787 



61 



a result of exploration for, or development or production of, energy 

 resources or as a result of the location, construction, expansion, or 

 operation of an energy facility if such facility or such energy resource 

 exploration, development or production is expected to produce net 

 benefits for such State over the course of its projected or anticipated 

 useful life. No such loan, including any renewal or extension of a loan, 

 shall be made for a period exceeding 40 years. The Secretary shall 

 from time to time establish the interest rate or rates at which loans 

 shall be made under this subsection, but such rate shall not exceed 

 an annual percentage rate of 7 percent. The borrower shall pay such 

 fees and other charges as the Secretary may require. The Secretary 

 may waive repayment of all or any part of a loan made under this 

 subsection, including interest, if the State involved demonstrates, to the 

 satisfaction of the Secretai-y, that due to a change in circumstances 

 there are anticipated or resultant net adverse impacts over the life of 

 an energy facility or energy resource exploration, development or 

 production which would qualify the Stat^ for a grant pursuant to 

 paragraph (1) of this subsection. 



"(d) The Secretary shall, by regulations promulgated in accordance 

 with section 553 of title 5, United States Code, establish requirements 

 for grant and loan eligibility pursuant to this section. Such require- 

 ments shall include criteria, which may include a formula, for cal- 

 cidating the amount of a grant or loan based upon the difference, to 

 the State involved between the benefits and the costs which are at- 

 tributable to the exploration for or development and production of 

 energy resources or to the location, construction, expansion, or opera- 

 tion of an energy facility. Such regulations shall provide that a State 

 is eligible for a grant or loan upon a finding by the Secretary that 

 such State — 



"(1) is receiving a program development grant under section 

 305 of this title or is engaged in such program development in a 

 manner consistent with the goals and objectives of this Act, as 

 determined by the Secretary, and is making satisfactory progress, 

 as determined by the Secretary, toward the development of a 

 coastal zone management program, or that it has an approved 

 such program pursuant to section 306 of this title ; 



" (2) has demonstrated to the satisfaction of the Secretary that 

 it has suffered, or is likely to suffer, net adverse impacts, according 

 to the criteria or formula promulgated by the Secretary, and has 

 provided all information required by the Secretary to calculate 

 the amount of the grant or loan ; and 



"(3) has demonstrated to the satisfaction of the Secretary and 



has provided adequate assurances that the proceeds of such grant 



or loan will be used in a manner that will be consistent with the 



coastal zone management program being developed by it, or with 



its approved program, pursuant to section 305 or 306 of this title, 



respectively. 



"(e) Within 180 days after approval of this Act, the Secretary 



shall issue re<rulations prescribing criteria in accordance with this Act 



for determining the eligibility of a coastal State for grarits pursuant 



to subsections (a), (b), and (c)(1) of this section, and regulations 



for determining the amount of such grant or loan, in accordance with 



the following provisions : 



