42 U.S. Code § 5184 - Community disaster loans
The President is authorized to make loans to any local government which may suffer a substantial loss of tax and other revenues as a result of a major disaster, and has demonstrated a need for financial assistance in order to perform its governmental functions.
Repayment of all or any part of such loan to the extent that revenues of the local government during the three full fiscal year period following the major disaster are insufficient to meet the operating budget of the local government, including additional disaster-related expenses of a municipal operation character shall be cancelled.
Any loans made under this section shall not reduce or otherwise affect any grants or other assistance under this chapter.
This chapter, referred to in subsec. (d), was in the original “this Act”, meaning Pub. L. 93–288, May 22, 1974, 88 Stat. 143. For complete classification of this Act to the Code, see Short Title note set out under section 5121 of this title and Tables.
2006—Subsec. (b). Pub. L. 109–347 substituted “exceed—
“(1) 25 percent”
for “exceed 25 per centum” and “; or” for period at end and added par. (2).
2000—Pub. L. 106–390, § 207(1)–(3), designated first sentence of subsec. (a) as subsec. (a) and inserted subsec. heading, designated second sentence of subsec. (a) as subsec. (b) and inserted subsec. heading, and designated third sentence of subsec. (a) as subsec. (c)(1) and inserted subsec. and par. headings. Former subsec. (b) redesignated (d).
Subsec. (b). Pub. L. 106–390, § 207(5), substituted “shall not exceed” for “and shall not exceed” and inserted before period at end “, and shall not exceed $5,000,000”.
Subsec. (c)(2). Pub. L. 106–390, § 207(6), added par. (2).
Subsec. (d). Pub. L. 106–390, § 207(4), redesignated subsec. (b) as (d) and inserted subsec. heading.