[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2781 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 2781

 To authorize the Secretary of the Interior to provide loan guarantees 
for water supply, conservation, quality, and transmission projects, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 14, 1995

  Mr. Ensign introduced the following bill; which was referred to the 
                         Committee on Resources

_______________________________________________________________________

                                 A BILL


 
 To authorize the Secretary of the Interior to provide loan guarantees 
for water supply, conservation, quality, and transmission projects, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. RESCISSION OF SMALL RECLAMATION PROJECT LOAN AUTHORIZATION.

    Of the available authority balances under the Small Reclamation 
Projects Act (43 U.S.C. 422 et seq.) $440,000,000 are rescinded.

SEC. 2. RECLAMATION PROJECT LOAN GUARANTEE PROGRAM.

    In order to encourage State, local and private participation in the 
development of reclamation projects, the Secretary of the Interior is 
authorized to provide loan guarantees to the developers, including 
nongovernment entities, of water supply, water conservation, water 
quality and water transmission projects. Guaranteed loans shall bear 
interest at the rate agreed upon by the borrower and the lender. The 
amount of guaranteed loans shall be subject only to such limitations as 
to amounts as may be authorized from time to time by the Congress: 
Provided, That any amounts guaranteed hereunder shall not be included 
in the totals of the budget of the United States Government and shall 
be exempt from any general limitation imposed by statute on budget 
outlays of the United States. As used in this Act a guaranteed loan is 
one which is initially made, held, and serviced by a legally organized 
lending institution and which is guaranteed by the Secretary hereunder.

SEC. 3. GUARANTY AS AN OBLIGATION BACKED BY THE FULL FAITH AND CREDIT 
              OF THE UNITED STATES.

    All guaranties issued pursuant to this Act shall constitute 
obligations, in accordance with the terms of such guaranties, of the 
United States Government and the full faith and credit of the United 
States is hereby pledged to the full payment and performance of such 
obligations.

SEC. 4. LIMITATION ON CONTINGENT LIABILITY.

    The maximum contingent liability outstanding at any time pursuant 
to guaranties issued under this Act shall not exceed in the aggregate 
$500,000,000.

SEC. 5. AUTHORIZATION OF APPROPRIATION.

    There are authorized to be appropriated such sums as may be 
necessary to carry out the provisions of this Act.
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