[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1564 Introduced in Senate (IS)]

  2d Session
                                S. 1564

 To amend the Small Reclamation Projects Act of 1956 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 SENATE OF THE UNITED STATES

                            February 7, 1996

   Mr. Craig introduced the following bill; which was read twice and 
       referred to the Committee on Energy and Natural Resources

_______________________________________________________________________

                                 A BILL


 
 To amend the Small Reclamation Projects Act of 1956 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. RECLAMATION PROJECT LOAN GUARANTEE PROGRAM.

    The Small Reclamation Projects Act of 1956 (43 U.S.C. 422a et seq.) 
is amended by adding at the end the following:
    ``(m)(1) Notwithstanding any other provision contained in this Act, 
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 lender. The amount of guaranteed loans shall be subject 
only to such limitations as to amounts as may be contained in 
appropriation Acts providing budget subsidy authority for such 
guarantees. As used in this section 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. All 
guarantees issued pursuant to this section shall constitute 
obligations, in accordance with the terms of such guarantees, of the 
United States Government and the full faith and credit of the United 
States is hereby pledged to the full performance of such obligations.
    ``(2) The maximum contingent liability outstanding at any time 
pursuant to guarantees issued under this section shall not exceed in 
the aggregate $500,000,000.''.
                                 <all>