994 



108 



opportunity for full participation by relevant Federal agencies, state 

 agencies, local governments, regional organizations, port authorities, 

 and other interested parties, both public and private, such rules and 

 regulations as may be necessary to carry out the provisions of this 

 title. 



LIMITATIONS 



Sec. 318. Nothing in this title shall he construed to authorize or di- 

 rect the Secretary or any other Federal official to intercede in any state 

 land or water use decision including., hut not limited to the siting of 

 energy fa/yilities^ a^ a prerequisite to su^ch 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 tcith such 

 rules as he shall prescribe, to make commitments to g^mrantee and to 

 guarantee the payment of interest on and the principal balance of 

 bonds or other evidences of indebtedness 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 he guaranteed 

 under this section only if it is issued by a coastal state or unit of gen- 

 eral purpose local govemm^ent for the purpose of obtaining revenues 

 which are to be used to provide public services and public facilities 

 which are made necessary by outer Continental Shelf energy activities, 

 {c) Bonds or other evidences of indebtedness guaranteed under this 

 section shall be guaranteed on such terms and conditions as the Sec- 

 retary shall prescribe^ except that — 



(1) no qu/irantee shall he made unless the Secretary determines 

 that the issuer of the evidence of indebtedness would not be able 

 to borrow sufficent revenues on reasonable terms and conditions 

 without the guarantee; 



{2) the guarantees shall provide for complete amortization of 

 the indebtedness within a period not to exceed thirty years; 



(3) the aggregate principal amount of the ohliqations which 

 may he puaranteed under this section on behalf of a coastal state 

 or a unit of general purpose local aovemment and outstanding 

 at am,y one tinme may not exceed $20,000,000: 



(4) the aggregate principal amou/nt of all the obliaations which 

 may be guaranteed under this flection 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 itn'll— 



(A) he issued only to investors approved hi/, or meeting 

 requirements prescribed by. the Secretary, or, if an offering 

 to the public is contemplated, he underwritten upon terms 

 and conditions approved by the Secretary ; 



(B) bear interest at a rate satisfactory to the Secretary ; 



(C) contain or he srihiect to repayment, maturity^ and 

 other provisions satisfactory to the Secretary; and 



(D) contain or be subject to provisions ivith resvect to the 

 protection of the security interest of the United States; 



