42 U.S.C. § 13239 : US Code - Section 13239: Low interest loan program

Search 42 U.S.C. § 13239 : US Code - Section 13239: Low interest loan program

(a) Establishment
Within 1 year after October 24, 1992, the Secretary shall
establish a program for making low interest loans, giving
preference to small businesses that own or operate fleets, for -
(1) the conversion of motor vehicles to operation on
alternative fuels;
(2) covering the incremental costs of the purchase of motor
vehicles which operate on alternative fuels, when compared with
purchase costs of comparable conventionally fueled motor
vehicles; or
(3) covering the incremental costs of purchase of non-road
vehicles and engines designated by the Secretary pursuant to
section 13238(c) of this title.
(b) Loan terms
The Secretary, to the extent practicable, shall establish
reasonable terms for loans made under this subsection, with
preference given to repayment schedules that enable such loans to
be repaid by the borrower from the cost differential between
gasoline and the alternative fuel on which the motor vehicle
operates.
(c) Criteria
In deciding to whom loans shall be made under this subsection,
the Secretary shall consider -
(1) the financial need of the applicant;
(2) the goal of assisting the greatest number of applicants;
and
(3) the ability of an applicant to repay the loan, taking into
account the fuel cost savings likely to accrue to the applicant.
(d) Priorities
Priority shall be given under this section to fleets where the
use of alternative fuels would have a significant beneficial effect
on energy security and the environment.
(e) Authorization of appropriations
There are authorized to be appropriated to the Secretary for
carrying out this section, $25,000,000 for each of the fiscal years
1993, 1994, and 1995.