S.Amdt. 4363

SA 4363. Mr. RUBIO submitted an amendment intended to be proposed to
amendment SA 3867 submitted by Mr. Reed and intended to be proposed to
the bill H.R. 4350, to authorize appropriations for fiscal year 2022
for military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:

At the appropriate place in title X, insert the following:

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

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 may provide financial
assistance to a local government as reimbursement for
qualifying interest.
``(b) Definitions.--In this section, the following
definitions apply:
``(1) Prime rate.--The term `prime rate' means the average
predominant prime rate quoted by commercial banks to large
businesses, as determined by the Board of Governors of the
Federal Reserve System.
``(2) 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.
``(3) Qualifying loan.--The term `qualifying loan' means a
loan--
``(A) obtained by a local government; and
``(B) of which not less than 90 percent of the proceeds are
used to fund activities for which such local government
receives assistance under this Act after the date on which
such loan is disbursed.''.
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