S.Amdt. 1297

SA 1297. Mr. RUBIO submitted an amendment intended to be proposed to
amendment SA 891 proposed by Mr. Schumer (for himself, Mr. Wyden, Mrs.
Murray, Mr. Brown, Mr. Peters, Mr. Cardin, Ms. Cantwell, Ms. Stabenow,
Mr. Tester, Mr. Menendez, Mr. Schatz, Mr. Carper, Mr. Leahy, and Mr.
Sanders) to the bill H.R. 1319, to provide for reconciliation pursuant
to title II of S.Con.Res. 5; which was ordered to lie on the table; as
follows:
At the appropriate place, insert the following:
In section 4001(a), strike ``$570,000,000'' and insert
``$370,000,000''.
At the end of title IV, add the following:

SEC. 4015. REIMBURSEMENT OF INTEREST PAYMENTS RELATED TO
PUBLIC ASSISTANCE.

(a) In General.--Title IV of the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 5170
et seq.) is amended by adding at the end the following:

``SEC. 431. REIMBURSEMENT OF INTEREST PAYMENTS RELATED TO
PUBLIC ASSISTANCE.

``(a) In General.--The President, acting through the
Administrator of the Federal Emergency Management Agency, may
provide financial assistance at the applicable Federal share
to State or local governments or owners or operators of
private nonprofit facilities as reimbursement for qualifying
interest.
``(b) Definitions.--In this section, the following
definitions apply:
``(1) Qualifying interest.--The term `qualifying interest'
means, with respect to a qualifying loan, the lesser of--
``(A) the actual interest paid to a lender for such
qualifying loan; and
``(B) the interest that would have been paid to a lender if
such qualifying loan had an interest rate equal to the prime
rate most recently published on the Federal Reserve
Statistical Release on selected interest rates.
``(2) Qualifying loan.--The term `qualifying loan' means a
loan--
``(A) obtained by a State or local government or an owner
or operator of a private nonprofit facility; and
``(B) of which not less than 90 percent of the proceeds are
used to fund activities for which such State or local
government or owner or operator receives assistance under
this Act after the date on which such loan is disbursed.''.
(b) Rule of Applicability.--Any qualifying interest (as
such term is defined in section 431 of the Robert T. Stafford
Disaster Relief and Emergency Assistance Act, as added by
subsection (a)) incurred by a State or local government or
owner or operator of a private nonprofit facility in the 5
years preceding the date of enactment of this Act shall be
treated as eligible for financial assistance for purposes of
such section 431.
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