Title 42 — The Public Health and Welfare
Chapter 68 — Disaster Relief
§ 5162. Advance of non-Federal share
Statutory text
In general
The President may lend or advance to an eligible applicant or a State the portion of assistance for which the State is responsible under the cost-sharing provisions of this chapter in any case in which—
the State is unable to assume its financial responsibility under such cost-sharing provisions—
with respect to concurrent, multiple major disasters in a jurisdiction, or
after incurring extraordinary costs as a result of a particular disaster; and
the damages caused by such disasters or disaster are so overwhelming and severe that it is not possible for the applicant or the State to assume immediately their financial responsibility under this chapter.
Terms of loans and advances
In general
Any loan or advance under this section shall be repaid to the United States.
Interest
Loans and advances under this section shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current market yields on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the reimbursement period of the loan or advance.
Regulations
The President shall issue regulations describing the terms and conditions under which any loan or advance authorized by this section may be made.
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.
Pub. L. 93–288 title III § 319 · 88 Stat. 143
Enacted · 42 U.S.C. § 5162
(Pub. L. 93–288, title III, § 319, as added Pub. L. 100–707, title I, § 105(m)(1), Nov. 23, 1988, 102 Stat. 4695.)
Source evidence
Code source credit
(Pub. L. 93–288, title III, § 319, as added Pub. L. 100–707, title I, § 105(m)(1), Nov. 23, 1988, 102 Stat. 4695.)
0 of 1 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
This chapter, referred to in subsec. (a), was in the original “this Act”, meaning Pub. L. 93–288, , 88 Stat. 143. For complete classification of this Act to the Code, see Short Title note set out under section 5121 of this title and Tables.
Credits
(Pub. L. 93–288, title III, § 319, as added Pub. L. 100–707, title I, § 105(m)(1), , 102 Stat. 4695.)