42 U.S.C. § 18715 | Transmission facility financing

(a)

Appropriation

September 30, 2030ProvidedSeptember 30, 2031In addition to amounts otherwise available, there is appropriated to the Secretary for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $2,000,000,000, to remain available through , to carry out this section: , That the Secretary shall not enter into any loan agreement pursuant to this section that could result in disbursements after .

(b)

Use of funds

section 824p(a) of title 16The Secretary shall use the amounts made available by subsection (a) to carry out a program to pay the costs of direct loans to non-Federal borrowers, subject to the limitations that apply to loan guarantees under section 50141(d) and under such terms and conditions as the Secretary determines to be appropriate, for the construction or modification of electric transmission facilities designated by the Secretary to be necessary in the national interest under .

(c)

Loans

A direct loan provided under this section—

(1)

shall have a term that does not exceed the lesser of—

(A)

90 percent of the projected useful life, in years, of the eligible transmission facility; and

(B)

30 years;

(2)

shall not exceed 80 percent of the project costs; and

(3)

shall, on first issuance, be subject to the condition that the direct loan is not subordinate to other financing.

(d)

Interest rates

A direct loan provided under this section shall bear interest at a rate determined by the Secretary, taking into consideration market yields on outstanding marketable obligations of the United States of comparable maturities as of the date on which the direct loan is made.

(e)

Definition of direct loan

section 661a of title 2In this section, the term “direct loan” has the meaning given the term in .

Pub. L. 117–169, title V, § 50151Aug. 16, 2022136 Stat. 2046 (, , .)

Editorial Notes

References in Text

section 50141(d) of Pub. L. 117–169Aug. 16, 2022136 Stat. 2043 Section 50141(d), referred to in subsec. (b), is , title V, , , which is not classified to the Code.

Codification

Pub. L. 117–169 Pub. L. 117–58Section was enacted as part of , and not as part of div. D of , which enacted this chapter.

Statutory Notes and Related Subsidiaries

Definition of “Secretary”

section 50111 of Pub. L. 117–169 section 17113b of this title“Secretary” means the Secretary of Energy, see , set out as a note under .