[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 134 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 134

To authorize the Secretary of the Interior to provide a loan guarantee 
    to the Olivenhain Water Storage Project, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 1997

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

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                                 A BILL


 
To authorize the Secretary of the Interior to provide a loan guarantee 
    to the Olivenhain Water Storage Project, 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. OLIVENHAIN WATER STORAGE PROJECT LOAN GUARANTEE.

    (a) Loan Guarantee.--The Secretary of the Interior is authorized to 
provide a loan guarantee to either the Olivenhain Municipal Water 
District (hereinafter referred to as the ``District'') or to a 
nongovernmental developer selected by the District for the purpose of 
building and financing the Olivenhain Water Storage Project in northern 
San Diego County, California. The guaranteed loan shall be available 
under the existing authorization ceiling contained in the Small 
Reclamation Projects Act of 1956 (43 U.S.C. 422a et seq.). The 
guaranteed loan shall bear interest at the rate agreed upon by the 
borrower and lender. 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 of the 
Interior. Any guarantee issued pursuant to this section shall 
constitute an obligation, in accordance with the terms of such 
guarantee, of the United States Government and the full faith and 
credit of the United States is hereby pledged to the full performance 
of the obligation.
    (b) Security.--To ensure the repayment of any loan guaranteed under 
this section and as a condition for receiving the guarantee, the 
Secretary of the Interior shall require the District to furnish such 
security as may be considered necessary and appropriate by the 
Secretary of the Interior in making the guarantee.
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