The 2-Minute Rule for 2423 loan
The 2-Minute Rule for 2423 loan
Blog Article
The Secretary could waive any of the standards in subsection (a)(2) that the Secretary establishes being duplicative or rendered needless due to an motion previously taken by the United States.
By this sort of day as may very well be laid out in the loan guarantee or similar agreements, the Secretary shall fork out towards the holder of your loan promise the unpaid fascination on, and unpaid principal of, the obligation with regard to which the borrower has defaulted, Unless of course the Secretary finds that there wasn't default through the borrower in the payment of fascination or principal or which the default is remedied.
Any activity performed underneath this subchapter shall be carried out in cooperation having a qualifying non-Federal venture entity, in keeping with this subchapter.
By these kinds of date as can be laid out in the loan promise or related agreements, the Secretary shall pay back on the holder from the loan ensure the unpaid fascination on, and unpaid principal of, the obligation with regard to which the borrower has defaulted, unless the Secretary finds that there wasn't default from the borrower inside the payment of curiosity or principal or that the default is remedied.
(I) if the non-Federal project entity has the aptitude to pay for 100% of the costs linked to the functions, upkeep, and replacement on the facilities created or created as Section of the rural h2o provide task; and
An obligation shall be topic on the issue that the obligation isn't subordinate to other financing.
The Secretary shall comply with State drinking water rules in finishing up this subchapter. Practically nothing in this subchapter has an effect on or preempts State water regulation or an interstate compact governing h2o.
(B) demonstration on the creditworthiness on the job, which include a dedication by the Secretary that any financing with the undertaking has acceptable safety features to make sure repayment;
The Secretary shall coordinate the Program carried out beneath this subchapter with present Federal and State rural h2o and wastewater packages to aid quite possibly the most successful and productive solution to Assembly the h2o requires of the non-Federal job sponsors.
Not later than one calendar year following the day on which the eligibility standards are revealed while in the Federal Register less than area 2422(a) of the title, and every 2 years thereafter, the Secretary shall submit to your Committee on Electrical power and Organic Sources in the Senate plus the Committee on Assets of the House of Associates a report that describes the implementation on the loan assure plan less than part 2423 of the title.
The term "loan assurance" has the meaning given the term "loan guarantee" in portion 661a of title 2.
Any prepayment or refinancing phrases on the read more loan ensure shall be negotiated among the non-Federal borrower plus the lender Using the consent in the Secretary.
(2) plan the look and construction, with the carry out of appraisal investigations and feasibility scientific studies, of rural drinking water source projects in Reclamation States; and
(fifteen) in the case of a project intended for Indian tribes and tribal businesses, the extent to which the job addresses the goal of financial self-sufficiency.