Source: http://www.law.cornell.edu/uscode/text/42/5184?qt-us_code_tabs=1
Timestamp: 2014-09-02 17:16:47
Document Index: 83597270

Matched Legal Cases: ['§ 5184', '§ 5184', '§ 5184', '§ 417', '§ 414', '§ 417', '§ 106', '§ 207', '§ 608', '§ 5', '§ 207', '§ 207', '§ 207', '§ 207']

42 U.S. Code § 5184 - Community disaster loans | LII / Legal Information Institute
U.S. Code › Title 42 › Chapter 68 › Subchapter IV › § 5184 42 U.S. Code § 5184 - Community disaster loans
In general The President is authorized to make loans to any local government which may suffer a substantial loss of tax and other revenues as a result of a major disaster, and has demonstrated a need for financial assistance in order to perform its governmental functions.
Amount The amount of any such loan shall be based on need, shall not exceed—
25 percent of the annual operating budget of that local government for the fiscal year in which the major disaster occurs, and shall not exceed $5,000,000; or
if the loss of tax and other revenues of the local government as a result of the major disaster is at least 75 percent of the annual operating budget of that local government for the fiscal year in which the major disaster occurs, 50 percent of the annual operating budget of that local government for the fiscal year in which the major disaster occurs, and shall not exceed $5,000,000.
Cancellation Repayment of all or any part of such loan to the extent that revenues of the local government during the three full fiscal year period following the major disaster are insufficient to meet the operating budget of the local government, including additional disaster-related expenses of a municipal operation character shall be cancelled.
Condition on continuing eligibility A local government shall not be eligible for further assistance under this section during any period in which the local government is in arrears with respect to a required repayment of a loan under this section.
Effect on other assistance Any loans made under this section shall not reduce or otherwise affect any grants or other assistance under this chapter.
(Pub. L. 93–288, title IV, § 417, formerly § 414(a), (b),May 22, 1974, 88 Stat. 158; renumbered § 417,Pub. L. 100–707, title I, § 106(j),Nov. 23, 1988, 102 Stat. 4705; Pub. L. 106–390, title II, § 207,Oct. 30, 2000, 114 Stat. 1571; Pub. L. 109–347, title VI, § 608,Oct. 13, 2006, 120 Stat. 1942.)
This chapter, referred to in subsec. (d), was in the original “this Act”, meaning Pub. L. 93–288, May 22, 1974, 88 Stat. 143. For complete classification of this Act to the Code, see Short Title note set out under section 5121 of this title and Tables.
Prior to renumbering as section 417, section 414 of Pub. L. 93–288contained a subsec. (c) which was repealed by Pub. L. 97–258, § 5(b),Sept. 13, 1982, 96 Stat. 1082.
A prior section 417 ofPub. L. 93–288was renumbered section 420 by Pub. L. 100–707and is classified to section 5187 of this title.
2006—Subsec. (b). Pub. L. 109–347substituted “exceed—
for “exceed 25 per centum” and “; or” for period at end and added par. (2).
2000—Pub. L. 106–390, § 207(1)–(3), designated first sentence of subsec. (a) assubsec. (a) and inserted subsec. heading, designated second sentence of subsec. (a) assubsec. (b) and inserted subsec. heading, and designated third sentence of subsec. (a) assubsec. (c)(1) and inserted subsec. and par. headings. Former subsec. (b) redesignated (d).
Subsec. (b). Pub. L. 106–390, § 207(5), substituted “shall not exceed” for “and shall not exceed” and inserted before period at end “, and shall not exceed $5,000,000”.
Subsec. (c)(2). Pub. L. 106–390, § 207(6), added par. (2).
Subsec. (d). Pub. L. 106–390, § 207(4), redesignatedsubsec. (b) as (d) and inserted subsec. heading.