II
109th CONGRESS
1st Session
S. 1855
IN THE SENATE OF THE UNITED STATES
October 7 (legislative day, October 6), 2005
Ms. Landrieu introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs
A BILL
To provide for community disaster loans.
Short title
This Act may be cited as
the Community Disaster Loan Act of
2005
.
Disaster loans
Essential services
Of the amounts
provided in Public Law 109–62 for Disaster Relief
, up to
$750,000,000 may be transferred to the Disaster Assistance Direct Loan Program
for the cost of direct loans as authorized under section 417 of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5184) to be
used to assist local governments in providing essential services:
Provided, That such transfer may be made to subsidize gross
obligations for the principal amount of direct loans not to exceed
$1,000,000,000 under section 417 of the Stafford Act: Provided
further, That notwithstanding section 417(b) of the Stafford Act, the
amount of any such loan issued pursuant to this section may exceed $5,000,000:
Provided further, That the cost of modifying such loans shall
be as defined in section 502 of the Congressional Budget Act of 1974 (2 U.S.C.
661a).
Administrative expenses
Of the amounts provided in Public Law 109–62 for
Disaster Relief
, up to $1,000,000 may be transferred to the
Disaster Assistance Direct Loan Program for administrative expenses to carry
out the direct loan program, as authorized by section 417 of the Stafford
Act.