42 U.S.C. § 16515: Limitation on commitments…

Summary

Limits total loan guarantees under the Energy Policy Act of 2005 to $4,000,000,000. Money to pay the government’s cost of those guarantees must come from amounts paid by borrowers under section 16512(b)(2) and will stay available until spent. Those borrower payments cannot themselves be a federal loan or debt the government makes or guarantees. Fees collected under section 16512(h) in fiscal year 2007 will be used to cover Loan Guarantee Program administrative costs, the administration budget will be cut by the amount of those fees, and any extra fees beyond that budget cannot be spent until Congress approves. No loan guarantees may be awarded until final rules are issued that explain how projects and lenders will be chosen and monitored and what technical, program, and financial factors will be used. The Secretary of Energy must hire an independent auditor for yearly reviews, and the Comptroller General must review the program every three years. Final rules must be issued within 6 months of February 15, 2007. Within 120 days after February 15, 2007, and every year after, the Secretary must send the House and Senate Appropriations Committees a report summarizing activities, responses to solicitations, the technologies, amounts requested, and applicants’ risk assessments.

Title 42, §16515

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

(a)Notwithstanding section 101, subject to the Federal Credit Reform Act of 1990, as amended [2 U.S.C. 661 et seq.], commitments to guarantee loans under title XVII of the Energy Policy Act of 2005 [42 U.S.C. 16501 et seq.] shall not exceed a total principal amount, any part of which is to be guaranteed, of $4,000,000,000: Provided, That there are appropriated for the cost of the guaranteed loans such sums as are hereafter derived from amounts received from borrowers pursuant to section 16512(b)(2) of this title, to remain available until expended: Provided further, That the source of payments received from borrowers for the subsidy cost shall not be a loan or other debt obligation that is made or guaranteed by the Federal government. In addition, fees collected pursuant to section 16512(h) of this title in fiscal year 2007 shall be credited as offsetting collections to the Departmental Administration account for administrative expenses of the Loan Guarantee Program: Provided further, That the sum appropriated for administrative expenses for the Loan Guarantee Program shall be reduced by the amount of fees received during fiscal year 2007: Provided further, That any fees collected under section 16512(h) of this title in excess of the amount appropriated for administrative expenses shall not be available until appropriated.

(b)No loan guarantees may be awarded under title XVII of the Energy Policy Act of 2005 [42 U.S.C. 16501 et seq.] until final regulations are issued that include—

(1)programmatic, technical, and financial factors the Secretary will use to select projects for loan guarantees;

(2)policies and procedures for selecting and monitoring lenders and loan performance; and

(3)any other policies, procedures, or information necessary to implement title XVII of the Energy Policy Act of 2005.

(c)The Secretary of Energy shall enter into an arrangement with an independent auditor for annual evaluations of the program under title XVII of the Energy Policy Act of 2005 [42 U.S.C. 16501 et seq.]. In addition to the independent audit, the Comptroller General shall conduct a review every three years of the Department’s execution of the program under title XVII of the Energy Policy Act of 2005. The results of the independent audit and the Comptroller General’s review shall be provided directly to the Committees on Appropriations of the House of Representatives and the Senate.

(d)The Secretary of Energy shall promulgate final regulations for loan guarantees under title XVII of the Energy Policy Act of 2005 [42 U.S.C. 16501 et seq.] within 6 months of February 15, 2007.

(e)Not later than 120 days after February 15, 2007, and annually thereafter, the Secretary of Energy shall transmit to the Committees on Appropriations of the House of Representatives and the Senate a report containing a summary of all activities under title XVII of the Energy Policy Act of 2005 [42 U.S.C. 16511 et seq.], beginning in fiscal year 2007, with a listing of responses to loan guarantee solicitations under such title, describing the technologies, amount of loan guarantee sought, and the applicants’ assessment of risk.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 101, referred to in subsec. (a), is section 101 of title I of div. B of Pub. L. 109–289, as added by Pub. L. 110–5, § 2, Feb. 15, 2007, 121 Stat. 8. Subsec. (b) of section 101 is classified as a note under section 12651i of this title. Subsecs. (a) and (c) of section 101 are not classified to the Code. The Federal Credit Reform Act of 1990, referred to in subsec. (a), is title V of Pub. L. 93–344, as added by Pub. L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat. 1388–609, which is classified generally to subchapter III (§ 661 et seq.) of chapter 17A of Title 2, The Congress. For complete classification of this Act to the Code, see

Short Title

note set out under section 621 of Title 2 and Tables. The Energy Policy Act of 2005, referred to in text, is Pub. L. 109–58, Aug. 8, 2005, 119 Stat. 594. Title XVII of the Act is classified generally to this subchapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 15801 of this title and Tables. Codification Section was enacted as part of the Continuing Appropriations Resolution, 2007, and not as part of the Energy Policy Act of 2005 which comprises this chapter.

Amendments

2014—Subsec. (c). Pub. L. 113–76 substituted “a review every three years” for “an annual review”.

§16515 Limitation on Commitments to Guarantee Loans

Summary

Title 42, §16515

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

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Amendments

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