Sec. 7. Repayment
125 words·~1 min read·
/bill/116/hr/8447/ih/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Scheduled repayments of principal on a covered loan provided to an eligible entity shall commence not later than 180 days after the date on which the eligible entity places in revenue service the electric or fuel cell bus and necessary infrastructure that were acquired using the covered loan. An eligible entity may make repayments on a covered loan in advance of the scheduled repayment date with no penalty. Notwithstanding any other provision of law, if an eligible entity fails to make a scheduled repayment on a covered loan, the Secretary may withhold from the eligible entity an equivalent amount of any assistance that would otherwise be provided to the eligible entity under a formula grant program under chapter 53 of title 49, United States Code.