February 26, 2007
Loan Guarantee Provisions from Public Law No. 110-5, the Revised Continuing Appropriations Resolution, 2007
WASHINGTON, DC – On February 15, 2007, President Bush signed into law the Revised Continuing Appropriations Resolution, 2007.
Under Section 20315 of Public Law No. 110-5 "$7,000,000 shall be available for necessary administrative expenses
of the loan guarantee program authorized in Title XVII of the Energy Policy Act of 2005".
Under Section 20320 of Public Law No 110-5
(a) Notwithstanding section 101, subject to the Federal Credit Reform Act of 1990, as amended,
commitments to guarantee loans under title XVII of the Energy Policy Act of 2005 shall not exceed a
total principal amount, any part of which is to be guaranteed, of $4,000,000,000: Provided, That there
are appropriated for the cost of the guaranteed loans such sums as are hereafter derived from amounts
received from borrowers pursuant to section 1702(b)(2) of that Act, to remain available until expended:
Provided further, That the source of payments received from borrowers for the subsidy cost shall not be a
loan or other debt obligation that is made or guaranteed by the Federal government. In addition, fees
collected pursuant to section 1702(h) in fiscal year 2007 shall be credited as offsetting collections to
the Departmental Administration account for administrative expenses of the Loan Guarantee Program: Provided
further, That the sum appropriated for administrative expenses for the Loan Guarantee Program shall be
reduced by the amount of fees received during fiscal year 2007: Provided further, That any fees collected
under section 1702(h) in excess of the amount appropriated for administrative expenses shall not be
available until appropriated.
''(b) No loan guarantees may be awarded under title XVII of the Energy Policy Act of 2005 until final
regulations are issued that include-
''(1) programmatic, technical, and financial factors the Secretary will use to select
projects for loan guarantees;
''(2) policies and procedures for selecting and monitoring lenders and loan performance; and
''(3) any other policies, procedures, or information necessary to implement title XVII of
the Energy Policy Act of 2005.
''(c) The Secretary of Energy shall enter into an arrangement with an independent auditor for
annual evaluations of the program under title XVII of the Energy Policy Act of 2005. In addition
to the independent audit, the Comptroller General shall conduct an annual review of the Department's
execution of the program under title XVII of the Energy Policy Act of 2005. The results of the
independent audit and the Comptroller General's review shall be provided directly to the Committees
on Appropriations of the House of Representatives and the Senate.
''(d) The Secretary of Energy shall promulgate final regulations for loan guarantees under title XVII
of the Energy Policy Act of 2005 within 6 months of enactment of this division.
''(e) Not later than 120 days after the date of enactment of this division, and annually
thereafter, the Secretary of Energy shall transmit to the Committees on Appropriations of the
House of Representatives and the Senate a report containing a summary of all activities under
title XVII of the Energy Policy Act of 2005, beginning in fiscal year 2007, with a listing of
responses to loan guarantee solicitations under such title, describing the technologies, amount
of loan guarantee sought, and the applicants' assessment of risk.
Media
contact(s):
Megan Barnett, (202) 586-4940
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