Secured loans

Subject to paragraphs (2) and (3), the Secretary may enter into agreements with 1 or more obligors to make secured loans, the proceeds of which shall be used— to refinance long-term project obligations or Federal credit instruments, if the refinancing provides additional funding capacity for the completion, enhancement, or expansion of any project that— A loan under paragraph (1) shall not refinance interim construction financing under paragraph (1)(B)— A secured loan under this section— shall— be payable, in whole or in part, from— The interest rate of a secured loan under this section may not be lowered by more than the lower of— Except as provided in subparagraphs (B) and (C), the final maturity date of the secured loan shall be the lesser of— In the case of a capital asset with an estimated life of more than 50 years, the final maturity date of the secured loan shall be the lesser of— The Secretary shall waive the requirement under subparagraph (A) for a public agency borrower that is financing ongoing capital programs and has outstanding senior bonds under a preexisting indenture, if— If the Secretary waives the nonsubordination requirement under this subparagraph— The Secretary shall establish a repayment schedule for each secured loan under this section based on— Any payment deferred under subparagraph (A) shall— In establishing the streamlined application process required by this subsection, the Secretary may include terms commonly included in prior credit agreements and allow for an expedited application period, including— Not later than 120 days after the date of enactment of this paragraph, the Secretary shall implement an expedited decision timeline for public agency borrowers seeking secured loans that meet— The additional criteria referred to in subparagraph (A)(ii) are the following: