Page:United States Statutes at Large Volume 92 Part 1.djvu/354

 92 STAT. 300

Publication in Federal Register.

PUBLIC LAW 95-290—JUNE 5, 1978 ards and criteria may be revised in the same manner in which they were originally established. (4) The Secretary shall publish the standards and criteria established mider paragraphs (1) and (2) of this subsection, and any revisions thereof, in the Federal Register. LOANS, GRANTS, AND TECHNICAL ASSISTANCE

16 USC 410CC-33.

SEC. 803. (a) The Commission may make loans to the I^well Development and Financial Corporation (established under chapter 844 of the Massachusetts General Laws and hereinafter referred to as the "corporation") to enable the corporation to provide low interest loans for the preservation, restoration, or development of any property described in section 302(d)(1) of this Act. The Commission may make any such loan to the corporation only after entering into a loan agreement with the corporation which includes the following terms: (1) The loan to the corporation shall have a maturity of thirty-five years. At the end of such period, the corporation shall repay to the Secretary of the Treasury (in a lump sum) for deposit in the general fund of the Treasury the full amount of the loan and any additional amounts accruing to the corporation pursuant to this subsection excepting those amounts expended by the corporation for reasonable administrative expenses. (2) The money received from the Conunission, and any interest earned on such money, may be obligated by the corporation only for low interest loans made under paragraphs (6) and (7) of this subsection, except that the corporation may use such money to the extent the Commission considers reasonable to satisfy the costs of the corporation in administering the loan or procuring loan guarantees or insurance. (3) Within five years after receiving the loan from the Commission, the corporation shall make loans under paragraphs (6) and (7) of this subsection which, in the aggregate, obligate the full amount of money received from the Commission (minus any amount required to satisfy the costs desci-ibed in paragraph (2) of this subsection). (4) As loans made under paragraphs (6) and (7) of this subsection are repaid, the corporation shall make additional loans under such paragraphs with the money made available for obligation by such repayments. (5) The corporation shall make available to the Commission and to the Secretary, upon request, all accounts, financial records, and other information related to loans made under paragraphs (6) and (7) of this subsection. (6) Before the corporation approves any application for a low interest loan for which money has been made available to the corporation by the Commission, the corporation shall require the prospective borrower to furnish the corporation with a statement from the Commission stating that the Commission has reviewed the application and has determined that any loan received by the prospective borrower will be spent in a manner consistent with— (A) the standards and criteria established pursuant to section 302(e) of this Act, and (B) the goals of the park preservation plan approved under section 302(a) of this Act. .,,..

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