§2704. Loan rates and repayment

(a) Interest

Each loan made pursuant to this chapter shall bear interest at the discount or interest rate used at the time the loan is made for water resources planning projects under section 1962d–17 of title 42. Each such loan shall be for such term, as the Secretary deems appropriate, but not in excess of-

(1) 10 years (in the case of a loan under section 2702 of this title) or

(2) 30 years (in the case of a loan under section 2703 of this title).

(b) Repayments

Amounts repaid on loans made pursuant to this chapter shall be deposited into the United States Treasury as miscellaneous receipts.

( Pub. L. 95–617, title IV, §404, Nov. 9, 1978, 92 Stat. 3155 .)

Editorial Notes

References in Text

In subsec. (a), "section 1962d–17 of title 42" was in the original "section 80 of the Water Resources Development Act of 1974 (42 U.S.C. 1962–17(a))".

The Secretary, referred to in subsec. (a), means the Secretary of Energy, see section 2602(14) of this title.