
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 16USC410cc-33]

 
                         TITLE 16--CONSERVATION
 
   CHAPTER 1--NATIONAL PARKS, MILITARY PARKS, MONUMENTS, AND SEASHORES
 
            SUBCHAPTER LIX-A--LOWELL NATIONAL HISTORICAL PARK
 
          Part C--Powers and Duties of Preservation Commission
 
Sec. 410cc-33. Financial and technical assistance


(a) Loans to Lowell Development and Financial Corporation for loans for 
        preservation, etc., of property; terms of loan agreement with 
        corporation; determination of compliance by corporation with 
        requirements for loans; repayment by corporation

    The Commission may make loans to the Lowell Development and 
Financial Corporation (established under chapter 844 of the 
Massachusetts General Laws and hereinafter referred to as the 
``corporation'') to enable the corporation to provide low interest loans 
for the preservation, restoration, or development of any property 
described in section 410cc-32(d)(1) of this title. The Commission may 
make any such loan to the corporation only after entering into a loan 
agreement with the corporation which includes the following terms:
        (1) The loan to the corporation shall have a maturity of thirty-
    five years. At the end of such period, the corporation shall repay 
    to the Secretary of the Treasury (in a lump sum) for deposit in the 
    general fund of the Treasury the full amount of the loan and any 
    additional amounts accruing to the corporation pursuant to this 
    subsection excepting those amounts expended by the corporation for 
    reasonable administrative expenses.
        (2) The money received from the Commission, and any interest 
    earned on such money, may be obligated by the corporation only for 
    low interest loans made under paragraphs (6) and (7) of this 
    subsection, except that the corporation may use such money to the 
    extent the Commission considers reasonable to satisfy the costs of 
    the corporation in administering the loan or procuring loan 
    guarantees or insurance.
        (3) Within five years after receiving the loan from the 
    Commission, the corporation shall make loans under paragraphs (6) 
    and (7) of this subsection which, in the aggregate, obligate the 
    full amount of money received from the Commission (minus any amount 
    required to satisfy the costs described in paragraph (2) of this 
    subsection).
        (4) As loans made under paragraphs (6) and (7) of this 
    subsection are repaid, the corporation shall make additional loans 
    under such paragraphs with the money made available for obligation 
    by such repayments.
        (5) The corporation shall make available to the Commission and 
    to the Secretary, upon request, all accounts, financial records, and 
    other information related to loans made under paragraphs (6) and (7) 
    of this subsection.
        (6) Before the corporation approves any application for a low 
    interest loan for which money has been made available to the 
    corporation by the Commission, the corporation shall require the 
    prospective borrower to furnish the corporation with a statement 
    from the Commission stating that the Commission has reviewed the 
    application and has determined that any loan received by the 
    prospective borrower will be spent in a manner consistent with--
            (A) the standards and criteria established pursuant to 
        section 410cc-32(e) of this title, and
            (B) the goals of the park preservation plan approved under 
        section 410cc-32(a) of this title.

        (7) The corporation may approve any application for a low 
    interest loan which meets the terms and conditions prescribed by the 
    corporation with the approval of the Commission and for which money 
    has been made available to the corporation by the Commission if--
            (A) the prospective borrower furnishes the corporation with 
        the statement described in paragraph (6) of this subsection;
            (B) the corporation determines that such borrower has 
        sufficient financial resources to repay the loan; and
            (C) such borrower satisfies any other applicable credit 
        criteria established by the corporation.

In order to determine whether the corporation has complied with this 
subsection, the Commission, or such other appropriate person or entity 
as the Commission may designate, shall conduct an audit at least once 
every two years of all accounts, financial records, and other 
information related to loans made under paragraphs (6) and (7) of this 
subsection. If the Commission determines, after conducting a hearing on 
the record, that the corporation has substantially failed to comply with 
this subsection, the outstanding balance of any loan made to the 
corporation under this subsection shall become payable in full upon the 
demand of the Commission.

(b) Grants to property owners for preservation, etc., of property; 
        grants to persons or public or private entities for educational 
        and cultural programs or for necessary services; terms of grant 
        agreements; recovery of amounts for inconsistent uses

    (1) The Commission may make grants to owners of property described 
in section 410cc-32(d)(1) of this title for the preservation, 
restoration, management, development, or maintenance of such property in 
a manner consistent with the standards and criteria established pursuant 
to section 410cc-32(e) of this title.
    (2) The Commission, with the approval of the Secretary, may make 
grants to any person or any public or private entity to provide for (i) 
educational and cultural programs which encourage appreciation of the 
resources of the park and preservation district, or (ii) any planning, 
transportation, maintenance, or other services the Commission considers 
necessary to carry out the purposes of this subchapter.
    (3) Grants under this subsection shall be made under agreements 
which specify the amount of the grant, the installments (if any) by 
which the grant shall be paid to the grant recipient, the purpose for 
which the grant may be used, and any other condition the Commission 
considers appropriate. The Commission shall be entitled, under the terms 
of any grant agreement, to recover from the recipient any funds used in 
a manner inconsistent with such grant agreement.

(c) Technical assistance to property owners, etc.

    The Commission with the advice of the Secretary may provide 
technical assistance to--
        (1) owners of property within the park or preservation district 
    to assist such owners in (A) making repairs to or improvements in 
    any property included in the index established pursuant to section 
    410cc-32(d) of this title, or (B) applying for loans under 
    subsection (a) of this section; and
        (2) any other person or public or private entity to assist such 
    person or entity in taking actions consistent with the purpose of 
    this subchapter.

(d) Availability to Secretary of all accounts, financial records, and 
        other information relating to loans and grants

    The Commission shall make available to the Secretary, upon request, 
all accounts, financial records, and other information of the Commission 
relating to grants and loans made under this section.

(Pub. L. 95-290, title III, Sec. 303, June 5, 1978, 92 Stat. 300.)

                          Codification

    Subsec. (e) of this section, which required the Secretary to make an 
annual report to Congress describing the loans, grants, and technical 
assistance provided under this section and under section 410cc-23 of 
this title, terminated, effective May 15, 2000, pursuant to section 3003 
of Pub. L. 104-66, as amended, set out as a note under section 1113 of 
Title 31, Money and Finance. See, also, page 108 of House Document No. 
103-7.

                  Section Referred to in Other Sections

    This section is referred to in sections 410cc-13, 410cc-32 of this 
title.
