43 USC 1747
TITLE 43--PUBLIC LANDS
CHAPTER 35--FEDERAL LAND POLICY AND MANAGEMENT
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Sec. 1747. Loans to States and political subdivisions; purposes;
amounts; allocation; terms and conditions; interest rate;
security; limitations; forebearance for benefit of borrowers;
recordkeeping requirements; discrimination prohibited; deposit
(1) The Secretary is authorized to make loans to States and their
political subdivisions in order to relieve social or economic impacts
occasioned by the development of minerals leased in such States pursuant
to the Act of February 25, 1920, as amended [30 U.S.C. 181 et seq.].
Such loans shall be confined to the uses specified for the 50 per centum
of mineral leasing revenues to be received by such States and
subdivisions pursuant to section 35 of such Act [30 U.S.C. 191].
(2) The total amount of loans outstanding pursuant to this section
for any State and political subdivisions thereof in any year shall be
not more than the anticipated mineral leasing revenues to be received by
that State pursuant to section 35 of the Act of February 25, 1920, as
amended [30 U.S.C. 191], for the ten years following.
(3) The Secretary, after consultation with the Governors of the
affected States, shall allocate such loans among the States and their
political subdivisions in a fair and equitable manner, giving priority
to those States and subdivisions suffering the most severe impacts.
(4) Loans made pursuant to this section shall be subject to such
terms and conditions as the Secretary determines necessary to assure the
achievement of the purpose of this section. The Secretary shall
promulgate such regulations as may be necessary to carry out the
provisions of this section no later than three months after August 20,
(5) Loans made pursuant to this section shall bear interest
equivalent to the lowest interest rate paid on an issue of at least
$1,000,000 of tax exempt bonds of such State or any agency thereof
within the preceding calendar year.
(6) Any loan made pursuant to this section shall be secured only by
a pledge of the revenues received by the State or the political
subdivision thereof pursuant to section 35 of the Act of February 25,
1920, as amended [30 U.S.C. 191], and shall not constitute an obligation
upon the general property or taxing authority of such unit of
(7) Notwithstanding any other provision of law, loans made pursuant
to this section may be used for the non-Federal share of the aggregate
cost of any project or program otherwise funded by the Federal
Government which requires a non-Federal share for such project or
program and which provides planning or public facilities otherwise
eligible for assistance under this section.
(8) Nothing in this section shall be construed to preclude any
forebearance \1\ for the benefit of the borrower including loan
restructuring, which may be determined by the Secretary as justified by
the failure of anticipated mineral development or related revenues to
materialize as expected when the loan was made pursuant to this section.
\1\ So in original.
(9) Recipients of loans made pursuant to this section shall keep
such records as the Secretary shall prescribe by regulation, including
records which fully disclose the disposition of the proceeds of such
assistance and such other records as the Secretary may require to
facilitate an effective audit. The Secretary and the Comptroller General
of the United States or their duly authorized representatives shall have
access, for the purpose of audit, to such records.
(10) No person in the United States shall, on the
grounds of race,
color, religion, national origin, or sex be excluded from participation
in, be denied the benefits of, or be subjected to discrimination under,
any program or activity funded in whole or part with funds made
available under this section.
(11) All amounts collected in connection with loans made pursuant to
this section, including interest payments or repayments of principal on
loans, fees, and other moneys, derived in connection with this section,
shall be deposited in the Treasury as miscellaneous receipts.
(Pub. L. 94-579, title III, Sec. 317(c), Oct. 21, 1976, 90 Stat. 2771;
Pub. L. 95-352, Sec. 1(f), Aug. 20, 1978, 92 Stat. 515.)
References in Text
Act of February 25, 1920, as amended, referred to in par. (1), is
act Feb. 25, 1920, ch. 85, 41 Stat. 437, as amended, known as the
Mineral Leasing Act, which is classified generally to chapter 3A
(Sec. 181 et seq.) of Title 30, Mineral Lands and Mining. For complete
classification of this Act to the Code, see Short Title note set out
under section 181 of Title 30 and Tables.
Section is comprised of subsec. (c) of section 317 of Pub. L. 94-
579. Subsecs. (a) and (b) of section 317 of Pub. L. 94-579 are
classified to section 191 of Title 30, Mineral Lands and Mining, and a
note set out under that section; respectively.
1978--Pars. (1) and (2). Pub. L. 95-352 redesignated par. (1) as
pars. (1) and (2), in par. (1) struck out provisions establishing
interest rate requirements, and in par. (2) struck out exception for
Alaska and requirements for repayment. Former par. (2) redesignated (3).
Pars. (3) to (11). Pub. L. 95-352 redesignated former pars. (2) and
(3) as (3) and (4), respectively, and added pars. (5) to (11).