Funding limits — Us Code Code § 53704
Us Code Code § 53704 — Funding limits. Reproduced from the official United States Code, with a citation summary, verification link, and related provisions.
§ 53704. Funding limits
(a)
(b)
(c)
(1)
(2)
(A) establish, and update annually, a system of risk categories for obligations guaranteed under this chapter that categorizes the relative risk of guarantees based on the risk factors set forth in paragraph (4);
(B) determine annually for each risk category a subsidy rate equivalent to the cost of obligations in the category, expressed as a percentage of the amount guaranteed for obligations in the category; and
(C) ensure that each risk category is comprised of loans that are relatively homogeneous in cost and share characteristics predictive of defaults and other costs, given the facts known at the time of obligation or commitment, using a risk category system that is based on historical analysis of program data and statistical evidence concerning the likely costs of defaults or other costs that are expected to be associated with the loans in the category.
(3)
(A)
(B)
(i) the amount guaranteed under this chapter for an obligation; by
(ii) the subsidy rate for the category in which the obligation is placed under subparagraph (A).
(C)
(D)
(4)
(A) the period for which an obligation is guaranteed or to be guaranteed;
(B) the amount of an obligation guaranteed or to be guaranteed in relation to the total cost of the project financed or to be financed by the obligation;
(C) the financial condition of an obligor or applicant for a guarantee;
(D) if applicable, other guarantees related to the project;
(E) if applicable, the projected employment of each vessel or equipment to be financed with an obligation;
(F) if applicable, the projected market that will be served by each vessel or equipment to be financed with an obligation;
(G) the collateral provided for a guarantee for an obligation;
(H) the management and operating experience of an obligor or applicant for a guarantee;
(I) whether a guarantee under this chapter is or will be in effect during the construction period of the project; and
(J) the concentration risk presented by an unduly large percentage of loans outstanding by any one borrower or group of affiliated borrowers.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1604; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(C), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598; Pub. L. 116–92, div. C, title XXXV, §3506(d), Dec. 20, 2019, 133 Stat. 1972.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 53704(a) | 46 App.:1273(f) (1st sentence). | June 29, 1936, ch. 858, title XI, §1103(f), as added June 23, 1938, ch. 600, §46, 52 Stat. 969; Aug. 15, 1953, ch. 513, §1, 67 Stat. 626; Sept. 3, 1954, ch. 1265, §3, 68 Stat. 1268; June 25, 1956, ch. 438, 70 Stat. 332; Aug. 7, 1956, ch. 1026, §1(a), (c), (d), 70 Stat. 1087; Pub. L. 91–469, §30, Oct. 21, 1970, 84 Stat. 1035; restated Pub. L. 92–507, §3, Oct. 19, 1972, 86 Stat. 910; Pub. L. 93–70, §3, July 10, 1973, 87 Stat. 168; Pub. L. 94–127, §5, Nov. 13, 1975, 89 Stat. 681; Pub. L. 95–298, §5, June 26, 1978, 92 Stat. 340; Pub. L. 96–320, title II, §203(b)(1), Aug. 3, 1980, 94 Stat. 994; Pub. L. 96–561, title II, §220(2), Dec. 22, 1980, 94 Stat. 3292; Pub. L. 97–35, title XVI, §1606(a), (b), Aug. 13, 1981, 95 Stat. 752; Pub. L. 97–424, title IV, §425, Jan. 6, 1983, 96 Stat. 2167; Pub. L. 103–160, title XIII, §1356(2)(A), Nov. 30, 1993, 107 Stat. 1812; Pub. L. 108–136, title XXXV, §3528(b), Nov. 24, 2003, 117 Stat. 1802. |
| 53704(b) | 46 App.:1273(f) (2d, last sentences). | |
| 53704(c) | 46 App.:1273(h). | June 29, 1936, ch. 858, title XI, §1103(h), as added Pub. L. 104–239, §13(a), Oct. 8, 1996, 110 Stat. 3134; Pub. L. 108–136, title XXXV, §3528(b), Nov. 24, 2003, 117 Stat. 1802. |
Editorial Notes
Amendments
2019—Subsec. (a). Pub. L. 116–92, §3506(d)(1), substituted "that amount, $850,000,000 shall be limited to obligations related to fishing vessels and fishery facilities." for "that amount—" and pars. (1) and (2) which read as follows:
"(1) $850,000,000 shall be limited to obligations related to fishing vessels and fishery facilities; and
"(2) $3,000,000,000 shall be limited to obligations related to eligible export vessels."
Subsec. (c)(4). Pub. L. 116–92, §3506(d)(2), redesignated subpars. (B) to (K) as (A) to (J), respectively, and struck out former subpar. (A) which read as follows: "if applicable, the country risk for each eligible export vessel financed or to be financed by an obligation;".
2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(C). See 2006 Amendment note below.
Subsec. (c). Pub. L. 110–181, §3522(a)(10)(B), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(C), into this section by inserting "or Administrator" after "Secretary" wherever appearing. See 2006 Amendment note below and section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title.
2006—Pub. L. 109–163, §3507(a)(1)(C), which directed the amendment of section 1273(h) of the former Appendix to this title from which subsec. (c) of this section was derived, was repealed by Pub. L. 110–181, §3522(b). See 2008 Amendment note for subsec. (c) and Historical and Revision notes above.
About This Section
46 U.S.C. § 53704 is part of Title 46 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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