12 2 STA T . 1 9 2 5PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 as s i s t a nce t omu nici p a l ities in t h e S tate o fA las k a $1,50 0,000 fo r each of fiscal y ears 2 00 8 throu g h 2012 .‘ ‘ ( 2 ) A DMIN I STRA TI O N. —F or the purpose of carrying out this su b section, the D enali C ommission shall— ‘‘(A) be consi d ered a State
and ‘‘( B ) comply w ith all other re q uirements and limitations of this section. ’ ’. SEC.601 0. GRANT ST O NON P RO FI T ORGANI Z ATIONS TO FINANCE T H E CONSTR U CTION , REFUR B ISHING, AN D SER V ICING OF INDIVIDUA L L Y- O W NED HOUSEHOLD WATER WELL SYS- TE M S IN RURAL AREAS FOR INDIVIDUALS WITH LOW OR MODERATE INCOMES. Section 3 0 6E of the Consolidated Farm and R ural De v elopment Act ( 7U .S.C. 1 9 26e) is amended— (1) in subsection (b)(2)(C), by striking ‘‘$8,000’’ and inserting ‘‘$11,000’’; and (2) in subsection (d), by striking ‘‘2003 through 2007’’ and inserting ‘‘2008 through 2012’’. SEC. 6011. INTEREST RATES FOR WATER AND WASTE DISPOSAL FACILI- TIES LOANS. Section 307(a)(3) of the Consolidated Farm and Rural Develop - ment Act (7 U.S.C. 1927(a)(3)) is amended by adding at the end the following
‘‘(E) I NT E REST RATES F OR W ATER AND WASTE DIS P OSA L FA C ILITIES LOANS.— ‘‘(i) IN G ENERAL.—E x cept as provided in clause (ii) and notwithstanding subparagraph (A), in the case of a direct loan for a water or waste disposal facility— ‘‘(I) in the case of a loan that would be sub j ect to the 5 percent interest rate limitation under subparagraph (A), the Secretary shall establish the interest rate at a rate that is equal to 60 percent of the current market yield for outstanding municipal obligations with remaining periods to maturity comparable to the average maturity of the loan, adjusted to the nearest 1⁄8 of 1 percent; and ‘‘(II) in the case of a loan that would be subject to the 7 percent limitation under subparagraph (A), the Secretary shall establish the interest rate at a rate that is equal to 80 percent of the current market yield for outstanding municipal obligations with remaining periods to maturity comparable to the average maturity of the loan, adjusted to the nearest 1⁄8 of 1 percent. ‘‘(ii) E X CEPTION.—Clause (i) does not apply to a loan for a specific project that is the subject of a loan that has been approved, but not closed, as of the date of enactment of this subparagraph.’’. SEC. 601 2 . COOPERATIVE E Q UITY SECURITY GUARANTEE. (a) IN G ENERAL.—Section 310B of the Consolidated Farm and Rural Development Act (7 U.S.C. 1932) is amended— (1) by striking ‘‘SEC. 310B. (a)’’ and inserting the following:
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