Title 42 — The Public Health and Welfare
Chapter 134 — Energy Policy
§ 13239. Low interest loan program
Statutory text
Establishment
Within 1 year after , the Secretary shall establish a program for making low interest loans, giving preference to small businesses that own or operate fleets, for—
the conversion of motor vehicles to operation on alternative fuels;
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
covering the incremental costs of purchase of non-road vehicles and engines designated by the Secretary pursuant to section 13238(c) of this title.
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.
Criteria
In deciding to whom loans shall be made under this subsection, the Secretary shall consider—
the financial need of the applicant;
the goal of assisting the greatest number of applicants; and
the ability of an applicant to repay the loan, taking into account the fuel cost savings likely to accrue to the applicant.
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.
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Energy Policy Act of 1992
Pub. L. 102–486 title IV § 414 · 106 Stat. 2776
Enacted · 42 U.S.C. § 13239
(Pub. L. 102–486, title IV, § 414, Oct. 24, 1992, 106 Stat. 2886.)
Source evidence
Code source credit
(Pub. L. 102–486, title IV, § 414, Oct. 24, 1992, 106 Stat. 2886.)Enacted provision · exact public law section
SEC. 414. LOW INTEREST LOAN PROGRAM. (a) Establishment.— Within 1 year after the date of enactment of this Act, 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 412(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.
1 of 1 references resolved to an enrolled provision