Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53704&num=0&edition=prelim
Timestamp: 2020-01-25 13:19:32
Document Index: 749545349

Matched Legal Cases: ['§ 53704', '§8', '§3507', '§3522', '§1103', '§46', '§1', '§3', '§1', '§30', '§3', '§3', '§5', '§5', '§203', '§220', '§1606', '§425', '§1356', '§3528', '§1103', '§13', '§3528', '§3522', '§3507', '§3507', '§3522']

[USC02] 46 USC 53704: Funding limits
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46 USC 53704: Funding limits Text contains those laws in effect on January 24, 2020
(a) General Limitations.-The total unpaid principal amount of obligations guaranteed under this chapter and outstanding at one time may not exceed $12,000,000,000. Of that amount-
(b) Additional Limitations.-Additional limitations may not be imposed on new commitments to guarantee loans for any fiscal year, except in amounts established in advance by annual authorization laws. A vessel eligible for a guarantee under this chapter may not be denied eligibility because of its type.
(c) Limits Based on Risk Factors.-
(1) Definition.-In this subsection, the term "cost" has the meaning given that term in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a).
(2) System of risk categories.-The Secretary or Administrator shall-
(3) Use of system.-
(A) Placing obligation in category.-Before making a guarantee under this chapter for an obligation, and annually for projects subject to a guarantee, the Secretary or Administrator shall apply the risk factors specified in paragraph (4) to place the obligation in a risk category established under paragraph (2).
(B) Reduction of available amount.-The Secretary or Administrator shall consider the total amount available to the Secretary or Administrator for making guarantees under this chapter to be reduced by the amount determined by multiplying-
(C) Estimated cost.-The estimated cost to the United States Government of a guarantee under this chapter for an obligation is deemed to be the amount determined under subparagraph (B) for the obligation.
(D) Restriction on further guarantees.-The Secretary or Administrator may not guarantee obligations under this chapter after the total amount available to the Secretary or Administrator under appropriations laws for the cost of loan guarantees is considered to be reduced to zero under subparagraph (B).
(4) Risk factors.-The risk factors referred to in this subsection are-
( Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1604 ; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(C), Jan. 6, 2006, 119 Stat. 3555 ; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598 .)
53704(a) 46 App.:1273(f) (1st sentence). June 29, 1936, ch. 858, title XI, §1103(f), as added June 23, 1938, ch. 600, §46, 52 Stat. 969 ; Aug. 15, 1953, ch. 513, §1, 67 Stat. 626 ; Sept. 3, 1954, ch. 1265, §3, 68 Stat. 1268 ; June 25, 1956, ch. 438, 70 Stat. 332 ; Aug. 7, 1956, ch. 1026, §1(a), (c), (d), 70 Stat. 1087 ; Pub. L. 91–469, §30, Oct. 21, 1970, 84 Stat. 1035 ; restated Pub. L. 92–507, §3, Oct. 19, 1972, 86 Stat. 910 ; Pub. L. 93–70, §3, July 10, 1973, 87 Stat. 168 ; Pub. L. 94–127, §5, Nov. 13, 1975, 89 Stat. 681 ; Pub. L. 95–298, §5, June 26, 1978, 92 Stat. 340 ; Pub. L. 96–320, title II, §203(b)(1), Aug. 3, 1980, 94 Stat. 994 ; Pub. L. 96–561, title II, §220(2), Dec. 22, 1980, 94 Stat. 3292 ; Pub. L. 97–35, title XVI, §1606(a), (b), Aug. 13, 1981, 95 Stat. 752 ; Pub. L. 97–424, title IV, §425, Jan. 6, 1983, 96 Stat. 2167 ; Pub. L. 103–160, title XIII, §1356(2)(A), Nov. 30, 1993, 107 Stat. 1812 ; Pub. L. 108–136, title XXXV, §3528(b), Nov. 24, 2003, 117 Stat. 1802 .
53704(c) 46 App.:1273(h). June 29, 1936, ch. 858, title XI, §1103(h), as added Pub. L. 104–239, §13(a), Oct. 8, 1996, 110 Stat. 3134 ; Pub. L. 108–136, title XXXV, §3528(b), Nov. 24, 2003, 117 Stat. 1802 .
2008-Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(C). See 2006 Amendment note below.
2006-Pub. L. 109–163, §3507(a)(1)(C), which directed the amendment of section 1273(h) of the former Appendix to this title from which subsec. (c) of this section was derived, was repealed by Pub. L. 110–181, §3522(b). See 2008 Amendment note for subsec. (c) and Historical and Revision notes above.