H.R.4319 - Underground Storage Tank Pollution Prevention and Assistance Act101st Congress (1989-1990)
|Sponsor:||Rep. Glickman, Dan [D-KS-4] (Introduced 03/20/1990)|
|Committees:||House - Energy and Commerce; Ways and Means|
|Latest Action:||House - 04/02/1990 Referred to the Subcommittee on Transportation and Hazardous Materials. (All Actions)|
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Text: H.R.4319 — 101st Congress (1989-1990)All Information (Except Text)
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- Bill and resolution texts for 1989-1992 (101st-102nd Congresses) predate authenticated digital publishing.
Introduced in House
HR 4319 IH 101st CONGRESS 2d Session H. R. 4319 To amend the Solid Waste Disposal Act to establish a national program to provide loan guarantees to small businesses for the closure and replacement of underground storage tanks. IN THE HOUSE OF REPRESENTATIVES March 20, 1990 Mr. GLICKMAN (for himself, Mr. ROBERTS, Mr. SKELTON, Mr. DORGAN of North Dakota, Mr. PENNY, Mr. VALENTINE, Mrs. VUCANOVICH, Mr. HOUGHTON, Mr. STALLINGS, and Mr. BAKER) introduced the following bill; which was referred jointly to the Committees on Energy and Commerce and Ways and Means A BILL To amend the Solid Waste Disposal Act to establish a national program to provide loan guarantees to small businesses for the closure and replacement of underground storage tanks. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE AND TABLE OF CONTENTS SECTION 1. (a) SHORT TITLE- This Act may be cited as the `Underground Storage Tank Pollution Prevention and Assistance Act'. (b) TABLE OF CONTENTS- Sec. 1. Short title and table of contents. Sec. 2. Definitions. Sec. 3. Underground storage tank loan guarantee program. Sec. 4. Pollution prevention. Sec. 5. Leaking Underground Storage Tank Trust Fund amendment. Sec. 6. Compliance dates. DEFINITIONS SEC. 2. Section 9001 of the Solid Waste Disposal Act is amended by adding at the end thereof-- `(9) The term `small business' refers to an owner of an underground storage tank who owns a single such tank or who owns not more than twelve such tanks which are located at not more than three facilities, as defined in subparagraph (D) of paragraph (6) of subsection (h) of section 9003 of this subtitle. `(10) The term `essential community service' refers to an underground storage tank or several tanks at a facility which is deemed by the agency designated pursuant to subsection (b) of section 9002 of this subtitle to be essential to the continued economic viability of the community or area in which the tank is located. At a minimum, any tank or facility which is currently engaged in the distribution of petroleum to the public and is located more than fifty miles from another underground storage tank currently engaged in the distribution of petroleum to the public may be deemed to be an essential service. `(11) The term `threatened release' refers to a circumstance where, in the judgment of the Administrator, the failure to take corrective action will result in the release of petroleum.'. UNDERGROUND STORAGE TANK LOAN GUARANTEE PROGRAM SEC. 3. Subtitle I of the Solid Waste Disposal Act is amended by adding at the end thereof the following new section: `UNDERGROUND STORAGE TANK LOAN GUARANTEE PROGRAM `SEC. 9011. (a) ENCOURAGEMENT OF CLOSURE AND REMOVAL- In order to encourage the closure and replacement of underground storage, the Administrator is authorized to guarantee, and to enter into commitments to guarantee, principal and interest on loans made by lenders to qualified small business concerns, for the purposes of-- `(A) closure of underground storage tanks, consistent with the requirements of section 9003(c)(5) and 9004(a)(5) of this subtitle; `(B) replacement of underground storage tanks, consistent with the requirements of section 9003(e); `(C) upgrades of underground storage tanks, consistent with the requirements of section 9003(e); and `(D) release detection of underground storage tanks, consistent with the requirements of section 9003(c)(1). `(b) AMOUNTS OF LOAN GUARANTEE- (1) Any guarantee under this section shall apply only to so much of the principal amount of the loan involved as does not exceed 90 per centum of the aggregate cost of the activity with respect to which the loan is made. `(2) The amount of the guarantee of any loan shall not exceed $200,000. `(3) The aggregate amount of guarantees outstanding under this section at any one time shall not exceed $100,000,000. `(c) TERMS AND CONDITIONS- Loan guarantees under this section shall be on such terms and conditions as the Administrator determines, except that a guarantee shall be made under this section only if-- `(1) the loan bears interest at a rate not to exceed such annual percent on the principal obligation outstanding as the Administrator determines to be reasonable, taking into account the range of interest rates prevailing in the private sector for similar loans and risks by the United States; `(2) the terms of such loan require full repayment over a period not to exceed twenty years; `(3) in the judgment of the Administrator, the amount of the loan (when combined with amounts available to the qualified borrower from other sources) will be sufficient to carry out the activity with respect to which the loan is made; `(4) in the judgment of the Administrator, there is reasonable assurance of repayment of the loan by the qualified borrower; and `(5) the Administrator finds that no other reasonable means of financing or refinancing is reasonably available to the applicant. `(d) PAYMENT OF PRINCIPAL AND INTEREST- (1) With respect to any loan guaranteed pursuant to this section, the Administrator is authorized to enter into a contract to pay, and to pay, the lender for and on behalf of the borrower the principal and interest charges which become due and payable on the unpaid balance of such loan if the Administrator finds that-- `(A) the borrower is unable to meet principal and interest charges, that it is in the public interest to permit the borrower to continue to pursue the purposes of the project, and that the probable net cost to the Federal Government in paying such principal will be less than that which would result in the event of a default; and `(B) the amount of such principal and interest charges which the Administrator is authorized to pay shall be no greater than the amount of principal and interest which the borrower is obligated to pay under the loan agreement. `(2) In the event of any default by a qualified borrower on a guaranteed loan, the Administrator is authorized to make payment in accordance with the guarantee, and the Attorney General shall take such action as may be appropriate to recover the amounts of such payments, including any payment of principal and interest under paragraph (1) from such assets of the defaulting borrower as are associated with the activity with respect to which the loan was made or from any other surety included in the terms of the guarantee. `(3) Such amounts as may be returned to the United States pursuant to this subsection shall be paid to the Leaking Underground Storage Tank Trust Fund established pursuant to section 9508 of chapter 98 of subchapter (A) of the Internal Revenue Code of 1986, as amended. `(e) ESSENTIAL SERVICE MAINTENANCE- (1) The Administrator may make a grant to a small business, in conjunction with a loan pursuant to this section, for up to 50 per centum of the cost of closure and replacement of underground storage tanks if the Administrator determines that-- `(A) the small business is an essential community service; `(B) not less than three private lending institutions have declined to provide a loan for the closure and replacement of underground storage tanks as guaranteed pursuant to this section; and `(C) such assistance is in the public interest. `(f) SEVEN-YEAR LIMIT- No loan guarantee shall be made, or contracts entered pursuant to this section, after the expiration of the five-year period following the date of enactment of this section. `(g) REPORTS- The Administrator shall submit to the Congress annually upon the completion of the appropriate accounting period a report describing the financed operations of the program authorized by this section and making such recommendations for the improved management of the program as he determines to be appropriate. `(h) PLEDGE OF FULL FAITH AND CREDIT OF UNITED STATES- The full faith and credit of the United States is pledged to the payment of all obligations incurred under this section.'. POLLUTION PREVENTION PROJECTS SEC. 4. (a) Section 9003(h)(2) of the Solid Waste Disposal Act is amended by inserting in the second sentence after the term `release' the phrase `or threatened release'. (b) Section 9003(h)(6)(A) of the Solid Waste Disposal Act is amended by inserting after the term `release' the phrase `or threatened release.' LEAKING UNDERGROUND STORAGE TANK TRUST FUND AMENDMENT SEC. 5. Section 9508 of chapter 98 of subchapter A of the Internal Revenue Code is amended by deleting the period at the end of subsection (c)(1) and adding at the end thereof `and the loan guarantee and principal and interest payment program authorized by section 9011 of such Act, including the payment of administrative expenses incurred in connection therewith'. COMPLIANCE DATES SEC. 6. COMPLIANCE DATE- Section 9003(f)(3) of the Solid Waste Disposal Act is amended by adding at the end the following: `Owners and operators shall be in compliance with regulations promulgated under subsections (c) and (d) of this section not later than April 26, 1991, for all petroleum marketing firms owning thirteen to ninety-nine underground storage tanks at more than one facility, and not later than October 26, 1991, for persons owning one to twelve underground storage tanks.'.