§ 1428b. Prerequisite for loan or loan guarantee; maximum participation in available funds; reserves for loan guarantees

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.

1. 1968

   Guam Development Fund Act of 1968

   Pub. L. 90–601 § 4 · 82 Stat. 1172

   Enacted · 48 U.S.C. § 1428b

   (Pub. L. 90–601, § 4, Oct. 17, 1968, 82 Stat. 1172.)

   Source evidence

   Code source credit
   (Pub. L. 90–601, § 4, Oct. 17, 1968, 82 Stat. 1172.)

   Enacted provision · exact public law section
   Sec. 4. No loan or loan guarantee shall be made under this Act to any applicant who does not satisfy the agency or agencies administering the plan that financing is otherwise unavailable on reasonable Maximum participation in available funds. terms and conditions. The maximum participation in the funds made available under section 2 of this Act shall he limited (a) so that not more than 25 per centum of the funds actually appropriated by the Congress may be devoted to any single project (b) to 90 per centum of loan guarantee, and (c) with respect to all loans, to that degree of participation prudent under the circumstances of individual loans but directly related to the minimum essential participation necessary to accomplish the purposes of this Act: Provided, That, with respect to loan guarantees, the reserves maintained by the agency or agencies for the guarantees shall not be less than 25 per centum of the guarantee.

1 of 1 references resolved to an enrolled provision