| 1 | 1 | | I |
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| 2 | 2 | | 118THCONGRESS |
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| 3 | 3 | | 2 |
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| 4 | 4 | | DSESSION H. R. 7611 |
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| 5 | 5 | | To require the Secretary of Energy to establish a program to provide loans |
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| 6 | 6 | | to manufacturers of energy grid products and components. |
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| 7 | 7 | | IN THE HOUSE OF REPRESENTATIVES |
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| 8 | 8 | | MARCH11, 2024 |
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| 9 | 9 | | Mr. H |
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| 10 | 10 | | IGGINSof Louisiana introduced the following bill; which was referred |
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| 11 | 11 | | to the Committee on Energy and Commerce, and in addition to the Com- |
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| 12 | 12 | | mittee on Appropriations, for a period to be subsequently determined by |
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| 13 | 13 | | the Speaker, in each case for consideration of such provisions as fall with- |
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| 14 | 14 | | in the jurisdiction of the committee concerned |
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| 15 | 15 | | A BILL |
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| 16 | 16 | | To require the Secretary of Energy to establish a program |
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| 17 | 17 | | to provide loans to manufacturers of energy grid prod- |
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| 18 | 18 | | ucts and components. |
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| 19 | 19 | | Be it enacted by the Senate and House of Representa-1 |
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| 20 | 20 | | tives of the United States of America in Congress assembled, 2 |
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| 21 | 21 | | SECTION 1. SHORT TITLE. 3 |
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| 22 | 22 | | This Act may be cited as the ‘‘Facilitating the Re-4 |
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| 23 | 23 | | shoring of Energy Grid Component Manufacturing Act of 5 |
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| 24 | 24 | | 2024’’. 6 |
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| 26 | 26 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 27 | 27 | | •HR 7611 IH |
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| 28 | 28 | | SEC. 2. ENERGY GRID PRODUCT AND COMPONENT MANU-1 |
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| 29 | 29 | | FACTURING IN THE UNITED STATES. 2 |
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| 30 | 30 | | (a) D |
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| 31 | 31 | | EFINITIONS.—In this section: 3 |
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| 32 | 32 | | (1) C |
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| 33 | 33 | | OMPONENT.—The term ‘‘component’’ 4 |
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| 34 | 34 | | means any part or element of an energy grid prod-5 |
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| 35 | 35 | | uct. 6 |
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| 36 | 36 | | (2) E |
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| 37 | 37 | | LIGIBLE PROJECT.—The term ‘‘eligible 7 |
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| 38 | 38 | | project’’ means a project to reequip, expand, or es-8 |
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| 39 | 39 | | tablish (including through new construction) a man-9 |
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| 40 | 40 | | ufacturing facility in the United States to produce 10 |
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| 41 | 41 | | energy grid products or components. 11 |
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| 42 | 42 | | (3) E |
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| 43 | 43 | | NERGY GRID PRODUCT .—The term ‘‘en-12 |
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| 44 | 44 | | ergy grid product’’ means— 13 |
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| 45 | 45 | | (A) a bulk-power system (as defined in sec-14 |
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| 46 | 46 | | tion 215(a) of the Federal Power Act (16 15 |
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| 47 | 47 | | U.S.C. 824o(a))); 16 |
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| 48 | 48 | | (B) a large power transformer; 17 |
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| 49 | 49 | | (C) a switchgear or breaker; 18 |
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| 50 | 50 | | (D) a converter; 19 |
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| 51 | 51 | | (E) a direct current filter; 20 |
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| 52 | 52 | | (F) an alternating current switch or 21 |
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| 53 | 53 | | switchyard; 22 |
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| 54 | 54 | | (G) an insulated-gate bipolar transistor; 23 |
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| 55 | 55 | | (H) a capacitor; 24 |
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| 56 | 56 | | (I) an inductor; 25 |
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| 57 | 57 | | (J) an arrestor; 26 |
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| 59 | 59 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 60 | 60 | | •HR 7611 IH |
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| 61 | 61 | | (K) a resistor; 1 |
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| 62 | 62 | | (L) a distribution transformer; 2 |
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| 63 | 63 | | (M) grain-oriented electrical steel; 3 |
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| 64 | 64 | | (N) continuously transposed conduction 4 |
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| 65 | 65 | | (CTC) copper wire; 5 |
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| 66 | 66 | | (O) silicon steel; 6 |
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| 67 | 67 | | (P) any insulating material; and 7 |
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| 68 | 68 | | (Q) any other electrical equipment com-8 |
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| 69 | 69 | | monly used for the transmission or distribution 9 |
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| 70 | 70 | | of electric energy by public electric utilities. 10 |
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| 71 | 71 | | (4) S |
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| 72 | 72 | | ECRETARY.—The term ‘‘Secretary’’ means 11 |
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| 73 | 73 | | the Secretary of Energy. 12 |
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| 74 | 74 | | (b) L |
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| 75 | 75 | | OANPROGRAM.— 13 |
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| 76 | 76 | | (1) E |
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| 77 | 77 | | STABLISHMENT.— 14 |
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| 78 | 78 | | (A) I |
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| 79 | 79 | | N GENERAL.—Not later than 180 15 |
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| 80 | 80 | | days after the date of enactment of this Act, 16 |
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| 81 | 81 | | and subject to the availability of appropriated 17 |
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| 82 | 82 | | funds, the Secretary shall establish and carry 18 |
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| 83 | 83 | | out a program to provide a total of not more 19 |
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| 84 | 84 | | than $8,000,000,000 in loans to eligible individ-20 |
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| 85 | 85 | | uals and entities (as determined by the Sec-21 |
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| 86 | 86 | | retary) for the costs of activities relating to eli-22 |
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| 87 | 87 | | gible projects. 23 |
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| 88 | 88 | | (B) F |
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| 89 | 89 | | INANCING METHOD.— 24 |
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| 91 | 91 | | ssavage on LAPJG3WLY3PROD with BILLS 4 |
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| 92 | 92 | | •HR 7611 IH |
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| 93 | 93 | | (i) IN GENERAL.—Except as provided 1 |
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| 94 | 94 | | in clause (ii), a loan under this subsection 2 |
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| 95 | 95 | | shall be provided through the Federal Fi-3 |
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| 96 | 96 | | nancing Bank, with the full faith and cred-4 |
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| 97 | 97 | | it of the United States Government on the 5 |
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| 98 | 98 | | principal and interest. 6 |
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| 99 | 99 | | (ii) C |
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| 100 | 100 | | OOPERATION WITH OTHER INSTI -7 |
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| 101 | 101 | | TUTIONS.—A loan under this subsection 8 |
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| 102 | 102 | | may be provided in cooperation with 1 or 9 |
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| 103 | 103 | | more banks or other financial institutions 10 |
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| 104 | 104 | | through agreements to participate on an 11 |
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| 105 | 105 | | immediate or deferred (guaranteed) basis. 12 |
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| 106 | 106 | | (C) C |
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| 107 | 107 | | REDIT SUBSIDY.—The full credit sub-13 |
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| 108 | 108 | | sidy for each loan provided under this sub-14 |
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| 109 | 109 | | section shall be paid by the Secretary using ap-15 |
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| 110 | 110 | | propriated funds. 16 |
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| 111 | 111 | | (2) A |
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| 112 | 112 | | PPLICATION.—An individual or entity de-17 |
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| 113 | 113 | | siring a loan under this subsection shall submit to 18 |
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| 114 | 114 | | the Secretary an application at such time, in such 19 |
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| 115 | 115 | | manner, and containing such information as the Sec-20 |
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| 116 | 116 | | retary may require, including a written assurance 21 |
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| 117 | 117 | | that— 22 |
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| 118 | 118 | | (A) all laborers and mechanics employed 23 |
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| 119 | 119 | | by contractors or subcontractors during any 24 |
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| 120 | 120 | | construction, alteration, or repair that is fi-25 |
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| 122 | 122 | | ssavage on LAPJG3WLY3PROD with BILLS 5 |
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| 123 | 123 | | •HR 7611 IH |
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| 124 | 124 | | nanced, in whole or in part, by a loan provided 1 |
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| 125 | 125 | | under this subsection shall be paid wages at 2 |
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| 126 | 126 | | rates not less than those prevailing on projects 3 |
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| 127 | 127 | | of a character similar in the locality, as deter-4 |
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| 128 | 128 | | mined by the Secretary of Labor in accordance 5 |
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| 129 | 129 | | with sections 3141 through 3144, 3146, and 6 |
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| 130 | 130 | | 3147 of title 40, United States Code; and 7 |
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| 131 | 131 | | (B) the Secretary of Labor shall, with re-8 |
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| 132 | 132 | | spect to the labor standards described in this 9 |
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| 133 | 133 | | paragraph, have the authority and functions set 10 |
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| 134 | 134 | | forth in Reorganization Plan Numbered 14 of 11 |
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| 135 | 135 | | 1950 (5 U.S.C. App.) and section 3145 of title 12 |
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| 136 | 136 | | 40, United States Code. 13 |
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| 137 | 137 | | (3) S |
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| 138 | 138 | | ELECTION OF LOAN RECIPIENTS AND ELI -14 |
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| 139 | 139 | | GIBLE PROJECTS.— 15 |
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| 140 | 140 | | (A) I |
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| 141 | 141 | | N GENERAL.—The Secretary may 16 |
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| 142 | 142 | | provide a loan under this subsection if the Sec-17 |
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| 143 | 143 | | retary determines that— 18 |
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| 144 | 144 | | (i) the loan recipient— 19 |
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| 145 | 145 | | (I) has a reasonable prospect of 20 |
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| 146 | 146 | | repaying the principal and interest on 21 |
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| 147 | 147 | | the loan; 22 |
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| 148 | 148 | | (II) will provide sufficient infor-23 |
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| 149 | 149 | | mation to the Secretary for the Sec-24 |
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| 150 | 150 | | retary to ensure that the loan pro-25 |
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| 152 | 152 | | ssavage on LAPJG3WLY3PROD with BILLS 6 |
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| 153 | 153 | | •HR 7611 IH |
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| 154 | 154 | | ceeds are expended efficiently and ef-1 |
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| 155 | 155 | | fectively; and 2 |
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| 156 | 156 | | (III) has met such other criteria 3 |
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| 157 | 157 | | as may be established and published 4 |
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| 158 | 158 | | by the Secretary; and 5 |
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| 159 | 159 | | (ii) the amount of the loan (when 6 |
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| 160 | 160 | | combined with amounts available to the 7 |
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| 161 | 161 | | loan recipient from other sources) will be 8 |
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| 162 | 162 | | sufficient to carry out the eligible project 9 |
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| 163 | 163 | | for which the loan is provided. 10 |
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| 164 | 164 | | (B) R |
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| 165 | 165 | | EASONABLE PROSPECT OF REPAY -11 |
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| 166 | 166 | | MENT.—The Secretary shall base a determina-12 |
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| 167 | 167 | | tion of whether there is a reasonable prospect 13 |
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| 168 | 168 | | of repayment of the principal and interest on a 14 |
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| 169 | 169 | | loan under subparagraph (A)(i)(I) on a com-15 |
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| 170 | 170 | | prehensive evaluation of whether the loan re-16 |
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| 171 | 171 | | cipient has a reasonable prospect of repaying 17 |
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| 172 | 172 | | the principal and interest, including, as applica-18 |
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| 173 | 173 | | ble, an evaluation of— 19 |
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| 174 | 174 | | (i) the strength of the contractual 20 |
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| 175 | 175 | | terms of the applicable eligible project (if 21 |
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| 176 | 176 | | commercially reasonably available); 22 |
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| 177 | 177 | | (ii) the forecast of noncontractual 23 |
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| 178 | 178 | | cash flows supported by market projections 24 |
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| 180 | 180 | | ssavage on LAPJG3WLY3PROD with BILLS 7 |
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| 181 | 181 | | •HR 7611 IH |
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| 182 | 182 | | from reputable sources, as determined by 1 |
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| 183 | 183 | | the Secretary; 2 |
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| 184 | 184 | | (iii) cash sweeps and other structure 3 |
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| 185 | 185 | | enhancements; 4 |
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| 186 | 186 | | (iv) the projected financial strength of 5 |
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| 187 | 187 | | the loan recipient— 6 |
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| 188 | 188 | | (I) at the time of loan close; and 7 |
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| 189 | 189 | | (II) throughout the loan term 8 |
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| 190 | 190 | | after the applicable eligible project is 9 |
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| 191 | 191 | | completed; 10 |
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| 192 | 192 | | (v) the financial strength of the inves-11 |
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| 193 | 193 | | tors and strategic partners of the loan re-12 |
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| 194 | 194 | | cipient, if applicable; and 13 |
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| 195 | 195 | | (vi) other financial metrics and anal-14 |
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| 196 | 196 | | yses that are relied on by the private lend-15 |
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| 197 | 197 | | ing community and nationally recognized 16 |
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| 198 | 198 | | credit rating agencies, as determined to be 17 |
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| 199 | 199 | | appropriate by the Secretary. 18 |
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| 200 | 200 | | (4) R |
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| 201 | 201 | | ATES, TERMS, AND REPAYMENT OF 19 |
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| 202 | 202 | | LOANS.—A loan provided under this subsection— 20 |
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| 203 | 203 | | (A) shall have an interest rate that, as of 21 |
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| 204 | 204 | | the date on which the loan is provided, is equal 22 |
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| 205 | 205 | | to the cost of funds to the Department of the 23 |
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| 206 | 206 | | Treasury for obligations of comparable matu-24 |
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| 207 | 207 | | rity; 25 |
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| 209 | 209 | | ssavage on LAPJG3WLY3PROD with BILLS 8 |
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| 210 | 210 | | •HR 7611 IH |
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| 211 | 211 | | (B) shall have a term equal to the lesser 1 |
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| 212 | 212 | | of— 2 |
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| 213 | 213 | | (i) the projected life, in years, of the 3 |
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| 214 | 214 | | eligible project to be carried out using pro-4 |
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| 215 | 215 | | ceeds from the loan, as determined by the 5 |
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| 216 | 216 | | Secretary; and 6 |
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| 217 | 217 | | (ii) 20 years; 7 |
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| 218 | 218 | | (C) may be subject to a deferral in repay-8 |
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| 219 | 219 | | ment for not more than 5 years after the date 9 |
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| 220 | 220 | | on which the eligible project carried out using 10 |
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| 221 | 221 | | proceeds from the loan first begins operations, 11 |
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| 222 | 222 | | as determined by the Secretary; 12 |
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| 223 | 223 | | (D) shall be made by the Federal Financ-13 |
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| 224 | 224 | | ing Bank; and 14 |
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| 225 | 225 | | (E) shall be subject to the condition that 15 |
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| 226 | 226 | | the loan is not subordinate to other financing. 16 |
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| 227 | 227 | | (5) C |
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| 228 | 228 | | ONFLICTS OF INTEREST .—For each loan 17 |
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| 229 | 229 | | provided under this subsection, the Secretary shall 18 |
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| 230 | 230 | | certify that political influence did not affect the pro-19 |
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| 231 | 231 | | vision of the loan, including— 20 |
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| 232 | 232 | | (A) selection of the eligible project for 21 |
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| 233 | 233 | | which the loan was provided; and 22 |
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| 234 | 234 | | (B) selection of the loan recipient. 23 |
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| 235 | 235 | | (6) A |
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| 236 | 236 | | DMINISTRATIVE FEE.—The Secretary may 24 |
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| 237 | 237 | | charge a fee for the administrative and closing costs 25 |
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| 239 | 239 | | ssavage on LAPJG3WLY3PROD with BILLS 9 |
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| 240 | 240 | | •HR 7611 IH |
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| 241 | 241 | | of a loan provided under this subsection, subject to 1 |
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| 242 | 242 | | the condition that the fee does not exceed the lesser 2 |
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| 243 | 243 | | of— 3 |
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| 244 | 244 | | (A) $100,000; and 4 |
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| 245 | 245 | | (B) 10 basis points of the principal 5 |
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| 246 | 246 | | amount of the loan. 6 |
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| 247 | 247 | | (c) I |
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| 248 | 248 | | MPROVEMENT.—Not later than 90 days after the 7 |
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| 249 | 249 | | date of enactment of this Act, the Secretary shall promul-8 |
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| 250 | 250 | | gate an interim final rule establishing regulations that the 9 |
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| 251 | 251 | | Secretary determines to be necessary to administer this 10 |
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| 252 | 252 | | section and any loans provided by the Secretary under 11 |
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| 253 | 253 | | subsection (b). 12 |
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| 254 | 254 | | (d) P |
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| 255 | 255 | | RIORITY.— 13 |
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| 256 | 256 | | (1) I |
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| 257 | 257 | | N GENERAL.—In providing loans under 14 |
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| 258 | 258 | | this section to manufacturers (including component 15 |
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| 259 | 259 | | suppliers) that have existing facilities, the Secretary 16 |
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| 260 | 260 | | shall give priority to manufacturers that are seeking 17 |
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| 261 | 261 | | to expand manufacturing output through— 18 |
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| 262 | 262 | | (A) the establishment of 1 or more new fa-19 |
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| 263 | 263 | | cilities; or 20 |
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| 264 | 264 | | (B) the reopening of 1 or more facilities. 21 |
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| 265 | 265 | | (2) I |
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| 266 | 266 | | DLE FACILITIES.—A facility described in 22 |
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| 267 | 267 | | subparagraph (A) or (B) of paragraph (1) may be 23 |
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| 268 | 268 | | sitting idle as of the date on which the applicable 24 |
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| 269 | 269 | | loan is provided under this section. 25 |
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| 271 | 271 | | ssavage on LAPJG3WLY3PROD with BILLS 10 |
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| 272 | 272 | | •HR 7611 IH |
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| 273 | 273 | | (e) SETASIDE FORSMALLENERGYGRIDPRODUCT 1 |
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| 274 | 274 | | M |
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| 275 | 275 | | ANUFACTURERS AND COMPONENTSUPPLIERS.— 2 |
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| 276 | 276 | | (1) D |
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| 277 | 277 | | EFINITION OF COVERED FIRM .—In this 3 |
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| 278 | 278 | | subsection, the term ‘‘covered firm’’ means a firm 4 |
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| 279 | 279 | | that— 5 |
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| 280 | 280 | | (A) employs fewer than 500 individuals; 6 |
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| 281 | 281 | | and 7 |
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| 282 | 282 | | (B) manufactures energy grid products or 8 |
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| 283 | 283 | | components. 9 |
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| 284 | 284 | | (2) S |
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| 285 | 285 | | ET ASIDE.—Of the amounts used to pro-10 |
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| 286 | 286 | | vide loans each fiscal year under subsection (b), the 11 |
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| 287 | 287 | | Secretary shall use not less than 5 percent to pro-12 |
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| 288 | 288 | | vide loans to— 13 |
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| 289 | 289 | | (A) covered firms; or 14 |
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| 290 | 290 | | (B) consortia led by covered firms. 15 |
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| 291 | 291 | | (f) A |
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| 292 | 292 | | PPOINTMENT AND PAY OFPERSONNEL.— 16 |
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| 293 | 293 | | (1) I |
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| 294 | 294 | | N GENERAL.—The Secretary may use di-17 |
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| 295 | 295 | | rect hiring authority pursuant to section 3304(a)(3) 18 |
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| 296 | 296 | | of title 5, United States Code, to appoint such pro-19 |
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| 297 | 297 | | fessional and administrative personnel as the Sec-20 |
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| 298 | 298 | | retary determines to be necessary to carry out this 21 |
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| 299 | 299 | | section and any functions of the Secretary under 22 |
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| 300 | 300 | | this section. 23 |
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| 301 | 301 | | (2) R |
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| 302 | 302 | | ATE OF PAY.—The rate of pay for a per-24 |
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| 303 | 303 | | son appointed pursuant to paragraph (1) shall not 25 |
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| 305 | 305 | | ssavage on LAPJG3WLY3PROD with BILLS 11 |
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| 306 | 306 | | •HR 7611 IH |
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| 307 | 307 | | exceed the maximum rate payable for GS–15 of the 1 |
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| 308 | 308 | | General Schedule under chapter 53 of title 5, United 2 |
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| 309 | 309 | | States Code. 3 |
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| 310 | 310 | | (3) C |
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| 311 | 311 | | ONSULTANTS.—The Secretary may retain, 4 |
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| 312 | 312 | | pursuant to section 1901 of title 41, United States 5 |
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| 313 | 313 | | Code, such consultants as the Secretary determines 6 |
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| 314 | 314 | | to be necessary to carry out this section and any 7 |
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| 315 | 315 | | functions of the Secretary under this section. 8 |
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| 316 | 316 | | (g) O |
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| 317 | 317 | | UTREACH.—In carrying out this section, the 9 |
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| 318 | 318 | | Secretary shall— 10 |
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| 319 | 319 | | (1) provide assistance with the completion of 11 |
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| 320 | 320 | | applications for loans under this section; and 12 |
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| 321 | 321 | | (2) conduct outreach, including through con-13 |
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| 322 | 322 | | ferences and online programs, to disseminate infor-14 |
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| 323 | 323 | | mation about loans under this section to potential 15 |
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| 324 | 324 | | applicants. 16 |
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| 325 | 325 | | (h) R |
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| 326 | 326 | | EPORT.—Not later than 2 years after the date 17 |
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| 327 | 327 | | of enactment of this Act, and every 2 years thereafter, 18 |
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| 328 | 328 | | the Secretary shall submit to Congress a report on the 19 |
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| 329 | 329 | | status of projects supported by a loan under this section, 20 |
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| 330 | 330 | | including— 21 |
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| 331 | 331 | | (1) a list of projects for which a loan was pro-22 |
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| 332 | 332 | | vided under this section, including, with respect to 23 |
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| 333 | 333 | | each project— 24 |
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| 334 | 334 | | (A) the loan amount; and 25 |
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| 337 | 337 | | •HR 7611 IH |
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| 338 | 338 | | (B) the construction status of the project; 1 |
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| 339 | 339 | | (2) the status of the loan repayment for each 2 |
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| 340 | 340 | | project, including future repayment projections; 3 |
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| 341 | 341 | | (3) data regarding the number of direct and in-4 |
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| 342 | 342 | | direct jobs retained, restored, or created by financed 5 |
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| 343 | 343 | | projects; 6 |
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| 344 | 344 | | (4) a projection of the number of new projects 7 |
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| 345 | 345 | | for which the Secretary expects to provide a loan 8 |
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| 346 | 346 | | under this section during the 2-year period begin-9 |
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| 347 | 347 | | ning on the date of the report, including the pro-10 |
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| 348 | 348 | | jected aggregate loan amount over that 2-year pe-11 |
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| 349 | 349 | | riod; 12 |
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| 350 | 350 | | (5) an evaluation of ongoing compliance with 13 |
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| 351 | 351 | | the assurances and commitments (and the accuracy 14 |
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| 352 | 352 | | of any predictions) made by applicants pursuant to 15 |
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| 353 | 353 | | paragraphs (2) and (3) of subsection (b); 16 |
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| 354 | 354 | | (6) the total number of applications received by 17 |
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| 355 | 355 | | the Secretary each year; and 18 |
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| 356 | 356 | | (7) any other metrics that the Secretary deter-19 |
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| 357 | 357 | | mines to be appropriate. 20 |
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| 358 | 358 | | (i) F |
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| 359 | 359 | | UNDING.— 21 |
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| 360 | 360 | | (1) R |
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| 361 | 361 | | ESCISSION.—Of the unobligated balance of 22 |
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| 362 | 362 | | amounts made available by section 129 of division A 23 |
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| 363 | 363 | | of the Consolidated Security, Disaster Assistance, 24 |
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| 364 | 364 | | and Continuing Appropriations Act, 2009 (Public 25 |
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| 365 | 365 | | VerDate Sep 11 2014 18:17 Mar 18, 2024 Jkt 049200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\H7611.IH H7611 |
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| 366 | 366 | | ssavage on LAPJG3WLY3PROD with BILLS 13 |
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| 367 | 367 | | •HR 7611 IH |
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| 368 | 368 | | Law 110–329; 122 Stat. 3578), $2,400,000,000 are 1 |
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| 369 | 369 | | rescinded. 2 |
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| 370 | 370 | | (2) D |
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| 371 | 371 | | IRECT APPROPRIATION.—If sufficient un-3 |
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| 372 | 372 | | obligated amounts made available by section 129 of 4 |
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| 373 | 373 | | division A of the Consolidated Security, Disaster As-5 |
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| 374 | 374 | | sistance, and Continuing Appropriations Act, 2009 6 |
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| 375 | 375 | | (Public Law 110–329; 122 Stat. 3578), are available 7 |
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| 376 | 376 | | on the date of enactment of this Act to execute the 8 |
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| 377 | 377 | | entire rescission described in paragraph (1), on the 9 |
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| 378 | 378 | | day after the execution of the entire rescission, there 10 |
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| 379 | 379 | | is appropriated to the Secretary, out of amounts in 11 |
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| 380 | 380 | | the Treasury not otherwise appropriated, 12 |
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| 381 | 381 | | $2,400,000,000 to carry out this section, to remain 13 |
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| 382 | 382 | | available until expended. 14 |
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| 383 | 383 | | Æ |
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| 384 | 384 | | VerDate Sep 11 2014 18:17 Mar 18, 2024 Jkt 049200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6301 E:\BILLS\H7611.IH H7611 |
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| 385 | 385 | | ssavage on LAPJG3WLY3PROD with BILLS |
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