Page:United States Statutes at Large Volume 94 Part 1.djvu/705

 PUBLIC LAW 96-294—JUNE 30, 1980

94 STAT. 655

(C) in connection with the awarding of financial assistance, to require such security and collateral as the Corporation deems appropriate for the repayment of any fixed or contingent obligations to the Corporation. (2) The proposal selected for financial assistance pursuant to any solicitation shall be that proposal which, in the judgment of the Board of Directors, is most advantageous in meeting the national synthetic fuel production goal established under section 125. Preference in such selection shall be given to— (A) the proposal which represents the least commitment of financial assistance by the Corporation and the lowest unit production cost within a given technological process, taking into account the amount and value of the anticipated synthetic fuel products; and (B) in determining the relative commitment of the Corporation, in decreasing order of priority— (i) price guarantees, purchase agreements, or loan guarantees; (ii) loans; and (iii) joint-ventures. (3) The Corporation shall also consider, in awarding financial assistance, among other relevant factors— (A) the diversity of technologies (including differing processes, methods, and techniques); and (B)(i) the potential cost per barrel or unit production of synthetic fuel from the proposed synthetic fuel project; (ii) the overall production potential of the technology, considering the potential for replication, the extent of the resource and its geographic distribution, and the potential end use; and (iii) the potential of the technology for complying with applicable regulatory requirements. (4) If after a formal solicitation for competitive bids no bids are received during the period for response, or those received are not acceptable to the Board of Directors, and the Board of Directors makes a finding (A) that the synthetic fuel project is essential for the achievement of the national synthetic fuel production goal established under section 125 and the requirements of section 126(a) and (B) that competitive bids are not appropriate, the Board of Directors Report to shall report such findings to the Committee on Energy and Natural ^"^^i^^ffi^^^^ Resources of the Senate and the Speaker of the House of Representa- committees. tives and may then proceed to negotiate a contract of financial assistance for such project with a qualified concern. (c) All contracts and instruments of the Corporation to provide, or providing, for financial assistance shall be general obligations of the United States backed by its full faith and credit. (d) Subject to the conditions of any contract for financial assistance, such contract shall be incontestable in the hands of the holder, except as to fraud or material misrepresentation on the part of the holder. (e) Any contract for financial assistance shall require the development of a plan, acceptable to the Board of Directors, for the monitoring of environmental and health related emissions from the construction and operation of the S3nithetic fuel project. Such plan shall be developed by the recipient of financial assistance after consultation with the Administrator of the Environmental Protection Agency, the Secretary of Energy, and appropriate State agencies. (f) Notwithstanding the provisions of the Federal Financing Bank Act of 1973 (12 U.S.C. 2281 et seq.) or any other provision of law

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