[Congressional Record Volume 156, Number 104 (Wednesday, July 14, 2010)]
[Senate]
[Page S5855]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. REID (for himself, Mr. Tester, Mr. Merkley, Mr. Udall of 
        Colorado, and Mr. Begich):
  S. 3586. A bill to promote the mapping and development of United 
States geothermal resources by establishing a direct loan program for 
high risk geothermal exploration wells; to the Committee on Energy and 
Natural Resources.
  Mr. REID. Mr. President, I ask unanimous consent that the text of the 
bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 3586

       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 ``Geothermal Exploration Act 
     of 2010''.

     SEC. 2. GEOTHERMAL EXPLORATORY DRILLING LOAN PROGRAM.

       (a) Definitions.--In this section:
       (1) Fund.--The term ``Fund'' means the Geothermal 
     Investment Fund established under subsection (h).
       (2) Program.--The term ``program'' means the direct loan 
     program for high risk geothermal exploration wells 
     established under this section.
       (3) Secretary.--The term ``Secretary'' means the Secretary 
     of Energy
       (b) Establishment.--The Secretary shall establish a direct 
     loan program for high risk geothermal exploration wells.
       (c) Applications.--An applicant that seeks to receive a 
     loan under the program may submit to the Secretary an 
     application for the loan at such time, in such form, and 
     containing such information as the Secretary may prescribe.
       (d) Project Criteria.--
       (1) In general.--In selecting applicants for loans under 
     this section to carry out projects under the program, the 
     Secretary shall consider--
       (A) the potential for unproven geothermal resources that 
     would be explored and developed under a project;
       (B) the expertise and experience of an applicant in 
     developing geothermal resources; and
       (C) the importance of the project in meeting the goals of 
     the Department of Energy.
       (2) Preference.--In selecting applicants for loans under 
     this section to carry out projects under the program, the 
     Secretary shall provide a preference for previously 
     unexplored, underexplored, or unproven geothermal resources 
     in a variety of geologic and geographic settings.
       (e) Data Sharing.--Data from all exploratory wells that are 
     carried out under the program shall be provided to the 
     Secretary and the Secretary of the Interior for use in 
     mapping national geothermal resources and other uses, 
     including--
       (1) subsurface geologic data;
       (2) metadata;
       (3) borehole temperature data; and
       (4) inclusion in the National Geothermal Data System of the 
     Department of Energy.
       (f) Administration.--
       (1) Cost share.--
       (A) In general.--The Secretary shall determine the cost 
     share for a loan made under this section.
       (B) Higher risks.--The Secretary may base the cost share 
     percentage for loans made under this section on a sliding 
     scale, with higher Federal shares awarded to projects with 
     higher risks.
       (2) Number of wells.--The Secretary shall determine the 
     number of wells for each selected geothermal project for 
     which a loan may be made under this section.
       (3) Unproductive projects.--The Secretary may grant further 
     delays or dispense with the repayment obligation on a 
     demonstration that a selected geothermal project is 
     unproductive.
       (g) Loan Repayment.--
       (1) Commencement.--The recipient of a loan made under this 
     section for a geothermal facility shall commence repayment of 
     the loan beginning on the earlier of--
       (A) the date that is 4 years after the date the loan is 
     made; or
       (B) the date on which the geothermal facility enters into 
     commercial production.
       (2) Term.--
       (A) In general.--Except as provided in subparagraph (B), 
     the term of a loan made under this section shall be 4 years 
     beginning on the applicable loan repayment commencement date 
     under paragraph (1).
       (B) Extension.--The Secretary may extend the term of a loan 
     under this section for not more than 4 years.
       (3) Use of loan repayments.--Amounts repaid on loans made 
     under this section shall be deposited in the Fund.
       (h) Geothermal Investment Fund.--
       (1) Establishment of fund.--There is established in the 
     Treasury of the United States a fund to be known as the 
     ``Geothermal Investment Fund'', to be administered by the 
     Secretary, to be available without fiscal year limitation and 
     not subject to appropriation, to carry out this section.
       (2) Transfers to fund.--The Fund shall consist of such 
     amounts as are appropriated to the Fund under subsection (j).
       (3) Prohibition.--Amounts in the Fund may not be made 
     available for any purpose other than a purpose described in 
     paragraph (1).
       (4) Annual reports.--
       (A) In general.--Not later than 60 days after the end of 
     each fiscal year beginning with fiscal year 2011, the 
     Secretary of Energy shall submit to the the Committee on 
     Energy and Natural Resources of the Senate and the Committee 
     on Energy and Commerce of the House of Representatives a 
     report on the operation of the Fund during the fiscal year.
       (B) Contents.--Each report shall include, for the fiscal 
     year covered by the report, the following:
       (i) A statement of the amounts deposited into the Fund.
       (ii) A description of the expenditures made from the Fund 
     for the fiscal year, including the purpose of the 
     expenditures.
       (iii) Recommendations for additional authorities to fulfill 
     the purpose of the Fund.
       (iv) A statement of the balance remaining in the Fund at 
     the end of the fiscal year.
       (i) Guidelines.--Not later than 180 days after the date of 
     enactment of this Act, the Secretary shall develop guidelines 
     for the implementation of the program.
       (j) Authorization of Appropriations.--There are authorized 
     to be appropriated to carry out this section such sums as are 
     necessary for each of fiscal years 2011 through 2020.
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