[Congressional Record Volume 167, Number 194 (Thursday, November 4, 2021)]
[Senate]
[Page S7886]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4363. Mr. RUBIO submitted an amendment intended to be proposed to 
amendment SA 3867 submitted by Mr. Reed and intended to be proposed to 
the bill H.R. 4350, to authorize appropriations for fiscal year 2022 
for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

        At the appropriate place in title X, insert the following:

     SEC. __. REIMBURSEMENT OF INTEREST PAYMENTS RELATED TO PUBLIC 
                   ASSISTANCE.

       Title IV of the Robert T. Stafford Disaster Relief and 
     Emergency Assistance Act (42 U.S.C. 5170 et seq.) is amended 
     by adding at the end the following:

     ``SEC. 431. REIMBURSEMENT OF INTEREST PAYMENTS RELATED TO 
                   PUBLIC ASSISTANCE.

       ``(a) In General.--The President may provide financial 
     assistance to a local government as reimbursement for 
     qualifying interest.
       ``(b) Definitions.--In this section, the following 
     definitions apply:
       ``(1) Prime rate.--The term `prime rate' means the average 
     predominant prime rate quoted by commercial banks to large 
     businesses, as determined by the Board of Governors of the 
     Federal Reserve System.
       ``(2) Qualifying interest.--The term `qualifying interest' 
     means, with respect to a qualifying loan, the lesser of--
       ``(A) the actual interest paid to a lender for such 
     qualifying loan; and
       ``(B) the interest that would have been paid to a lender if 
     such qualifying loan had an interest rate equal to the prime 
     rate most recently published on the Federal Reserve 
     Statistical Release on selected interest rates.
       ``(3) Qualifying loan.--The term `qualifying loan' means a 
     loan--
       ``(A) obtained by a local government; and
       ``(B) of which not less than 90 percent of the proceeds are 
     used to fund activities for which such local government 
     receives assistance under this Act after the date on which 
     such loan is disbursed.''.
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