54 Appropriation,
PUBLIC LAW 93-29-MAY 3, 1973
"(5) There are aiithorized to bo appropriated to provide initial capital for the Multipurpose Senior Center Insurance Fund, and to assure the soundness of such fund thereaft(!r, sucji sums as may he necessary. "AXXUAL
Appropriation.
Limitation.
[87 STAT.
INTEREST
(UJAXTS
"SEC. 5()7. (a) To assist nonprofit private agencies to reduce the cost of borrowing from other sources for the acquisition, alteration or renovation of facilities, the Secretary may make annual interest gr-ants to such a<rencies. "(h) Annual interest grants under this section with respect to any facility shall be made over a fixed period not exceeding forty years, and piovision for such f^rants shall be embodied in a contract ^uaranteeino^ their payment over such period. Each such grant shall be in an amount not greater than the difference between (1) the average annual debt service which would be required to be paid, during the life of the loan, on the amount borrowed from other sources for the acquisition, alteration or renovation or such facilities, and (2) the average annual debt service which the institution would have been required to pay, during the life of the loan, with respect to such amounts if the applicable interest rate were -3 per centum per annum: Provided, That the amount on which such grant is based shall be approved by the Secretary. " (c)(1) There are hereby authorized to be appropriated to the Secretary such sums as may be necessary for payment of annual interest grants in accordance with this section. "(2) Contracts for annual interest grants under this section shall not be entered into in an aggregate amount greater than is authorized in appropriation Acts. " (d) Not more than 121/^ per centum of the funds provided for in this section for grants may be used within any one State. "PART B — I N I T I A L STAFFING OF ]MULTIPURPOSE SENIOR CENTERS P E R S O N N E L S T A F F I N G GRANT PRO(;RAM
Appropriation.
AUTHORIZED
"SEC. 511. (a) For the purpose of assisting in the establishment and initial operation of multipurpose senior centers the Commissioner may, in accordance with the provisions of this part, make grants to meet, for the temporary periods specified in this part, all or part of the costs of compensation of professional and technical personnel for the initial operation of new multipurpose senior centers and for the delivery of social services established therein. "(b) Grants for such costs of any center under this title may be made only for the period beginning with the first day of the first month for which such grant is made and ending with the close of tiiree year-s after such first day. Such grants with respect to any center may not exceed 75 per centum of such costs for the first year of the project, 66% per centum of such costs for the second year of the project, and 50 per centum of such costs for the third year of the project. "(c) I n making such grants, the Secretary shall take into account the relative needs of the several States for community centers for senior citizens, their relativ-e financial needs, and their population of persons over sixty years of age. " (d) For the purpose of this part, there are authorized to be appropriated such sums as may be necessary for the fiscal year ending June 30, 1973, and for each of the next two succeeding fiscal years."
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