42 USC 16501 - Commercial byproducts from municipal solid waste and cellulosic biomass loan guarantee program

U.S Code last checked for updates: May 05, 2024

§ 16501.

Commercial byproducts from municipal solid waste and cellulosic biomass loan guarantee program

(a)

Definition of municipal solid waste

(b)

Establishment of program

(c)

Requirements

The Secretary may provide a loan guarantee under subsection (b) to an applicant if—

(1)

without a loan guarantee, credit is not available to the applicant under reasonable terms or conditions sufficient to finance the construction of a facility described in subsection (b);

(2)

the prospective earning power of the applicant and the character and value of the security pledged provide a reasonable assurance of repayment of the loan to be guaranteed in accordance with the terms of the loan; and

(3)

the loan bears interest at a rate determined by the Secretary to be reasonable, taking into account the current average yield on outstanding obligations of the United States with remaining periods of maturity comparable to the maturity of the loan.

(d)

Criteria

In selecting recipients of loan guarantees from among applicants, the Secretary shall give preference to proposals that—

(1)

meet all applicable Federal and State permitting requirements;

(2)

are most likely to be successful; and

(3)

are located in local markets that have the greatest need for the facility because of—

(A)

the limited availability of land for waste disposal;

(B)

the availability of sufficient quantities of cellulosic biomass; or

(C)

a high level of demand for fuel ethanol or other commercial byproducts of the facility.

(e)

Maturity

(f)

Terms and conditions

(g)

Assurance of repayment

(h)

Guarantee fee

(i)

Full faith and credit

(j)

Reports

(k)

Authorization of appropriations

(l)

Termination of authority

(Pub. L. 109–58, title XV, § 1510, Aug. 8, 2005, 119 Stat. 1085.)

cite as: 42 USC 16501