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42 U.S. Code § 8402

Loans to assist powerplant acquisitions of air pollution control equipment

42 U.S. Code § 8402. Loans to assist powerplant acquisitions of air pollution control equipment

(a) Authority to make loans
The Secretary may, in accordance with the provisions of this section and such rules and regulations as he shall prescribe, make a loan (and may make a commitment to loan) to any person who owns or operates any existing electric powerplant converting to coal or other alternate fuel as its primary energy source after the effective date of this chapter for the purpose of financing the purchase and installation of one or more certified air pollution control devices for such electric powerplant.
(b) Limitations and conditionsA loan made under this section shall—
(1)
not exceed two-thirds of the cost of purchasing and installing the certified air pollution control devices;
(2)
have a maturity date not extending beyond 10 years after the date such loan is made;
(3)
bear interest at a rate not less than (A) a rate determined by the Secretary of the Treasury, taking into consideration the average market yield of outstanding Treasury obligations of comparable maturity, plus (B) 1 percent;
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