II 109th CONGRESS 1st Session S. 1858 IN THE SENATE OF THE UNITED STATES October 7 (legislative day, October 6), 2005 Mr. Vitter (for himself and Mr. Frist) introduced the following bill; which was read twice, considered, read the third time, and passed A BILL To provide for community disaster loans.

1.

Short title

This Act may be cited as the Community Disaster Loan Act of 2005.

2.

Disaster loans

(a)

Essential services

Of the amounts provided in Public Law 109–62 for Disaster Relief, up to $750,000,000 may be transferred to the Disaster Assistance Direct Loan Program for the cost of direct loans as authorized under section 417 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5184) to be used to assist local governments in providing essential services: Provided, That such transfer may be made to subsidize gross obligations for the principal amount of direct loans not to exceed $1,000,000,000 under section 417 of the Stafford Act: Provided further, That notwithstanding section 417(b) of the Stafford Act, the amount of any such loan issued pursuant to this section may exceed $5,000,000: Provided further, That notwithstanding section 417(c)(1) of the Stafford Act, such loans may not be canceled: Provided further, That the cost of modifying such loans shall be as defined in section 502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a). (b)

Administrative expenses

Of the amounts provided in Public Law 109–62 for Disaster Relief, up to $1,000,000 may be transferred to the Disaster Assistance Direct Loan Program for administrative expenses to carry out the direct loan program, as authorized by section 417 of the Stafford Act.