896 

 10 



may be necessary, for grants under section 309 of this title, to remain avail- 

 able until expended ; 



"(4) such sums, not to exceed $5,000,000 for the fiscal year ending Sep- 

 tember 30, 1977, and $5,000,000 for each of the three succeeding fiscal years, 

 as may be necessary, for financial assistance under section 310(a) of this 

 title, to remain available until expended ; 



"(5) such sums, not to exceed $5,000,000 for the fiscal year ending Sep- 

 tember 30, 1977, and $5,000,000 for each of the three succeeding fiscal years, 

 as may be necessary, for financial assistance under section 310 vb) of this 

 title, to remain available until expended ; 



"(6) such sums, not to exceed $6,000,000 for the fiscal year ending Septem- 

 ber 30, 1977, and $6,000,000 for each of the three succeeding fiscal years, as 

 may be necessary, for grants under section 315(a) of this title, to remain 

 available until expended ; and 



" (7) such sums, not to exceed $25,000,000 for the fiscal year ending Septem- 

 ber 30, 1977, and $25,000,000 for each of the three succeeding fiscal years, as 

 may be necessary, for grants under section 315(b) of this title, to remain 

 available until expended. 

 "(b) There are also authorized to be appropriated such sums, not to exceed 

 $5,000,000 for the fiscal year ending September 30, 1977, and $5,000,000 for each 

 of the three succeeding fiscal years, as may be necessary, for administrative ex- 

 penses incident to the administration of this title. 



"(c) No Federal funds received by a state shall be used to pay the state's 

 share of the costs of a program or project authorized under this title.". 



(22) Such Act is further amended by inserting immediately after section 317 

 (as redesignated by paragraph (16) of this Act) the following new sections : 



"limitations 



"Sec. 318. Nothing in this title shall be construed to authorize or direct the 

 Secretary or any other Federal oflScial to intercede in any state land or water use 

 decision including, but not limited to the siting of energy facilities, as a pre- 

 requisite to such states eligibility for grants or bond guarantees under this title. 



"state and local government bond guarantees 



"Sec. 319. (a) The Secretary is authorized, in accordance with such rules as he 

 shall prescribe, to make commitments to guarantee and to guarantee the pay- 

 ment of interest on and the principal balance of bonds or other evidences of in- 

 debtedness issued by a coastal state or unit of general purpose local government 

 for the purposes specified in subsection (b) of this section. 



"(b) A bond or other evidence of indebtedness may be guaranteed under this 

 section only if it is issued by a coastal state or unit of general purpose local 

 government for the purpose of obtaining revenues which are to be used to provide 

 public services and public facilities which are made necessary by outer Conti- 

 nental Shelf energy activities. 



"(c) Bonds or other evidences of indebtedness guaranteed under this section 

 shall be guaranteed on such terms and conditions as the Secretary shall pre- 

 scribe, except that — 



"(1) no guarantees shall be made unless the Secretary determines that 

 the issuer of the evidence of indebtedness would not be able to borrow 

 suflScient revenues on reasonable terms and conditions without the guar- 

 antee ; 



"(2) the guarantees shall provide for complete amortization of the indebt- 

 edness within a period not to exceed thirty years ; 



"(3) the aggregate principal amount of the obligations which may be 

 guaranteed under this section on behalf of a coastal state or a unit of gen- 

 eral purpose local government and outstanding at any one time may not 

 exceed $20,000,000; 



"(4) the aggregate principal amount of all the obligations which may be 

 guaranteed under this section and outstanding at any one time may not 

 exceed $200,000,000; 



"(5) no guarantee shall be made unless the Secretary determines that the 

 bonds or other evidences of indebtedness will — 



"(A) be issued only to investors approved by. or meeting requirements 

 prescribed by, the Secretary, or, if an offering to the public is con- 



