‘‘(3) The term ‘intended use’ means the pur-
poses for which the infrastructure improvements 
were made. 
‘‘(4) The term ‘shovel ready’ means, with re-
spect to a project, that construction of the project— 
‘‘(A) has begun as of the date of the enact-
ment of this section; or 
‘‘(B) is ready (subject only to the receipt 
of permits) to begin, and will begin, not later 
than 90 days after such date. 
‘‘(c) APPLICATION; QUALIFICATIONS; TERMS
OF 
LOANS.— 
‘‘(1) IN GENERAL.—No loan may be provided 
under this section to a qualifying cancer center ex-
cept pursuant to an application that is submitted 
and approved in a time, manner, and form specified 
by the Secretary. 
‘‘(2) QUALIFICATIONS.—A loan may not be pro-
vided under this section for a project for a qualifying 
cancer center unless the applicant provides assur-
ances satisfactory to the Secretary that— 
‘‘(A) the project is a project for the im-
provement of research, prevention, or patient 
care infrastructure of the center; 
‘‘(B) the project is shovel ready; 
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‘‘(C) the applicant will use the facility im-
proved or resulting from the project for its in-
tended use for a period of at least 20 years 
after completion of the project and has suffi-
cient funds available to demonstrate effective 
use of such facility for its intended use; 
‘‘(D) sufficient funds will be available to 
meet the non-Federal share of the cost of the 
infrastructure improvement; and 
‘‘(E) the proposed infrastructure improve-
ment will expand the applicant’s capacity for 
research, prevention or patient care, or is nec-
essary to improve or maintain the quality of the 
applicant’s research, prevention, or patient care. 
‘‘(3) NO FURTHER REQUIREMENTS.—The Sec-
retary shall not promulgate any further require-
ments or restrictions on a qualifying cancer center 
to obtain assistance under this section other than 
those specified in this section. 
‘‘(4) TERMS OF LOANS.— 
‘‘(A) IN GENERAL.—Loans under this sec-
tion shall be made consistent with the require-
ments of this section. 
‘‘(B) INTEREST RATE.—The interest rate 
for loans provided under this section shall be at 
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lowest of the following (as published or deter-
mined, as the case may be, as of the date of the 
enactment of this section): 
‘‘(i) PRIME RATE.—The bank prime 
loan rate posted by a majority of the larg-
est 25 United States chartered commercial 
banks, as determined based on assets in 
domestic offices and as published by the 
Board of Governors of the Federal Reserve 
System. 
‘‘(ii) MINIMUM
FEDERAL
INTEREST 
RATE.—The minimum annual rate of in-
terest determined under section 3717(a) of 
title 31, United States Code. 
‘‘(iii) 
MUNICIPAL
MARKET
DATA 
RATE.—The 
Municipal 
Market 
Data 
(MMD) rate for triple-A rated bonds with 
a 1-year maturity, as published by Thom-
son Financial Services. 
‘‘(C) LIMITATIONS ON LOANS.—The max-
imum, aggregate amount of loans that may be 
made under this section (and for which reim-
bursement may be provided under subsection 
(d)(2)) for a qualifying cancer center is 75 per-
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cent of the total project costs, but not to ex-
ceed— 
‘‘(i) $100,000,000 for a qualifying 
cancer center described in subsection 
(b)(1)(B); or 
‘‘(ii) $50,000,000 for any other quali-
fying cancer center. 
‘‘(d) 
FORGIVENESS; 
REIMBURSEMENT
ALTER-
NATIVE.— 
‘‘(1) IN GENERAL.—The Secretary may forgive 
repayment of a loan under this section to a quali-
fying cancer center described in subsection (b)(1)(B) 
if the center submits to the Secretary a written re-
quest for loan forgiveness under this paragraph and 
demonstrates that under the project for which the 
loan was made the center— 
‘‘(A) has made reasonable depth and 
breadth of research activities in each of the 
three major areas of laboratory research, clin-
ical research, and population-based research, 
with substantial transdisciplinary research that 
bridges these scientific areas; 
‘‘(B) has initiated and conducted investi-
gator-initiated, early phase, innovative clinical 
trials; and 
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‘‘(C) has performed community service, 
outreach, dissemination, and education and 
training of biomedical researchers and health 
care professionals. 
‘‘(2) ALTERNATIVE
OF
REIMBURSEMENT
OF 
OTHER LOANS.—The Secretary shall establish an al-
ternative to making a loan and providing loan for-
giveness under paragraph (1) under which a quali-
fying cancer center may elect to obtain a loan from 
a source other than under this section, and, in the 
event that it would otherwise qualify for loan for-
giveness under paragraph (1), the Secretary shall 
provide for reimbursement for the amount of such 
loan. 
‘‘(e) FUNDING.— 
‘‘(1) IN GENERAL.—To carry out this section, 
there are appropriated out of amounts in the Treas-
ury not otherwise appropriated, $900,000,000. 
‘‘(2) ADMINISTRATIVE COSTS.—For the admin-
istration of this section, Secretary may not use more 
than $1,000,000 from the funds made available 
under paragraph (1) for fiscal years 2012 through 
2014. 
‘‘(3) 
AVAILABILITY.—Amounts 
appropriated 
under this section shall be available for obligation 
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and obligated during the period beginning on Octo-
ber 1, 2011, and ending on September 30, 2014. 
‘‘(f) REPORT TO CONGRESS.—Not later than 3 years 
after the date of the enactment of this section, the Sec-
retary shall submit to Congress a report on the projects 
for which loans are provided under this section (or reim-
bursement is provided under subsection (d)(2)) and a rec-
ommendation as to whether the Congress should authorize 
the Secretary to continue loans under this section beyond 
fiscal year 2014.’’. 
Æ 
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