Page:United States Statutes at Large Volume 106 Part 6.djvu/141

This page needs to be proofread.


PUBLIC LAW 102-575—OCT. 30, 1992 106 STAT. 4699 of the Federal Government as lender and not from the perspective of a third party purchasing the loan on the open market. (e) TAX-EXEMPT FINANCING. —If the borrower or purchaser of the loan has access to tax-exempt financing (including, but not limited to, tax-exempt bonds, tax-exempt cash reserves, and cash and loans of any kind from any tax-exempt entity) to finance the transaction, and if the Office of Management and Budget grants the Secretary the right to conduct such a transaction, then the interest rate by which the Secretary discounts the remaining pay- ments due on the loan shall be adjusted by an amount that compensates the Federal (jovernment for the direct or indirect loss of future tax revenues. (f) LIMIT ON INTEREST RATE.— Notwithstanding any other provision in this title, the interest rate shall not exceed a composite interest rate consisting of the current market yield on Treasury securities of comparable maturities. (g) APPROVAL.—The Secretary shall obtain approval from the Secretary of the Treasury and the Director of the Office of Management and Budget of the final terms of any prepayment made pursuant to this title. (h) TERMINATION OF AUTHORITY. —The authority granted by this title to sell loans shall terminate two years softer the date of enactment of this Act: Provided, That the borrower shall have at least sixty days to respond to any prepayment offer made by the Secretary. (i) TITLE TO PROJECT FACILITIES. — Notwithstanding any pay- ments made by the District pursuant to this section or pursuant to any contract with the Secretary, title to the project facilities shall remain with the United States. (j) DEFINITIONS. —For the purposes of this section— (1) the term "city" means the city of Frederick, Oklahoma; the city of Snyder, Oklahoma; or the city of Altus, Oklahoma; (2) the term "District" means the Mountain Park Master Conservancy District of Moimtain Park, Okleihoma; (3) the term "project" means the Mountain Park Project, Oklahoma; and (4) the term "Secretary" means the Secretary of the Interior. . SEC. 3102. RESCHEDULE OF REPAYMENT OBLIGATION. (a) The Secretary shall conduct appropriate investigations regarding the ability of the District to meet its repayment obligation. (b) If the Secretary finds that the District does not have the ability to pay its repayment obligation, then the Secretary shall offer the District a revised schedule of payments for purposes of meeting the repayment obligation of the District: Provided, That such schedule of payments shall— (1) be consistent with the ability to pay of the District, and (2) have the same discounted present value as the repay- ment obligation of the District. (c) The Secretary shall conduct the investigations and make any offer of a revised schedule of pa3mients pursuant to this section no later than twelve months after the date of enactment of this section.