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Code · BILL · 116th Congress · H.R. 8447 (Introduced in House) — To authorize the Secretary of Transportation to provide loans for the acquisition of electric or fuel cell buses and... · Sec. 6

Sec. 6. Terms and conditions

164 words·~1 min read·/bill/116/hr/8447/ih/section-6

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A covered loan— shall not accrue interest; and shall be on such terms and conditions and contain such covenants, representations, warranties, and requirements (including requirements for audits) as the Secretary may prescribe. The Secretary may provide a covered loan only if the final maturity date of the covered loan is not later than the date on which the electric or fuel cell bus acquired using the covered loan is expected to exceed its useful life, based on the average life expectancy of the electric or fuel cell bus.
Section 5323(j) of title 49, United States Code, shall apply with respect to a project funded using a covered loan in the same manner as to a project funded using amounts appropriated to carry out chapter 53 of such title 49. The proceeds of a covered loan may be used for any non-Federal share of project costs required under section 5339(c) of title 49, United States Code, if the covered loan is repayable from non-Federal funds.
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