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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Emerald Ash Borer Municipality
Assistance Act of 2007''.

SEC. 2. EMERALD ASH BORER REVOLVING LOAN FUND.

(a) Definitions.--In this section:
(1) Authorized equipment.--
(A) In general.--The term ''authorized equipment''
means any equipment necessary for the management of
forest land.
(B) Inclusions.--The term ''authorized equipment''
includes--
(i) cherry pickers;
(ii) equipment necessary for--
(I) the construction of staging and
marshalling areas;
(II) the planting of trees; and
(III) the surveying of forest land;
(iii) vehicles capable of transporting
harvested trees;
(iv) wood chippers; and
(v) any other appropriate equipment, as
determined by the Secretary.
(2) Fund.--The term ''Fund'' means the Emerald Ash Borer
Revolving Loan Fund established by subsection (b).
(3) Secretary.--The term ''Secretary'' means the Secretary
of Agriculture, acting through the Deputy Chief of the State
and Private Forestry organization.
(b) Establishment of Fund.--There is established in the Treasury of
the United States a revolving fund, to be known as the ''Emerald Ash
Borer Revolving Loan Fund'', consisting of such amounts as are
appropriated to the Fund under subsection (f).
(c) Expenditures From Fund.--
(1) In general.--Subject to paragraph (2), on request by
the Secretary, the Secretary of the Treasury shall transfer
from the Fund to the Secretary such amounts as the Secretary
determines are necessary to provide loans under subsection (e).
(2) Administrative expenses.--An amount not exceeding 10
percent of the amounts in the Fund shall be available for each
fiscal year to pay the administrative expenses necessary to
carry out this section.
(d) Transfers of Amounts.--
(1) In general.--The amounts required to be transferred to
the Fund under this section shall be transferred at least
monthly from the general fund of the Treasury to the Fund on
the basis of estimates made by the Secretary of the Treasury.
(2) Adjustments.--Proper adjustment shall be made in
amounts subsequently transferred to the extent prior estimates
were in excess of or less than the amounts required to be
transferred.
(e) Uses of Fund.--
(1) Loans.--
(A) In general.--The Secretary shall use amounts in
the Fund to provide loans to eligible units of local
government to finance purchases of authorized equipment
to monitor, remove, dispose of, and replace infested
trees that are located--
(i) on land under the jurisdiction of the
eligible units of local government; and
(ii) within the borders of quarantine areas
infested by the emerald ash borer.
(B) Maximum amount.--The maximum amount of a loan
that may be provided by the Secretary to an eligible
unit of local government under this subsection shall be
the lesser of--
(i) the amount that the eligible unit of
local government has appropriated to finance
purchases of authorized equipment to monitor,
remove, dispose of, and replace infested trees
that are located--
(I) on land under the jurisdiction
of the eligible unit of local
government; and
(II) within the borders of a
quarantine area infested by the emerald
ash borer; or
(ii) $5,000,000.
(C) Interest rate.--The interest rate on any loan
made by the Secretary under this paragraph shall be a
rate equal to 2 percent.
(D) Report.--Not later than 180 days after the date
on which an eligible unit of local government receives
a loan provided by the Secretary under subparagraph
(A), the eligible unit of local government shall submit
to the Secretary a report that describes each purchase
made by the eligible unit of local government using
assistance provided through the loan.
(2) Loan repayment schedule.--
(A) In general.--To be eligible to receive a loan
from the Secretary under paragraph (1), in accordance
with each requirement described in subparagraph (B), an
eligible unit of local government shall enter into an
agreement with the Secretary to establish a loan
repayment schedule relating to the repayment of the
loan.
(B) Requirements relating to loan repayment
schedule.--A loan repayment schedule established under
subparagraph (A) shall require the eligible unit of
local government--
(i) to repay to the Secretary of the
Treasury, not later than 1 year after the date
on which the eligible unit of local government
receives a loan under paragraph (1), and
semiannually thereafter, an amount equal to the
quotient obtained by dividing--
(I) the principal amount of the
loan (including interest); by
(II) the total quantity of payments
that the eligible unit of local
government is required to make during
the repayment period of the loan; and
(ii) not later than 20 years after the date
on which the eligible unit of local government
receives a loan under paragraph (1), to
complete repayment to the Secretary of the
Treasury of the loan made under this section
(including interest).
(f) Authorization of Appropriations.--There are authorized to be
appropriated to the Fund such sums as are necessary to carry out this
section.

SEC. 3. COOPERATIVE AGREEMENTS RELATING TO EMERALD ASH BORER PREVENTION
ACTIVITIES.

Any cooperative agreement entered into after the date of enactment
of this Act between the Secretary of Agriculture and a State relating
to the prevention of emerald ash borer infestation shall allow the
State to provide any cost-sharing assistance or financing mechanism
provided to the State under the cooperative agreement to a unit of
local government of the State that--
(1) is engaged in any activity relating to the prevention
of emerald ash borer infestation; and
(2) is capable of documenting each emerald ash borer
infestation prevention activity generally carried out by--
(A) the Department of Agriculture; or
(B) the State department of agriculture that has
jurisdiction over the unit of local government.
Output:
Emerald Ash Borer Municipality Assistance Act of 2007 - Establishes in the Treasury the Emerald Ash Borer Revolving Loan Fund.

Directs the Secretary of Agriculture to use Fund amounts for loans to eligible local government units for purchases of equipment to monitor, dispose of, and replace infested trees on local government land within quarantine areas infested by the emerald ash borer.