[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 221 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 221

To authorize the Secretary of Energy to make loans through a revolving 
loan fund for States to construct electricity generation facilities for 
                 use in electricity supply emergencies.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 30, 2001

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

_______________________________________________________________________

                                 A BILL


 
To authorize the Secretary of Energy to make loans through a revolving 
loan fund for States to construct electricity generation facilities for 
                 use in electricity supply emergencies.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``State Electricity Reserve Fund Act 
of 2001''.

SEC. 2. PURPOSE.

    The purpose of this Act is to assist States in creating electric 
generating capacity to be used in the event of an electricity 
emergency.

SEC. 3. EMERGENCY ELECTRICITY GENERATION FACILITIES.

    (a) Revolving Loan Fund.--There is established in the Treasury of 
the United States a revolving loan fund to be known as the ``State 
Electricity Reserve Loan Fund'' consisting of such amounts as may be 
appropriated or credited to such Fund as provided in this section.
    (b) Expenditures From Loan Funds.--
            (1) In general.--The Secretary of Energy, under such rules 
        and regulations as the Secretary may prescribe, may make loans 
        from the State Electricity Reserve Loan Fund, without further 
        appropriation, to a State.
            (2) Purpose.--Loans provided under this section shall be 
        used for the purpose of designing and constructing 1 or more 
        facilities in a State with capacity to generate an amount of 
        electricity sufficient to meet the amount of any intermittent 
        deficiencies in electricity supply that the State may 
        reasonably be expected to experience during any period over the 
        next 10 years.
            (3) Use of funds.--A facility designed or constructed with 
        a loan provided under this section--
                    (A) shall be owned by the State and operated by the 
                State directly or through a contract with an electric 
                utility or a consortium of electric utilities; and
                    (B) shall be operated to supply electricity to the 
                electricity transmission grid only during periods of 
                electricity emergencies declared by the Governor of the 
                State.
            (4) Determinations by secretary.--No loan shall be provided 
        under this section unless the Secretary determines that--
                    (A) there is reasonable assurance of repayment of 
                the loan; and
                    (B) the amount of the loan, together with other 
                funds provided by or available to the State, is 
                adequate to assure completion of the facility or 
                facilities for which the loan is made.
            (5) Loan amount.--The amount of a loan provided under this 
        section shall not exceed the lesser of--
                    (A) 40 percent of the costs to be incurred in 
                designing and constructing the facility or facilities 
                involved; or
                    (B) $1,000,000,000.
    (c) Loan Repayments.--
            (1) Length of repayment.--
                    (A) In general.--Before making a loan under this 
                section, the Secretary shall determine the period of 
                time within which a State must repay such loan.
                    (B) Limitation.--Except as provided in subparagraph 
                (C), the Secretary shall in no case allow repayment of 
                such loan--
                            (i) to begin later than the date that is 2 
                        years after the date on which the loan is made; 
                        and
                            (ii) to be completed later than the date 
                        that is 10 years after the date on which the 
                        loan is made.
                    (C) Moratorium.--The Secretary may grant a 
                temporary moratorium on the repayment of a loan 
                provided under this section if, in the determination of 
                the Secretary, continued repayment of such loan would 
                cause a financial hardship on the State that received 
                the loan.
            (2) Interest.--The Secretary may not impose or collect 
        interest or other charges on a loan provided under this 
        section.
            (3) Credit to loan fund.--Repayment of amounts loaned under 
        this section shall be credited to the State Electricity Reserve 
        Loan Fund and shall be available for the purposes for which the 
        fund is established.
    (d) Administration Expenses.--The Secretary may defray the expenses 
of administering the loans provided under this section.
    (e) Appropriations.--Out of any funds in the Treasury not otherwise 
appropriated, there are appropriated to the State Electricity Reserve 
Loan Fund--
            (1) $5,000,000,000 in fiscal year 2002;
            (2) $4,000,000,000 in fiscal year 2003;
            (3) $3,000,000,000 in fiscal year 2004;
            (4) $2,000,000,000 in fiscal year 2005; and
            (5) $1,000,000,000 in fiscal year 2006.
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