§291m–1 — Title 42 The Public Health and Welfare | U.S. Code

Summary

Allows the Secretary to lend money to a grant recipient under section 291n (as the law was just before August 18, 1964) who built an experimental or demonstration hospital project to try new ways to cut hospital costs and then had a big, unexpected rise in construction costs that was not their fault. The loan can cover up to 66⅔ percent of the increased cost if the Secretary finds the recipient cannot get that money from other public or private sources. The recipient must apply in the form the Secretary requires. The loan carries 2½ percent interest per year on the unpaid balance. The Secretary sets the repayment schedule, but it cannot be longer than fifty years. Up to $3,500,000 is authorized to be provided for these loans.

Title 42, §291m–1

The Public Health and Welfare — Source: USLM XML via OLRC

(a)In order to alleviate hardship on any recipient of a grant under section 291n 11 See References in Text note below. of this title (as in effect immediately before August 18, 1964) for a project for the construction of an experimental or demonstration facility having as its specific purpose the application of novel means for the reduction of hospital costs with respect to which there has been a substantial increase in the cost of such construction (over the estimated cost of such project on the basis of which such grant was made) through no fault of such recipient, the Secretary is authorized to make a loan to such recipient not exceeding 66⅔ per centum of such increased costs, as determined by the Secretary, if the Secretary determines that such recipient is unable to obtain such an amount for such purpose from other public or private sources.

(b)Any such loan shall be made only on the basis of an application submitted to the Secretary in such form and containing such information and assurances as he may prescribe.

(c)Each such loan shall bear interest at the rate of 2½ per centum per annum on the unpaid balance thereof and shall be repayable over a period determined by the Secretary to be appropriate, but not exceeding fifty years.

(d)There are hereby authorized to be appropriated $3,500,000 to carry out the provisions of this section.

Editorial Notes

References in Text

section 291n of this title, referred to in subsec. (a), was repealed by Pub. L. 90–174, § 3(b)(1), Dec. 5, 1967, 81 Stat. 535.

§291m–1 Loans for certain hospital experimentation projects

Summary

Title 42, §291m–1

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata