Sec. 217. Program administration
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The Secretary shall establish a uniform system to service the Federal credit instruments made available under this chapter. There is hereby established in the Treasury of the United States the Reclamation Loan Finance Capital Reserve Fund, which shall be available for deposit of capital reserve fees provided for under this subsection. Amounts deposited shall be credited as offsetting collections. To the extent required by appropriations Acts, the Secretary may assess, collect, and spend capital reserve fees at a level that is sufficient to cover— the costs of services of expert firms retained pursuant to subsection (d); and all or a portion of the costs to the Federal Government of servicing the Federal credit instruments provided under this chapter, including all or a portion of the outlays associated with the provision of the Federal credit instruments under this chapter.
The capital reserve fees shall be established at amounts that will result in the collection, during each fiscal year, of an amount that can be reasonably expected to equal the outlays associated with the provision of the Federal credit instruments under this chapter. The Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments provided under this chapter. A servicer appointed under paragraph
(1)shall act as the agent for the Secretary. A servicer appointed under paragraph
(1)shall receive a servicing fee, subject to approval by the Secretary. The Secretary may retain the services, including counsel, of any organization or entity with expertise in the field of municipal and project finance to assist in the underwriting and servicing of Federal credit instruments provided under this chapter. The Secretary— shall coordinate implementation of loan guarantees under this section with the Administrator to avoid duplication and enhance the effectiveness of implementation of the State revolving funds established under the Federal Water Pollution Control Act ( 33 U.S.C. 1251 et seq. ) and the Safe Drinking Water Act ( 42 U.S.C. 300f et seq. ); shall consult with the Secretary of Agriculture before promulgating criteria with respect to financial appraisal functions and loan guarantee administration for activities carried out under this chapter; and may enter into a memorandum of agreement providing for Department of Agriculture financial appraisal functions and loan guarantee administration for activities carried out under this chapter.
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