Page:United States Statutes at Large Volume 94 Part 1.djvu/671

 PUBLIC LAW 96-294—JUNE 30, 1980

94 STAT. 621

"(C) Each contract entered into under this section for the purchase Review. of or commitment to purchase S5nnthetic fuel shall provide that all parties to such contract agree to review and to possibly renegotiate such contract within 10 years after the date of the initial production at the synthetic fuel project involved. At the time of such review, the President shall determine the need for continued financisd assistance pursuant to such contract. "(5) In any case in which the President, under the provisions of this section, accepts delivery of any synthetic fuel, such synthetic fuel may be used by an appropriate Federal agency. Such Federal agency shall pay for such synthetic fuel the prevailing market price for the product which such synthetic fuel is replacing, as determined by the Secretary of Energy, from sums appropriated to such Federal agency for the purchase of fuel, and the President shall pay, from sums appropriated for such purpose pursuant to the authorizations contained in sections 711(a)(2) and 711(a)(3), an amount equal to the Post, p. 632. amount by which the contract price for such synthetic fuel as specified in the contract involved exceeds such prevailing market price. "(6) In considering any proposed contract under this section, the President shall take into account the socioeconomic impacts on communities which would be affected by any new or expanded facilities required for the production of the sjmthetic fuel under such contract. "(e) The procurement power granted to the President under this section shall include the power to transport and store and have processed and refined any product procured under this section. "(f)(1) No authority contained in this section may be exercised to acquire any amount of sjmthetic fuel unless the President determines that such synthetic fuel is needed to meet national defense needs and that it is not anticipated that such sjmthetic fuel will be resold by the Government. "(2) In any case in which S5nithetic fuel is acquired by the Government under this section, such synthetic fuel is no longer needed to meet national defense needs, and such synthetic fuel is not accepted by a Federal agency pursuant to subsection (d)(5), the President shall offer such synthetic fuel to the Secretary of Energy for purposes of meeting the storage requirements of the Strategic Petroleum Reserve. "(3) Any synthetic fuel which is acquired by the Government under this section and which is not used by the Government or accepted by the Secretary of Energy pursuant to paragraph (2) shall be sold in accordance with applicable Federal law. "(g)(1) Any contract under this section including any amendment or other modification of such contract, shall, subject to the availability of unencumbered appropriations in advance, specify in dollars the maximum liability of the Federal Government under such contract as determined in accordance with paragraph (2). "(2) For the purpose of determining the maximum liability under Contracts, maximum any contract under paragraph (1)— "(A) loans shall be valued at the initial face value of the loan; liability. "(B) guarantees shall be valued at the initial face value of such guarantee (including any amount of interest which is guaranteed under such guarantee); "(C) purchase agreements shall be valued as of the date of each such contract based upon the President's estimate of the maximum liability under such contract; and

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