51 U.S. Code § 50302 - Loan guarantees for production of commercial reusable in-space transportation
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(a) Authority To Make Loan Guarantees.— The Secretary may guarantee loans made to eligible United States commercial providers for purposes of producing commercial reusable in-space transportation services or systems.
(b) Eligible United States Commercial Providers.— The Secretary shall prescribe requirements for the eligibility of United States commercial providers for loan guarantees under this section. Such requirements shall ensure that eligible providers are financially capable of undertaking a loan guaranteed under this section.
(c) Limitation on Loans Guaranteed.— The Secretary may not guarantee a loan for a United States commercial provider under this section unless the Secretary determines that credit would not otherwise be reasonably available at the time of the guarantee for the commercial reusable in-space transportation service or system to be produced utilizing the proceeds of the loan.
(d) Credit Subsidy.—
(1) Collection required.— The Secretary shall collect from each United States commercial provider receiving a loan guarantee under this section an amount equal to the amount, as determined by the Secretary, to cover the cost, as defined in section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a (5)), of the loan guarantee.
(e) Other Terms and Conditions.—
(1) Prohibition on subordination.— A loan guaranteed under this section may not be subordinated to another debt contracted by the United States commercial provider concerned, or to any other claims against such provider.
(2) Restriction on income.— A loan guaranteed under this section may not—
(A) provide income which is excluded from gross income for purposes of chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.); or
(3) Treatment of guarantee.— The guarantee of a loan under this section shall be conclusive evidence of the following:
(f) Enforcement of Rights.—
(1) In general.— The Attorney General may take any action the Attorney General considers appropriate to enforce any right accruing to the United States under a loan guarantee under this section.
(2) Forbearance.— The Attorney General may, with the approval of the parties concerned, forbear from enforcing any right of the United States under a loan guaranteed under this section for the benefit of a United States commercial provider if such forbearance will not result in any cost, as defined in section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a (5)), to the United States.
(3) Utilization of property.— Notwithstanding any other provision of law and subject to the terms of a loan guaranteed under this section, upon the default of a United States commercial provider under the loan, the Secretary may, at the election of the Secretary—
(g) Credit Instruments.—
(1) Authority to issue instruments.— Notwithstanding any other provision of law, the Secretary may, subject to such terms and conditions as the Secretary considers appropriate, issue credit instruments to United States commercial providers of in-space transportation services or systems, with the aggregate cost (as determined under the provisions of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.)) of such instruments not to exceed $1,500,000,000, but only to the extent that new budget authority to cover such costs is provided in subsequent appropriations Acts or authority is otherwise provided in subsequent appropriations Acts.
(2) Credit subsidy.— The Secretary shall provide a credit subsidy for any credit instrument issued under this subsection in accordance with the provisions of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).
Source(Pub. L. 111–314, § 3,Dec. 18, 2010, 124 Stat. 3402.)
|Revised Section||Source (U.S. Code)||Source (Statutes at Large)|
|42 U.S.C. 14752.|
|Pub. L. 107–248, title IX, § 903, Oct. 23, 2002, 116 Stat. 1574.|
In subsection (f)(2), the word “forbear” is substituted for “forebear” to correct an error in the law.
In subsection (g)(1), the words “services or systems” are substituted for “services or system” to correct an error in the law.
References in Text
The Federal Credit Reform Act of 1990, referred to in subsec. (g)(1), (2), is title V of Pub. L. 93–344, as added by Pub. L. 101–508, title XIII, § 13201(a),Nov. 5, 1990, 104 Stat. 1388–609, which is classified generally to subchapter III (§ 661 et seq.) of chapter 17A of Title 2, The Congress. For complete classification of this Act to the Code, see Short Title note set out under section 621 of Title 2 and Tables.