[Congressional Record (Bound Edition), Volume 147 (2001), Part 10]
[Extensions of Remarks]
[Pages 13755-13756]
[From the U.S. Government Publishing Office, www.gpo.gov]



     FEDERALLY FINANCED, INTEREST FREE MOTOR VEHICLE ACT, H.R. 2544

                                 ______
                                 

                        HON. BENJAMIN A. GILMAN

                              of new york

                    in the house of representatives

                        Wednesday, July 18, 2001

  Mr. GILMAN. Mr. Speaker, our Nation has been taking a wild ride on 
the energy roller coaster for far too long. The citizens of our great 
nation must not be forced to suffer the ups and downs of an energy 
crisis that never seems to get better. While the Bush administration 
has taken a pro-active stance on energy through the release of its 
National Energy Policy in May, 2001, there is much more to be done--as 
a Congress, a Nation, and as citizens. For the past eight years, our 
Nation was subjected to the last Administration's ``wait and see'' 
energy policy that was reactive rather than pro-active.
  Mr. Speaker, on June, 2001, 1 sponsored the Federal Motor-Vehicle 
Fleet Act, H.R. 2263, which enjoys bi-partisan support. The Act 
mandates that ten-percent of the vehicle fleet purchased by the Federal 
Government must be comprised of Hybrid-electric Vehicles (HEV) and 
other high-efficiency vehicles that are powered by alternative sources 
of energy, sources other than gasoline and diesel.
  Mr. Speaker, today I am introducing my companion bill, the Federally 
Financed, Interest Free Vehicle Act, which as the title indicates, 
offers federally financed, interest free loans to public schools, 
municipalities, and local government to purchase Hybrid-Electric and 
other environmentally friendly high-efficiency vehicles. This program, 
to be administered by the Department of Transportation, provides the 
opportunity for our public institutions that can not avail themselves 
of the tax benefits of H.R. 2263, to purchase these environmentally 
friendly, energy-efficient with repayment terms as long as five years.
  Mr. Speaker, a few weeks ago I was privileged to view the latest 
technology in alternative fuels, a school bus that runs on fuel cells, 
rather than gasoline. Fuels other than gasoline and diesel are the wave 
of the future, and we must ride these waves of technology, as the 
surfer at the Banzai Pipeline.
  This act will not only lower our overall consumption of gasoline, but 
will save our public schools and municipalities millions of dollars in 
the cost of gasoline. These savings can be invested in important school 
programs and in providing our local governments with the resources to 
offer more services in our communities. Additionally, these hybrid and 
high-efficiency vehicles are reported to be more environmentally 
friendly than our conventional vehicles. The Federal Government must 
seize this opportunity to conserve our resources and to promote 
environmentally friendly vehicles, and we must do it today.

                               H.R. 2544

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

     SECTION 1. LOANS FOR HIGH-EFFICIENCY VEHICLES.

       (a) Loan Program Authorized.--Subject to the availability 
     of appropriations, the Secretary of Transportation shall 
     establish a program to offer federally financed, interest-
     free loans to local educational agencies, public institutions 
     of higher education, municipalities, and local governments 
     for the purchase of hybrid electric vehicles or high-
     efficiency vehicles.
       (b) Repayment Term.--The time for repayment of a loan under 
     this section may not exceed five years.
       (c) Security Interest.--The Secretary shall require, as a 
     condition of a loan under this section, that the borrower 
     grant to the United States a security interest in any vehicle 
     purchased with the proceeds of such loan.
       (d) Definitions.--In this section:
       (1) The term ``high-efficiency vehicle'' means a motor 
     vehicle that uses a fuel other than gasoline or diesel fuel.
       (2) The term ``hybrid electric vehicle'' means a motor 
     vehicle with a fuel-efficient gasoline engine assisted by an 
     electric motor.
       (3) The term ``motor vehicle'' has the meaning given that 
     term in section 30102(a)(6) of title 49, United States Code.
       (4) The term ``local educational agency'' has the meaning 
     given that term in the Elementary and Secondary Education Act 
     of 1965 (20 U.S.C. 6301 et seq.).
       (5) The term ``public institution of higher education'' has 
     the meaning given the term ``institution of higher 
     education'' in section 101(a) of the Higher Education Act of 
     1965 (20 U.S.C. 1001(a)), but does not include private 
     institutions described in that section.
       (e) Authorization of Appropriations.--There are authorized 
     to be appropriated to

[[Page 13756]]

     carry out this section $50,000,000 for each of fiscal years 
     2002 through 2007 and such sums as may be necessary for each 
     fiscal year thereafter.

     

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