(b) AUTHORITY TO BORROW.—
(1) IN GENERAL.—Subject to paragraphs (2),
(3), and (4), and notwithstanding any other provi-
sion of law, the Secretary may borrow from the
Treasury such funds as the Secretary determines to
be necessary to make loans under this section.
(2) AMOUNTS.—The Secretary may borrow
funds under paragraph (1) if amounts sufficient to
pay for the cost, as defined in section 502(5) of the
Congressional Budget Act of 1974 (2 U.S.C.
661a(5)), of the loan involved are provided in ad-
vance in appropriation Acts.
(3) TERMS.—Subject to paragraph (4), the Sec-
retary may borrow the funds on such terms as may
be established by the Secretary and the Secretary of
the Treasury.
(4) INTEREST.—The rate of interest to be
charged in connection with a loan made under para-
graph (1) shall be not less than a rate determined
by the Secretary of the Treasury, taking into consid-
eration current market yields on outstanding mar-
ketable obligations of the United States of com-
parable maturities.
SEC. 414. FACILITY.
Each facility referred to in section 413—
(1) shall produce electric power, or steam, from
solid waste;
(2) shall have 2 boilers and be capable of ex-
pansion;
(3) shall be located in a distressed urban area
in the United States;
(4) shall provide electricity or steam to energy
intensive industry customers at no more than 40
percent of the market rate for electricity;
(5) may provide electricity to public entities or
light industry, but not to residential consumers; and
(6) shall obtain a continuing supply of feed-
stock sufficient to sustain maximum operational ca-
pability through long-term contracts with municipal
and other governmental sources.
SEC. 415. REINVESTMENT OF SAVINGS.
(a) IN GENERAL.—Any energy intensive industry
customer obtaining electricity or steam from the facility
described in section 414 shall—
(1) invest in equipment, physical plant, or in-
creased employment at least 7 percent of the saving
gained by such customer; and
(2) from the saving gained by such customer,
make payments to the Secretary, in an amount de-
termined by the Secretary to be appropriate, to as-
sist in repaying the funds borrowed by the Secretary
under section 413 and the costs associated with bor-
rowing the funds.
(b) DEFINITION.—As used in this section, the term
‘‘saving’’, used with respect to a customer obtaining elec-
tricity or steam from a facility described in section 414,
means an amount equal to—
(1) the cost of obtaining an amount of such
electricity or steam from other sources during a pe-
riod of time; minus
(2) the cost of obtaining the same amount of
such electricity or steam from the facility during
such period.
SEC. 416. REPORT TO CONGRESS.
(a) REPORT.—Not later than 1 year after the facili-
ties described in section 414 become fully operational, the
Secretary shall prepare and submit to Congress a report
containing a recommendation concerning whether the Fed-
eral Government should make additional loans similar to
the loans authorized by this subtitle.
(b) ANALYSIS.—Such recommendation shall be based
on analysis of the Secretary concerning whether the loans
made under this subtitle have resulted in—
(1) the creation of jobs in the communities in
which the facilities are located due to the relocation
of energy intensive industry;
(2) the effective disposal of solid waste; and
(3) easier and less expensive production of elec-
tricity and steam.
Æ
HR 1297 IH——2