PUBLIC LAW 95-238—FEB. 25, 1978
92 STAT. 63
facility and the applicant may purchase the Federal interest in the modular facility as represented by the Federal share thereof by means of (i) a cash payment to the United States, or (ii) a share of the product or sales resulting from such expanded operation, as determined by the Administrator. If expansion of such facility is determined not to be warranted by the Administrator, he may, at the option of the applicant, dispose of the modular facility to the applicant at not less than fair market value, as determined by the Administrator as of the date of the disposal, or otherwise dispose of it, in accordance with applicable provisions of law, and distribute the net proceeds thereof, after expenses of such disposal, to the applicant in proportion to the applicant's share of the costs of such facility. "(6) To the extent possible, loan guarantees shall be issued on the basis of competitive bidding among guarantee applicants in a particular technology area. "(c) The Administrator, with due regard for the need for competition, shall guarantee or make a commitment to guarantee any obligation under subsection (b) or (y) only if— "(1) the Administrator is satisfied that the financial assistance applied for is necessary to encourage financial participation; "(2) the amount guaranteed to any borrower at any time does Limitation, not exceed— "(A) an amount equal to 75 per centum of the project cost of the demonstration facility as estimated at the time the guarantee is issued, which cost shall not include amounts expended for facilities and equipment used in the extraction of a mineral other than coal or shale, and in the case of coal only to the extent that the Administrator determines that the coal is to be converted to alternative fuel; and "(B) an amount equal to 60 per centum of that portion of the actual total project cost of any demonstration facility which exceeds the project cost of such facility as estimated at the time the loan guarantee is issued; "(3) the Administrator has determined that there will be a continued reasonable assurance of full repayment; "(4) the obligation is subject to the condition that it not be subordinated to any other financing; "(5) the Administrator has determined, taking into consideration all reasonably available forms of assistance under this section and other Federal and State statutes, that the impacts resulting from the proposed demonstration facility have been fully evaluated by the borrower, the Administrator, and the Governor of the affected State, and that effective steps have been taken or will be taken in a timely manner to finance community planning and development costs resulting from such facility under this section, under other provisions of law, or by other means; "(6) the maximum maturity of the obligation does not exceed Maturity twenty years, or 90 per centum of the projected useful economic limitation. life of the physical assets of the demonstration facility covered by the guarantee, whichever is less, as determined by the Administrator; "(7) the Administrator has determined that, in the case of any Facilities on demonstration or modular facility planned to be located on Indian lands, Indian lands, the appropriate Indian tribe, wuth the approval tribal consent. of the Secretary of the Interior, has given written consent to such location;
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