§ 1006a. — Loans or advancements for financing local share of costs; repayment; interest; maximum amount.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 16USC1006a]
TITLE 16--CONSERVATION
CHAPTER 18--WATERSHED PROTECTION AND FLOOD PREVENTION
Sec. 1006a. Loans or advancements for financing local share of
costs; repayment; interest; maximum amount
The Secretary is authorized to make loans or advancements (a) to
local organizations to finance the local share of costs of carrying out
works of improvement provided for in this chapter, and (b) to State and
local agencies to finance the local share of costs of carrying out works
of improvement (as defined in section 1002 of this title) in connection
with the eleven watershed improvement programs authorized by section 13
of the Act of December 22, 1944 (58 Stat. 887), as amended and
supplemented: Provided, That the works of improvement in connection with
said eleven watershed improvement programs shall be integral parts of
watershed or subwatershed work plans agreed upon by the Secretary of
Agriculture and the concerned State and local agencies. A loan or
advance under this section shall be made under a contract or agreement
that provides, under such terms and conditions as the Secretary
considers appropriate, for the repayment of the loan or advance in not
more than 50 years from the date when the principal benefits of the
works of improvement first become available, with interest at a rate not
to exceed the current market yield for outstanding municipal obligations
with remaining periods to maturity comparable to the average maturity
for the loan, adjusted to the nearest \1/8\ of 1 percent. With respect
to any single plan for works of improvement, the amount of any such loan
or advancement shall not exceed $10,000,000.
(Aug. 4, 1954, ch. 656, Sec. 8, as added Aug. 7, 1956, ch. 1027,
Sec. 1(g), 70 Stat. 1090; amended Pub. L. 86-468, Sec. 1, May 13, 1960,
74 Stat. 131; Pub. L. 95-113, title XV, Sec. 1508, Sept. 29, 1977, 91
Stat. 1022; Pub. L. 104-127, title VII, Sec. 791(b), Apr. 4, 1996, 110
Stat. 1151.)
References in Text
Section 13 of the Act of December 22, 1944 (58 Stat. 887), as
amended and supplemented, referred to in text, is section 13 of act Dec.
22, 1944, ch. 665, 58 Stat. 887, which was not classified to the Code.
Amendments
1996--Pub. L. 104-127 added second sentence and struck out former
second sentence which read as follows: ``Such loans or advancements
shall be made under contracts or agreements which will provide, under
such terms and conditions as the Secretary deems appropriate, for the
repayment thereof in not more than fifty years from the date when the
principal benefits of the works of improvement first become available,
with interest at the average rate, as determined by the Secretary of the
Treasury, payable by the Treasury upon its marketable public obligations
outstanding at the beginning of the fiscal year in which the loan or
advancement is made, which are neither due nor callable for redemption
for fifteen years from date of issue.''
1977--Pub. L. 95-113 substituted ``$10,000,000'' for ``five million
dollars'' as the maximum amount of a loan or advancement for any single
plan for works of improvement.
1960--Pub. L. 86-468 authorized the Secretary to make loans or
advancements to state and local agencies to finance the local share of
costs of carrying out works of improvement in connection with the 11
watershed improvement programs authorized by section 13 of the act of
Dec. 22, 1944.
Effective Date of 1977 Amendment
Amendment by Pub. L. 95-113 effective Oct. 1, 1977, see section 1901
of Pub. L. 95-113, set out as a note under section 1307 of Title 7,
Agriculture.
Transfer of Functions
For transfer of certain enforcement functions of Secretary or other
official in Department of Agriculture under this chapter to Federal
Inspector, Office of Federal Inspector for Alaska Natural Gas
Transportation System, and subsequent transfer to Secretary of Energy,
see note set out under section 1002 of this title.
Extension of Benefits to Projects Authorized Before Aug. 7, 1956
Section as applicable to all works of improvement and plans for such
works under the provisions of this chapter, see Extension of Benefits
note set out under section 1001 of this title.
Section Referred to in Other Sections
This section is referred to in sections 1004, 1007, 3811, 3821 of
this title.
