12 2 STA T . 21 07PUBLIC LA W 110 – 2 46—J U NE 1 8, 2008 (i i )w i th i n th ebord er s o fqua rantine areas infested b ypl ant pests . ( B ) MAXIMU MAM O U NT . —T he m a x imum amount of a loan that may be pro v ided by the S e c retary to an eli g ible unit of local government under this subsection shall be the lesser of— (i) the amount that the eligible unit of local govern - ment has appropriated to finance purchases of author- i z ed equipment in accordance with subparagraph ( A )
or (ii) $5,0 00,000. ( C ) I NT ER E S T RATE.—The interest rate on any loan made by the Secretary under this paragraph shall be a rate equal to 2 percent. ( D ) R E P ORT.— N ot later than 18 0 days after the date on which an eligible unit of local government receives a loan provided by the Secretary under subparagraph (A), the eligible unit of local government shall submit to the Secretary a report that describes each purchase made by the eligible unit of local government using assistance pro- vided through the loan. (2) L OAN REPA Y MENT S CH E D U L E.— (A) IN G ENERAL.—To be eligible to receive a loan from the Secretary under paragraph (1), in accordance with each requirement described in subparagraph (B), an eligible unit of local government shall enter into an agreement with the Secretary to establish a loan repayment schedule relating to the repayment of the loan. (B) RE Q UIREMENTS RELATING TO LOAN REPAYMENT SCHEDULE.—A loan repayment schedule established under subparagraph (A) shall require the eligible unit of local government— (i) to repay to the Secretary of the Treasury, not later than 1 year after the date on which the eligible unit of local government receives a loan under para- graph (1), and semiannually thereafter, an amount equal to the quotient obtained by dividing— (I) the principal amount of the loan (including interest); by (II) the total quantity of payments that the eligible unit of local government is required to ma k e during the repayment period of the loan; and (ii) not later than 20 years after the date on which the eligible unit of local government receives a loan under paragraph (1), to complete repayment to the Secretary of the Treasury of the loan made under this section (including interest). (f) AUTHORI Z ATION O F APPROPRIATIONS.—There are authorized to be appropriated to the F und such sums as are necessary to carry out this section. SEC.102 0 6 .C O O P E RATIV EA G REE M E N TS RE L ATING TO PLANT PEST AN D DISEASE PREVENTION ACTIVITIES. Section 43 1 of the P lant Protection Act ( 7U .S.C. 7751) is amended by adding at the end the following
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‘(f) TRANSFER OF COOPERATI V E AGREEMENT FUND.— Deadlin e s.
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