Page:United States Statutes at Large Volume 116 Part 1.djvu/443

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PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 417 "(i) the cost of borrowing to the Department of the Treasury for obligations of comparable maturity; or "(ii) 4 percent; and _ "(B) in the case of a guaranteed loan, the current applicable market rate for a loan of comparable maturity; and "(2) have a term not to exceed the useful life of the assets constructed, improved, or acquired with the proceeds of the loan or extension of credit. "(h) USE OF LOAN PROCEEDS TO REFINANCE LOANS FOR DEPLOY- MENT OF BROADBAND SERVICE.— Notwithstanding any other provision of this Act, the proceeds of any loan made or guaranteed by the Secretary under this Act may be used by the recipient of the loan for the purpose of refinancing an outstanding obligation of the recipient on another telecommunications loan made under this Act if the use of the proceeds for that purpose will further the construction, improvement, or acquisition of facilities and equipment for the provision of broadband service in eligible rural communities. "(i) REPORTS. —Not later than 1 year after the date of enactment Deadline. of this section, and biennially thereafter, the Administrator shall submit to Congress a report that— "(1) describes how the Administrator determines under subsection (a)(1) that a service enables a subscriber to originate and receive high-quality voice, data, graphics, and video; and "(2) provides a detailed list of services that have been granted assistance under this section. "( j) FUNDING. — "(1) IN GENERAL. —Notwithstanding any other provision of law, of the funds of the Commodity Credit Corporation, the Secretary shall make available to carry out this section— "(A) $20,000,000 for each of fiscal years 2002 through 2005, to remain available until expended; and "(B) $10,000,000 for each of fiscal years 2006 and 2007, to remain available until expended. " (2) TELEVISION FUNDS.— "(A) IN GENERAL.—The Secretary shall be entitled to receive, shall accept, and shall use to carry out this section, without further appropriation any funds made available under section 1011(a)(2)(B) of the Launching Our Communities' Access to Local Television Act of 2000 (47 U.S.C. 1109(a)(2)(B)). "(B) USE OF TELEVISION FUNDS.— The Secretary shall use any funds received under subparagraph (A) in equal amounts for each remaining fiscal year on receipt of the funds (including the fiscal year of receipt) through fiscal year 2007. "(3) AUTHORIZATION OF APPROPRIATIONS.— In addition to funds otherwise made available under this subsection, there are authorized to be appropriated such sums as necessary to carry out this section for each of fiscal years 2003 through 2007. "(4) ALLOCATION OF FUNDS.— "(A) IN GENERAL. — From amounts made available for each fiscal year under this subsection, the Secretary shall—