Page:United States Statutes at Large Volume 94 Part 1.djvu/543

 PUBLIC LAW 96-270—JUNE 14, 1980

94 STAT. 493

(B) the replacement of the asbestos materials removed from school buildings with other appropriate building materials; and (C) making repairs which the Secretary determines to be necessary to restore school buildings to conditions comparable to those existing before containment or removal activities were undertaken under subparagraph (A). Loans may be made under this section only for projects affecting more than 2,500 square feet of surface and in which the asbestos material to be contained or removed consists of a minimum asbestos level, as determined by the Secretary under section 7(a)(2). (3) If the Secretary determines that an applicant has limited fiscal resources and would be unable to carry out the projects described in paragraph (2) without receiving a loan under this section for an amount greater than the amount permitted under such paragraph, the Secretary may increase the amount of the loan payable to such applicant to an amount the Secretary considers appropriate to enable the applicant to carry out such projects. Ob) Loans under this section shall be made pursuant to loan agreements which shall provide for the following terms: (1) The loan shall not bear any interest except as otherwise provided under paragraph (5). (2) The loan shall have a maturity period of not more than 20 years (as determined by the Secretary) and shall be repayable during such period at such times and in such amounts as the Secretary may specify in the loan agreement. (3) Repayment of the loan shall be made to the Secretary of the Treasury for deposit in the general fund of the Treasury. Such loans shall be subject to such other terms and conditions as the Secretary may establish for the protection of the financial interest of the United States and in furtherance of the purposes of this Act. (c)(1) No loan may be made under this section unless an application has been submitted to and approved by the Secretary, after consultation with the Task Force, within the two-year period beginning on the effective date of this Act. The Secretary may not approve an application unless— (A) the application contains such information as the Secretary may require, including information describing— (i) the nature of the asbestos problem for which the loan is sought; (ii) the asbestos content of the material to be contained or removed by the local educational agency, as determined under preliminary testing which was conducted in accordance with the standards established by the Secretary under section 7(a)(1), or, in the case of testing conducted before the effective date of this Act, was conducted in a manner which substantially conforms to such standards; and (iii) the methods which will be used to contain or remove the asbestos materials, in accordance with section 70b) of this Act, and any other pertinent details relating to the project or projects to be conducted by the applicant (as described in subsection (a)(2)); and (B) the application contains assurances that— (i) any employee engaged in any activity to carry out programs under this section shall be notified in writing by the local educational agency conducting the program of the hazards of working with asbestos, and shall be required to

Increase of loan amount.

Terms and condition.

Loan application.

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