greater than such guarantees as shall be required by the project owners. (c) LIMITATIONS ON AMOUNTS. (1) The amount of loans and other debt obligations guaranteed under this section for a qualified infrastructure project shall not exceed 80 percent of the total capital costs of the project, including interest during construction. (2) The principal amount of loans and other debt obligations guaranteed under this section shall not exceed, in the aggregate, $18,000,000,000, which amount shall be indexed for United States dollar inflation from the date of enactment of this Act, as measured by the Consumer Price Index. (d) LOAN TERMS AND FEES.-(1) The Secretary may issue Federal guarantee instruments under this section that take into account repayment profiles and grace periods justified by project cash flows. and project-specific considerations. The term of any loan guaranteed under this section shall not exceed 30 years. (2) An eligible lender may assess and collect from the borrower such other fees and costs associated with the application and origination of the loan or other debt obligation as are reasonable and customary for a project finance transaction in the oil and gas sector. (e) REGULATIONS.-The Secretary may issue regulations to carry out this section. (f) AUTHORIZATION OF APPROPRIATIONS.-There are authorized to be appropriated such sums as may be necessary to cover the cost of loan guarantees under this section, as defined by section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5)). Such sums shall remain available until expended. (g) DEFINITIONS.-In this section: (1) CONSUMER PRICE INDEX.-The term "Consumer Price Index" means the Consumer Price Index for all-urban consumers, United States city average, as published by the Bureau of Labor Statistics, or if such index shall cease to be published, any successor index or reasonable substitute thereof. (2) ELIGIBLE LENDER.-The term "eligible lender" means any non-Federal qualified institutional buyer (as defined by section 230.144A(a) of title 17, Code of Federal Regulations (or any successor regulation), known as Rule 144A(a) of the Securities and Exchange Commission and issued under the Securities Act of 1933), including (A) a qualified retirement plan (as defined in section 4974(c) of the Internal Revenue Code of 1986 (26 U.S.C. 4974(c)) that is a qualified institutional buyer; and (B) a governmental plan (as defined in section 414(d) of the Internal Revenue Code of 1986 (26 U.S.C. 414(d)) that is a qualified institutional buyer. (3) FEDERAL GUARANTEE INSTRUMENT.-The term "Federal guarantee instrument" means any guarantee or other pledge by the Secretary to pledge the full faith and credit of the United States to pay all of the principal and interest on any loan or other debt obligation entered into by a holder of a certificate of public convenience and necessity. (4) QUALIFIED INFRASTRUCTURE PROJECT.-The term "qualified infrastructure project" means an Alaskan natural gas transportation project consisting of the design, engineering, finance, construction, and completion of pipelines and related transportation and production systems (including gas treatment 2 plants), and appurtenances thereto, that are used to transport natural gas from the Alaska North Slope to the continental United States. Approved October 13, 2004. LEGISLATIVE HISTORY-H.R. 4837 (S. 2674): HOUSE REPORTS: Nos. 108-607 (Comm. on Appropriations) and 108-733 (Comm. of Conference). SENATE REPORTS: No. 108–309 accompanying S. 2674 (Comm. on Appropria tions). CONGRESSIONAL RECORD, Vol. 150 (2004): July 21, 22, considered and passed House. Sept. 15, 20, considered and passed Senate, amended. Oct. 9, House agreed to conference report. Senate considered conference report. Oct. 11, Senate agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 40 (2004): Oct. 13, Presidential statement. Oct. 13, 2004 [S. 1778] Craig Recreation Deadline. Public Law 108-325 108th Congress An Act To authorize a land conveyance between the United States and the City of Craig, Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "Craig Recreation Land Purchase Act". SEC. 2. DEFINITIONS. In this Act: (1) CITY.-The term "City" means the City of Craig, Alaska. (2) SECRETARY.-The term "Secretary" means the Secretary of Agriculture. SEC. 3. CONVEYANCE TO SECRETARY OF AGRICULTURE. (a) IN GENERAL.-If, not later than 180 days after the date on which the City receives a copy of the appraisal conducted under subsection (c), the City offers to convey to the Secretary all right, title, and interest of the City in and to the parcels of non-Federal land described in subsection (b), the Secretary, subject to the availability of appropriations, shall (1) accept the offer; and (2) on conveyance of the land to the Secretary, pay to the City an amount equal to the appraised value of the land, as determined under subsection (c). (b) DESCRIPTION OF LAND.-The non-Federal land referred to in subsection (a) consists of (1) the municipal land identified on the map entitled "Informational Map, Sunnahae Trail and Recreation Parcel and Craig Cannery Property" and dated August 2003; (2) lots 1 and 1A, Block 11-A, as identified on the City of Craig Subdivision Plat, Craig Tideland Addition, Patent # 155 (Inst. 69-982, Ketchikan Recording Office), dated April 21, 2004, consisting of approximately 22,353 square feet of land; and (3) the portion of Beach Road eastward of a projected line between the southwest corner of lot 1, Block 11, USS 1430 and the northwest corner of lot 1, Block 11-A, as identified on the City of Craig Subdivision Plat, Craig Tideland Addition, Patent # 155 (Inst. 69-982, Ketchikan Recording Office), dated April 21, 2004, consisting of approximately 4,700 square feet of land. (c) APPRAISALS.— (1) IN GENERAL.-Before conveying the land under subsection (a), the Secretary shall (A) conduct an appraisal of the land, in accordance with (i) the Uniform Appraisal Standards for Federal Land Acquisitions; (ii) the Uniform Appraisal Practice; and Standards Standards of Professional (iii) Forest Service Appraisal Directives; and (B) submit to the City a copy of the appraisal. (2) PAYMENT OF COSTS.— (A) CITY.-The City shall pay the costs of appraising the land described in subsection (b)(1). (B) SECRETARY.-The Secretary shall pay the costs of appraising the land described in paragraphs (2) and (3) of subsection (b). (d) MANAGEMENT.-Any land acquired under subsection (a) shall be (1) included in the Tongass National Forest; and (2) administered by the Secretary in accordance with the laws (including regulations) and forest plan applicable to the Tongass National Forest. SEC. 4. ACQUISITION OF LAND BY THE CITY OF CRAIG. The amount received by the City under section 3(a)(2) shall be used by the City to acquire the Craig cannery property, as depicted on the map entitled "Informational Map, Sunnahae Trail and Recreation Parcel and Craig Cannery Property" and dated August 2003. SEC. 5. AUTHORIZATION OF APPROPRIATIONS. There are authorized to be appropriated (1) to the Forest Service for the reconstruction of the Sunnahae Trail, $250,000; and (2) such sums as are necessary to carry out this Act. Approved October 13, 2004. LEGISLATIVE HISTORY-S. 1778 (H.R. 3427): HOUSE REPORTS: No. 108-644 accompanying H.R. 3427 (Comm. on Resources). SENATE REPORTS: No. 108-271 (Comm. on Energy and Natural Resources). CONGRESSIONAL RECORD, Vol. 150 (2004): Sept. 15, considered and passed Senate. Oct. 16, 2004 [H.R. 982] 48 USC 1670 note. Public Law 108-326 108th Congress An Act To clarify the tax treatment of bonds and other obligations issued by the Government of American Samoa. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. CLARIFICATION OF TAX TREATMENT OF BONDS AND (a) EXEMPTION OF ALL BONDS FROM INCOME TAXATION BY STATE AND LOCAL GOVERNMENTS.-Subsection (b) of section 202 of Public Law 98-454 (48 U.S.C. 1670) is amended to read as follows: "(b) EXEMPTION OF ALL BONDS FROM INCOME TAXATION BY STATE AND LOCAL GOVERNMENTS.— “(1) IN GENERAL.-The interest on any bond or other obligation issued by or on behalf of the Government of American Samoa shall be exempt from taxation by the Government of American Samoa and the governments of any of the several States, the District of Columbia, any territory or possession of the United States, and any subdivision thereof. “(2) EXEMPTION APPLICABLE ONLY TO INCOME TAXES.—The exemption provided by paragraph (1) shall not apply to gift, estate, inheritance, legacy, succession, or other wealth transfer taxes.". SEC. 2. EFFECTIVE DATE. This Act shall apply to obligations issued after the date of the enactment of this Act. Approved October 16, 2004. LEGISLATIVE HISTORY-H.R. 982: HOUSE REPORTS: No. 108-102, Pt. 1 (Comm. on the Judiciary) and Pt. 2 (Comm. on Resources). CONGRESSIONAL RECORD: Vol. 149 (2003): Nov. 4, considered and passed House. |