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43 U.S.C. § 2431 — Report
Federal law — U.S. Code and appendices · legal_authorities
Not later than 1 year after the date on which the eligibility criteria are published in the Federal Register under [section 2422(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section2422/a&num=0&edition=prelim), and every 2 years thereafter, the Secretary shall submit to the Committee on Energy and Natural Resources of the Senate and the Committee on Resources of the House of Representatives a report that describes the implementation of the loan guarantee program under [section 2423 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section2423&num=0&edition=prelim).
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Source location: Title 43, Chapter 42, § 2431; chapter-042-rural-water-supply.md
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Not later than 1 year after the date on which the eligibility criteria are published in the Federal Register under [section 2422(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section2422/a&num=0&edition=prelim), and every 2 years thereafter, the Secretary shall submit to the Committee on Energy and Natural Resources of the Senate and the Committee on Resources of the House of Representatives a report that describes the implementation of the loan guarantee program under [section 2423 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section2423&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority** Subject to the availability of appropriations, the Secretary may make available to lenders for a project meeting the eligibility criteria established in [section 2422 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section2422&num=0&edition=prelim) loan guarantees to supplement private-sector or lender financing for the project.
**(b) Terms and limitations**
(1) **In general** — Loan guarantees under this section for a project shall be on such terms and conditions and contain such covenants, representations, warranties, and requirements as the Secretary determines to be appropriate to protect the financial interests of the United States.
(2) **Amount** — Loan guarantees by the Secretary shall not exceed an amount equal to 90 percent of the cost of the project that is the subject of the loan guarantee, as estimated at the time at which the loan guarantee is issued.
(3) **Interest rate** — An obligation shall bear interest at a rate that does not exceed a level that the Secretary determines to be appropriate, taking into account the prevailing rate of interest in the private sector for similar loans and risks.
(4) **Amortization** — A loan guarantee under this section shall provide for complete amortization of the loan guarantee within not more than 40 years.
(5) **Nonsubordination** — An obligation shall be subject to the condition that the obligation is not subordinate to other financing.
**(c) Prepayment and refinancing** Any prepayment or refinancing terms on a loan guarantee shall be negotiated between the non-Federal borrower and the lender with the consent of the Secretary.
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Federal law — U.S. Code and appendices · legal_authorities
Page 640
TITLE 43—PUBLIC LANDS
§ 2425
(2) Recovery
On notification, the Attorney General shall
take such action as is appropriate to recover
the unpaid principal and interest due from—
(A) such assets of the defaulting non-Fed-
eral borrower as are associated with the ob-
ligation; or
(B) any other security pledged to secure
the obligation.
(Pub. L. 109–451, title II, § 205, Dec. 22, 2006, 120
Stat. 3358.)
§ 2425. Operations, maintenance, and replace-
ment costs
(a) In general
The non-Federal share of operations, mainte-
nance, and replacement costs for a project re-
ceiving Federal assistance under this subchapter
shall be 100 percent.
(b) Plan
On request of the non-Federal borrower, the
Secretary may assist in the development of an
operation, maintenance, and replacement plan
to provide the necessary framework to assist the
non-Federal borrower in establishing rates and
fees for project beneficiaries.
(Pub. L. 109–451, title II, § 206, Dec. 22, 2006, 120
Stat. 3360.)
§ 2426. Title to newly constructed facilities
(a) New projects and facilities
All new projects or facilities constructed in
accordance with this subchapter shall remain
under the jurisdiction and control of the non-
Federal borrower subject to the terms of the re-
payment agreement.
(b) Existing projects and facilities
Nothing in this subchapter affects the title
of—
(1) reclamation projects authorized prior to
December 22, 2006;
(2) works supplemental to existing reclama-
tion projects; or
(3) works constructed to rehabilitate exist-
ing reclamation projects.
(Pub. L. 109–451, title II, § 207, Dec. 22, 2006, 120
Stat. 3360.)
§ 2427. Water rights
(a) In general
Nothing in this subchapter preempts or affects
State water law or an interstate compact gov-
erning water.
(
Source: Supplied 2024 U.S. Code historical extraction · 43 U.S.C. § 2431
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