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Code · BILL · 114th Congress · H.R. 3725 (Introduced in House) — To authorize the Secretary of the Treasury to guarantee principal and interest payments on bonds issued by the govern... · Sec. 102

Sec. 102. Terms and conditions

330 words·~2 min read·/bill/114/hr/3725/ih/section-102

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A guarantee made under this Act may guarantee up to 100 percent of the principal and interest of the obligation. A guarantee may only be made under this Act if— the Secretary first receives a request for such guarantee, in writing, from the Governor of Puerto Rico, along with the terms, including the purpose and amount, of the bond to be issued for which the guarantee is requested; and the Secretary determines, pursuant to section 103(b), that the government of Puerto Rico and, if applicable, any instrumentality thereof, has demonstrated meaningful improvement in the management of its finances.
An obligation shall require full repayment over a period not to exceed 30 years. An obligation shall bear interest at a rate that does not exceed a level that the Secretary determines appropriate. A guarantee agreement shall be written and executed for any guarantee made under this Act in order that such guarantee may have legal effect, and, at a minimum, shall include appropriate language detailing the terms and conditions set forth in this Act for such guarantee. A guarantee agreement may include such detailed terms and conditions in addition to those set forth in this section and as the Secretary determines appropriate to protect the interests of the United States in case of default and to ensure repayment.
The Secretary is authorized to agree to any modification, amendment, or waiver or any such term or condition as the Secretary deems desirable to protect the interests of the United States. The Secretary shall charge and collect fees for guarantees made under this Act in amounts the Secretary determines are sufficient to cover applicable administrative expenses. Fees collected under this subsection shall be available to the Secretary, without further appropriation, to pay for the administrative expenses of carrying out this Act.
A guarantee may be made under this Act only if the Secretary determines that there is a reasonable prospect of repayment of the principal and interest on the bond to be guaranteed.
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