Pest and Disease Revolving Loan Fund

In this section: The term “authorized equipment” means any equipment necessary for the management of forest land. The term “authorized equipment” includes— equipment necessary for— The term “Fund” means the Pest and Disease Revolving Loan Fund established by subsection (b). The term “Secretary” means the Secretary of Agriculture, acting through the Deputy Chief of the State and Private Forestry organization. There is established in the Treasury of the United States a revolving fund, to be known as the “Pest and Disease Revolving Loan Fund”, consisting of such amounts as are appropriated to the Fund under subsection (f). Subject to paragraph (2), on request by the Secretary, the Secretary of the Treasury shall transfer from the Fund to the Secretary such amounts as the Secretary determines are necessary to provide loans under subsection (e). An amount not exceeding 10 percent of the amounts in the Fund shall be available for each fiscal year to pay the administrative expenses necessary to carry out this section. The amounts required to be transferred to the Fund under this section shall be transferred at least monthly from the general fund of the Treasury to the Fund on the basis of estimates made by the Secretary of the Treasury. Proper adjustment shall be made in amounts subsequently transferred to the extent prior estimates were in excess of or less than the amounts required to be transferred. The Secretary shall use amounts in the Fund to provide loans to eligible units of local government to finance purchases of authorized equipment to monitor, remove, dispose of, and replace infested trees that are located— The maximum amount of a loan that may be provided by the Secretary to an eligible unit of local government under this subsection shall be the lesser of— The interest rate on any loan made by the Secretary under this paragraph shall be a rate equal to 2 percent. Not later than 180 days after the date on which an eligible unit of local government receives a loan provided by the Secretary under subparagraph (A), the eligible unit of local government shall submit to the Secretary a report that describes each purchase made by the eligible unit of local government using assistance provided through the loan. To be eligible to receive a loan from the Secretary under paragraph (1), in accordance with each requirement described in subparagraph (B), an eligible unit of local government shall enter into an agreement with the Secretary to establish a loan repayment schedule relating to the repayment of the loan. A loan repayment schedule established under subparagraph (A) shall require the eligible unit of local government— to repay to the Secretary of the Treasury, not later than 1 year after the date on which the eligible unit of local government receives a loan under paragraph (1), and semiannually thereafter, an amount equal to the quotient obtained by dividing— There are authorized to be appropriated to the Fund such sums as are necessary to carry out this section.