting in lieu thereof " June 30, 1976, the period beginning July 1, 1976, and ending September 30, 1976, and the fiscal years e n d m g September 30, 1977, September 30, 1978, and September 30, 1979,"; and (3) by striking out "10 per centum" in the t h i r d sentence and inserting in lieu thereof "15 per centum". SEC. 106. Title I of the Public W o r k s and Economic Development Act of 1965 (42 U.S.C. 3131-3136) is further amended by adding at the end thereof the following: a CONSTRUCTION COST INCREASES

42 USC 3137.

Appropriation authorization.

Infra.

Interest reduction, payments.

42 USC 3142.

" SEC. 107. I n any case where a g r a n t (including a supplemental g r a n t) has been made under this title for a project and after such grant has been made but before completion of the project, the cost of such project based upon the designs and specifications which were the basis of the g r a n t has been increased because of increases in costs, the amount of such g r a n t may be increased by an amount equal to the percentage increase, as determined by the Secretary, in such costs, but in no event shall be percentage of the Federal share of such project exceed that originally provided for in such grant.". SEC. 107. (a) Section 201(c) (42 U.S.C. 3141) is amended to read as follows: " (c) There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this section and section 202, except that annual appropriations for the purpose of purchasing evidences of indebtedness, paying interest supplement to or on behalf of private entities making and participating in loans, and guaranteeing loans, shall not exceed $170,000,000 for the fiscal year ending June 30, 1966, and for each fiscal year thereafter through the fiscal year ending June 30, 1973, and shall not exceed $55,000,000 for the fiscal year ending June 30, 1974, and shall not exceed $75,000,000 for the fiscal years ending June 30, 1975, and June 30, 1976, and shall not exceed $18,750,000 for the period beginning July 1, 1976, and ending September 30, 1976, and shall not exceed $200,000,000 per fiscal year for the fiscal years ending September 30, 1977, September 30, 1978, and September 30, 1979.]'. (b) Section 201 of such Act is further amended by striking subsection (d) of such section. (c) Section 202(a)(1) of such Act is amended by a d d i n g after paragraph (1) the following new paragraph: " (2) I n addition to any other financial assistance under this title, the Secretary is authorized, in the case of any loan guarantee under authority of paragraph (1) of this section, to pay to or on behalf of the private borrower an amount sufficient to reduce up to 4 percentage points the interest paid by such borrower on such guaranteed loans. No payment under this paragraph shall result in the interest rate being paid by a borrower on such a guaranteed loan being less than the rate of interest for such a loan if it were made under section 201 of this Act. Payments made to or on behalf of such borrower shall be made no less often than annually.". (d) Section 202(a) of such Act is amended by renumbering existing paragraph (2) as (3), including any references thereto. SEC. 108. Section 2 0 2 (a)(3) of the Public W o r k s and Economic

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