March 8, 2000
On page 4, strike lines 9 through 11 and insert in lieu thereof the following:
"(1) Requirements.–The Administrator (as defined in Section 5 of this Act), under the direction of and for approval by the Board, shall prescribe regulations to implement the provisions of this Act and shall do so not later than 120 days after funds authorized to be appropriated under Section 10 of this Act have been appropriated in a bill signed into law.".
[Conforming amendment] On page 10, strike lines 20 and 21 and insert in lieu thereof the following:
“Underwriting Criteria.–Within the period provided for under subsection (b)(1), the Board”.
On page 6, line 2, insert the following after the period.
“The Board may delegate to the Administrator (as defined in Section 5 of this Act) the authority to approve loan guarantees of up to $20,000,000. To the extent the Administrator is delegated such authority, the Administrator shall comply with the terms of this Act applicable to the Board.”.
On page 8, after line 16 insert the following and redesignate the existing (iii), (iv) and (v) as (iv), (v) and (vi).
“(iii) to the extent possible, the value of collateral provided by an applicant is at least equal to the unpaid balance of the loan amount covered by the loan guarantee (the “Amount” for purposes of this clause); and if the value of collateral provided by an applicant is less than the Amount, the additional required collateral is provided by any affiliate of the applicant; and if the combined value of collateral provided by an applicant and any affiliate is not at least equal to the Amount, the collateral from such affiliate represents all of such affiliate’s assets;”.
[Conforming amendment] On page 14, line 20, insert the following before the period.
“or that value approved by the Board under Section 4(d)(3)(iii) of this Act”.
On page 9, line 3 strike “Priority”.
On page 9, strike lines 5 through 9 and insert in lieu thereof the following:
“(A) Priority Considerations.–To the maximum extent practicable, the Board shall give priority in the approval of loan guarantees under this Act in the following order: First, to projects that will serve the greatest number of households in unserved areas; and second, to projects that will serve the greatest number of households in underserved areas. In each instance, the Board shall consider the project’s estimated cost per household to be served.”.
On page 9, strike lines 16 through 20 and insert in lieu thereof the following:
“(2) Other Considerations.–The Board shall consider other factors, which shall include projects that would–“.
On page 10, strike lines 10 through 19 and insert in lieu thereof the following:
“(2) Guarantee Level.–A loan guarantee issued under this Act:
(A) may not exceed an amount equal to 80 percent of a loan meeting in its entirety the requirements of subsection (d)(2)(A). If only a portion of a loan meets the requirements of that subsection, the Board shall determine that percentage of the loan meeting such requirements (the “applicable portion”) and may issue a loan guarantee in an amount not exceeding 80% of the applicable portion; or (B) may as to a loan meeting in its entirety the requirements of subsection (d)(2)(A) cover the amount of such loan only if that loan is for an amount not exceeding 80 percent of the total debt financing for the project, and other debt financing from the same source for a total amount not less than 20 percent of the total debt financing for the project has been approved.”.
On page 12, after line 18, insert the following:
“(C) Payment of Premiums.–Credit risk premiums under this subsection shall be paid to an account (the “Escrow Account”) established in the Treasury which shall accrue interest and such interest shall be retained by the account, subject to paragraph (D).
“(D) Deductions from Escrow Account.–If a default occurs with respect to any loan guaranteed under this Act and the default is not cured in accordance with the terms of the underlying loan or loan guarantee agreement, the Administrator, in accordance with subsections 5(h) and (i) of this Act, shall liquidate, or shall cause to be liquidated, all assets collateralizing such loan as to which it has a lien or security interest. Any shortfall between the proceeds of the liquidation net of expenses relating to the liquidation, and the guarantee amount paid pursuant to this Act shall be deducted from funds in the Escrow Account and credited to the Administrator for payment of such shortfall. At such time as determined under Section 4(d)(2)(E) when all loans guaranteed under this Act have been repaid or otherwise satisfied in accordance with this Act and the regulations promulgated hereunder, remaining funds in the Escrow Account, if any, shall be refunded, on a pro rata basis, to applicants whose loans guaranteed under this Act were not in default, or where any default was cured in accordance with the terms of the underlying loan or loan guarantee agreement.”.
On page 24, strike lines 1 through 4 and insert in lieu thereof the following:
“(3) Underserved Area.–The term “underserved area” means any area that–
(A) is outside the grade A contour (as determined using standards employed by the Federal Communications Commission) of the local television broadcast signals serving a particular designated market area; and
(B) has access to local television broadcast signals from not more than one commercial, for-profit multichannel video provider.”.
[Conforming amendment] On page 23, line 22, strike “dominant” and insert in lieu thereof “designated”.