16 USC 2703 - Loans for project costs

U.S Code last checked for updates: May 06, 2024

§ 2703.

Loans for project costs

(a)

Authority

The Secretary is authorized to make loans to any municipality, electric cooperative, industrial development agency, nonprofit organization, or other person of up to 75 percent of the project costs of a small hydroelectric power project. No such loan may be made unless the Secretary finds that—

(1)

the project will be constructed in connection with an existing dam or dams,

(2)

all licenses and other required Federal, State, and local approvals necessary for construction of the project have been issued,

(3)

the project will have no significant adverse environmental effects, including significant adverse effects on fish and wildlife, on recreational use of water, and on stream flow, and

(4)

the project will not have a significant adverse effect on any other use of the water used by such project.

The Secretary may make a commitment to make a loan under this subsection to an applicant who has not met the requirements of paragraph (2), pending compliance by such applicant with such requirements. Such commitment shall be for period 1

 So in original. Probably should be “for a period”.

of not to exceed 3 years unless the Secretary, in consultation with the Commission, extends such period for good cause shown. Notwithstanding any such commitment, no such loan shall be made before such person has complied with such requirements.

(b)

Preference

The Secretary shall give preference to applicants under this section who do not have available alternative financing which the Secretary deems appropriate to carry out the project and whose projects will provide useful information as to the technical and economic feasibility of—

(1)

the generation of electric energy by such projects, and

(2)

the use of energy produced by such projects.

(c)

Information

(d)

Joint participation

(Pub. L. 95–617, title IV, § 403, Nov. 9, 1978, 92 Stat. 3155.)

cite as: 16 USC 2703