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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Environmentally Advanced
Technologies Research and Development Act''.

SECTION 2. FINANCIAL ASSISTANCE FOR TECHNOLOGY ADAPTATION TO
PROMOTE EXPORTS.

(a) Establishment.--There is established a revolving fund to be
known as the Environmental Technology Export Revolving Fund for the
purpose of providing financial assistance for the adaptation and
demonstration of United States environmental technologies to enhance
exports to major international markets.
(b) Forms of Financial Assistance.--To carry out this section, the
Secretary of Commerce may, to the extent provided in appropriations
Acts, use the Fund for the purpose of making loans, loan guarantees, or
other forms of financial assistance to United States companies,
independent research centers, institutions of higher education, and
other organizations the Secretary considers appropriate.
(c) Priorities.--In providing financial assistance under this
section, the Secretary of Commerce shall give priority to environmental
technologies--
(1) that require modifications through further research and
development to enable commercialization in international
markets;
(2) that have substantial potential for use in export
markets; and
(3) for which substantial manufacture will remain in the
United States.
(d) Operating Plan.--Not later than January 1, 1995, the Secretary
of Commerce shall submit to the Congress an operating plan to carry out
this section. The plan shall contain a description of coordination
efforts with other sources of export finance assistance, including the
Agency for International Development and the Overseas Private
Investment Corporation, and an evaluation of alternative approaches to
carrying out this section (including priorities referred to in
subsection (c)). The Secretary shall develop recommendations, as
appropriate, to carry out this section in the most effective and
efficient manner achievable. The recommendations shall include a
description of the system of evaluation used under this subsection.
(e) Terms and Conditions for Financial Assistance.--
(1) Limitation on project amount.--Loans, loan guarantees,
and other forms of financial assistance made under this section
shall be in such form and under such terms and conditions as
the Secretary of Commerce may prescribe by regulation. The
amount of assistance provided under this section for a project
may not exceed 50 percent of the total eligible project costs.
The term ''total eligible project costs'' shall be defined by
the Secretary of Commerce by regulation.
(2) Limitation on total cost.--Financial assistance under
this section shall be made under such terms and conditions as
are necessary to ensure that the cost of carrying out this
section shall not exceed 15 percent of the corresponding credit
authority to carry out this section. For purposes of this
paragraph--
(A) the term ''cost'' has the meaning given such
term in section 502(5) of the Federal Credit Reform Act
of 1990 (2 U.S.C. 661a); and
(B) the term ''credit authority'' has the meaning
given such term in section 3(10) of the Congressional
Budget Act of 1974 (2 U.S.C. 622(10)).
(f) Repayment.--Repayment on loans made under this section and the
proceeds from any other agreement entered into by the Secretary of
Commerce under this section shall be credited to the Fund. A loan or
loan guarantee agreement under this section may, at the discretion of
the Secretary of Commerce, include a requirement--
(1) that a portion of any royalties received in connection
with a technology developed with financial assistance under
this section be paid to the United States; and
(2) in any case in which the technology is used by the
recipient of such financial assistance for the production and
sale of goods, that a payment equal to the amount paid under
paragraph (1) in connection with the technology be paid to the
United States.
(g) Interest.--Interest on a loan, or portion of a loan, awarded or
guaranteed by the Federal Government under this section shall be at a
rate determined by the Secretary of the Treasury, at the time such loan
is made, to equal the then current average market yield on outstanding
debt obligations of the United States with remaining periods to
maturity comparable to the maturity of such loan, plus an additional
charge of up to 1 percent applied by the Secretary of Commerce to cover
expected defaults and reasonable administrative costs of carrying out
this section. For purposes of this section, the term ''default'' shall
be defined by the Secretary of Commerce by regulation.
(h) Management of the Fund.--The Secretary of Commerce shall manage
the Fund and shall annually submit to the Congress a report on the
financial condition and the results of operation of the Fund during the
preceding fiscal year.
(i) Technical Assistance.--The Secretary of Commerce shall, upon
request, provide technical assistance and services, as appropriate and
needed, to awardees under this section and shall ensure that awardees
have ready access to such assistance. The Secretary may charge fees for
technical assistance and services. The Secretary may waive such fees on
a case-by-case basis. Fees paid to the United States under this section
shall be deposited in the revolving fund.
(j) Coordination With Other Federal Activities.--The Secretary of
Commerce shall, to the maximum extent practicable, coordinate the
activities under this section with similar Federal activities to avoid
unnecessary duplication of effort.
(k) Outreach to Economically Depressed Areas.--The Secretary of
Commerce shall seek to ensure that qualified business concerns located
in areas determined by the Secretary to have a depressed economy, or a
significant concentration of defense-related industries, or chronically
high unemployment, are notified of the availability of financial
assistance under this section and, to the extent practicable, to
encourage and facilitate the participation of such qualified business
concerns in activities for which financial assistance in provided under
this section.
Environmentally Advanced Technologies Research and Development Act - Establishes the Environmental Technology Export Revolving Fund to provide financial assistance for the adaptation and demonstration of U.S. environmental technologies to enhance exports to major international markets.