Page:United States Statutes at Large Volume 92 Part 1.djvu/141

 PUBLIC LAW 95-238—FEB. 25, 1978 SEC. 506. Section 201(b)(4) of the Act is amended by striking out "from" and inserting in lieu thereof "using". SEC. 507. Section 201(c) of the Act is amended by adding at the end thereof the following new sentence: "In the case of a guaranty for the purposes specified in subsection (b)(5), the aggregate cost of the project shall be deemed to be that portion of the total cost of construction and operation which is directly related to the utilization of geothermal energy within the structure or facility in question, except that the aggregate cost of the project with respect to which the loan is made may be the total cost including construction and operation in cases where the facility or structure has been located near a geothermal energy resource predominantly for the purpose of utilizing geothermal energy, or as determined by the Administrator the economic viability of the project is substantially dependent upon the performance of the geothermal reservoir.". SEC. 508. Section 201(e) of the Act is amended— (1) by striking out "$25,000,000" and inserting in lieu thereof "$100,000,000: Provided, That in the case of a guaranty under subsection (b)(5), the amount of the guaranty for any loan for a project shall not exceed $50,000,000"; (2) by striking out "$50,000,000" and inserting in lieu thereof "200,000,000"; and (3) by inserting before the period at the end thereof the following: ", unless the Administrator determines in writing that a guaranty in excess of these amounts is in the national interest. Any such determination shall be submitted to the Speaker of the House and the Committee on Science and Technology of the House of Representatives, and to the President of the Senate and the Committee on Energy and Natural Resources of the Senate, accompanied by a full and complete report on the proposed project and guaranty. The proposed guaranty or commitment to guarantee shall not be finalized under authority granted by this Act prior to the expiration of thirty calendar daj^s (not including any date on which either House of Congress is not in session) from the date on which such report is received by the Speaker of the House and the President of the Senate. SEC. 509. Section 201 of the Act is further amended by adding at the end thereof the following new subsections: "(g) With respect to any guaranty which is issued after the enactment of this subsection by, or in behalf of, any State, political subdivision, or Indian tribe and which is either guaranteed under, or supported by taxes levied by said issuer which are guaranteed under this title, and for which the interest paid on such obligation and received by the purchaser thereof is included in gross income for the purposes of chapter 1 of the Internal Revenue Code for 1954, as amended, the Administrator shall pay to such issuer out of the fund established by this title such portion of the interest on such obligations, as determined by the Administrator, in consultation with the Secretary of the Treasury, to be appropriated after taking into account current market yields (1) on obligations of such issuer, if any, or (2) on other obligations with similar terms and conditions, the interest on which is not so included in gross income for purposes of chapter 1 of said Code, and in accordance with such terms and conditions as the Administrator shall require in consultation with the Secretary of the Treasury. "(h) The full faith and credit of the United States is pledged to the payment of all guaranties issued under this title with respect to principal and interest.

92 STAT. 87 Ante, p. 86. Extent of guaranty.

Limitation.

Determination, transmittal to Speaker of House, President of Senate, and congressional committees. Finalization.

Interest payment consultation.

26 USC 1 et seq.

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