§ 1513. — Loan interest rates; repayment periods.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 30USC1513]
TITLE 30--MINERAL LANDS AND MINING
CHAPTER 27--GEOTHERMAL ENERGY
SUBCHAPTER I--PROJECT LOANS
Sec. 1513. Loan interest rates; repayment periods
(a) Each loan made under section 1511 of this title shall bear
interest at a discount or interest rate equal to the rate in effect (at
the time the loan is made) for water resources planning projects under
section 80 of the Water Resources Development Act of 1974 (42 U.S.C.
1962(d)-17(a)).\1\
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\1\ So in original. Should be ``(42 U.S.C. 1962d-17(a)).''
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(b) Each such loan shall be for a term which the Secretary deems
appropriate, except that no loan term shall exceed twenty years beyond
the date on which production of energy or geothermal energy resources
begins from the reservoir involved. If revenues are inadequate (as
determined by the Secretary) to fully repay the principal and accrued
interest within twenty years after production begins, any remaining
unpaid amounts shall be forgiven.
(Pub. L. 96-294, title VI, Sec. 613, June 30, 1980, 94 Stat. 764.)
Section Referred to in Other Sections
This section is referred to in section 1511 of this title.
