30 U.S.C. § 1531 : US Code - Section 1531: Feasibility study loan program

Search 30 U.S.C. § 1531 : US Code - Section 1531: Feasibility study loan program

(a) Authorization; purposes
The Secretary is authorized and directed to establish a program
of assistance for the accelerated development of geothermal
resources for nonelectric applications by geothermal utility
districts, geothermal industrial development districts, and other
persons.
(b) Maximum amount of loan for costs of administration;
cancellation of unpaid balance and accrued interest
(1) In providing assistance under the program established
pursuant to subsection (a) of this section, the Secretary is
authorized to make a loan to any person to defray up to 90 per
centum of the costs of (A) studies to determine the feasibility of
any geothermal development described in such subsection, and (B)
preparing applications for any necessary licenses or other Federal,
State, and local approvals respecting such development.
(2) The Secretary may cancel the unpaid balance and any accrued
interest on any loan granted for a study pursuant to clause (A) of
paragraph (1) if he determines, on the basis of the study, that the
geothermal development is not technically or economically feasible.
(c) Maximum amount of loan for costs of construction
In providing assistance under such program, the Secretary is also
authorized to make a loan to any person to defray up to 75 per
centum of the costs directly related to the construction of a
system or systems for nonelectric geothermal development pursuant
to such subsection, where the Secretary finds that -
(1) all necessary licenses and other required Federal, State,
and local approvals for construction of such system or systems
have been or will be issued,
(2) the project involved will comply with all applicable laws
relating to protection of the environment, and
(3) the applicant requires such assistance to undertake and
complete the project.
(d) Interest rate; term
Each loan made pursuant to this section shall bear interest at a
discount or interest rate equal to the rate in effect (at the time
the loan is made) for water resources planning projects under
section 80 of the Water Resources Development Act of 1974 (42
U.S.C. 1962(d)-17(a)).(!1) Each loan shall be for such term as the
Secretary deems appropriate, but not in excess of ten years for
loans under subsection (b) of this section or thirty years for
loans under subsection (c) of this section.
(e) Funding; deposit of amount repaid
Loans pursuant to this section shall be made from funds
appropriated (pursuant to this subchapter) to the Geothermal
Resources Development Fund established under section 1144 of this
title; and amounts repaid on such loans shall be deposited in the
Geothermal Resources Development Fund for purposes of this
subchapter.
(f) Authorization of appropriations
For loans under clause (A) of subsection (b)(1) of this section
for fiscal year 1981, there is authorized to be appropriated to the
Geothermal Resources Development Fund not to exceed $5,000,000,
which shall remain available until expended. For loans under such
clause (A) for subsequent fiscal years, and for loans under clause
(B) of subsection (b)(1) of this section or under subsection (c) of
this section (for any such subsequent fiscal year), there may be
appropriated to such Fund only such sums as are authorized by
legislation hereafter enacted.
(g) "Person" defined
As used in this section, the term "person" includes
municipalities, cooperatives, industrial development agencies,
nonprofit organizations, and Indian tribes, as well as the
districts referred to in subsection (a) of this section and the
other entities included within such term under section 1 of title
1.