30 U.S.C. § 1501 — Congressional statement of findings

Page 341 TITLE 30—MINERAL LANDS AND MINING § 1511 1 See References in Text note below. 1 See References in Text note below. § 1473. Revenue and customs or tariff treatment of deep seabed mining unaffected Except as otherwise provided in sections 4495 to 4498 1 of title 26, nothing in this chapter shall affect the application of title 26. Nothing in this chapter shall affect the application of the cus- toms or tariff laws of the United States. (Pub. L. 96–283, title IV, § 404, June 28, 1980, 94 Stat. 586; Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095.) Editorial Notes REFERENCES IN TEXT Sections 4495 to 4498 of title 26, referred to in text, were in the original ‘‘section 402’’, meaning section 402 of Pub. L. 96–283, title IV, June 28, 1980, 94 Stat. 582, which enacted sections 4495 to 4498 of Title 26, Internal Revenue Code, and enacted a provision set out as a note under section 4495 of Title 26. Sections 4495 to 4498 of title 26 were repealed by Pub. L. 105–34, title XIV, § 1432(b)(1), Aug. 5, 1997, 111 Stat. 1050. This chapter, referred to in text, was in the original ‘‘this Act’’, meaning Pub. L. 96–283, June 28, 1980, 94 Stat. 553, known as the Deep Seabed Hard Mineral Re- sources Act, which is classified principally to this chapter (§ 1401 et seq.). For complete classification of this Act to the Code, see Short Title note set out under section 1401 of this title and Tables. CODIFICATION Section was enacted as part of title IV of Pub. L. 96–283, and not as part of title III of Pub. L. 96–283 which comprises this subchapter. AMENDMENTS 1986—Pub. L. 99–514 substituted ‘‘Internal Revenue Code of 1986’’ for ‘‘Internal Revenue Code of 1954’’, which for purposes of codification was translated as ‘‘title 26’’ thus requiring no change in text. CHAPTER 27—GEOTHERMAL ENERGY Sec. 1501. Congressional statement of findings. SUBCHAPTER I—PROJECT LOANS 1511. Loans for geothermal reservoir confirmation. 1512. Loan size limitation. 1513. Loan interest rates; repayment periods. 1514. Program termination. 1515. Regulations. 1516. Authorizations. SUBCHAPTER II—STUDY, ESTABLISHMENT, AND IMPLEMENTATION OF INSURANCE PROGRAM 1521. Reservoir insurance program study. 1522. Establishment of program. SUBCHAPTER III—ESTABLISHMENT OF ASSISTANCE PROGRAM 1531. Feasibility study loan program. SUBCHAPTER IV—FEDERAL FACILITIES 1541. Use of geothermal energy in Federal facili- ties. 1542. Regulations. § 1501. Congressional statement of findings The Congress finds that— (1) domestic geothermal reserves can be de- veloped into regionally significant energy sources promoting the economic health and national security of the Nation; (2) there are institutional and economic bar- riers to the commercialization of geothermal technology; and (3) Federal agencies should consider the use of geothermal energy in the Government’s buildings. (Pub. L. 96–294, title VI, § 602, June 30, 1980, 94 Stat. 763.) Statutory Notes and Related Subsidiaries SHORT TITLE Pub. L. 96–294, title VI, § 601, June 30, 1980, 94 Stat. 763, provided that: ‘‘This title [enacting this chapter and sections 1146 and 1147 of this title and amending sections 1141 and 1143 of this title and sections 796, 824a–3, 824i, and 824j of Title 16, Conservation] may be cited as the ‘Geothermal Energy Act of 1980’.’’ SUBCHAPTER I—PROJECT LOANS § 1511. Loans for geothermal reservoir confirma- tion (a) Authorization; purposes The Secretary of Energy (hereafter in this chapter referred to as the ‘‘Secretary’’) is au- thorized to make a loan to any person, from funds appropriated (pursuant to this subchapter) to the Geothermal Resources Development Fund established under section 1144 1 of this title, to assist such person in undertaking and carrying out a project which (1) is designed to explore for or determine the economic viability of a geo- thermal reservoir and (2) consists of surface ex- ploration and the drilling of one or more explor- atory wells. (b) Repayment rates Subject to subsection (c) and to section 1513(b) of this title, any loan under subsection (a) shall be repayable out of revenue from production of the geothermal energy reservoir with respect to which the loan was made, at a rate, in any year, not to exceed 20 per centum of the gross revenue from the reservoir in that year; except that if any disposition of the geothermal rights to the reservoir is made to one or more other persons by the borrower, the full amount of the loan bal- ance outstanding, or so much of the loan bal- ance outstanding as is equal to the full amount of the compensation realized by the borrower upon such disposition, whichever is less, shall be repaid immediately. In any case where the res- ervoir is confirmed (as determined by the Sec- retary), the Secretary may impute a reasonable revenue for purposes of determining repayment if— (1) reasonable efforts are not made to put such reservoir in commercial operation, (2) the borrower (or any such other person) utilizes the resources of the reservoir without a sale of the energy or geothermal energy re- sources therefrom, or (3) a sale of energy or geothermal energy re- sources from the reservoir is made for an un- reasonably low price; except that no such imputation of revenue shall be made during the three-year period imme- diately following such reservoir confirmation. In