To provide for community disaster loans.

October 7 (legislative day, OCTOBER 6), 2005

Ms. LANDRIEU introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs

To provide for community disaster loans.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Community Disaster Loan Act of 2005'.

SEC. 2. DISASTER LOANS.

(a) Essential Services- Of the amounts provided in Public Law 109-62 for `Disaster Relief', up to $750,000,000 may be transferred to the Disaster Assistance Direct Loan Program for the cost of direct loans as authorized under section 417 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5184) to be used to assist local governments in providing essential services: Provided, That such transfer may be made to subsidize gross obligations for the principal amount of direct loans not to exceed $1,000,000,000 under section 417 of the Stafford Act: Provided further, That notwithstanding section 417(b) of the Stafford Act, the amount of any such loan issued pursuant to this section may exceed $5,000,000: Provided further, That notwithstanding section 417(c)(1) of the Stafford Act, such loans may only be canceled with the approval of OMB: Provided further, That the cost of modifying such loans shall be as defined in section 502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a).

(b) Administrative Expenses- Of the amounts provided in Public Law 109-62 for `Disaster Relief', up to $1,000,000 may be transferred to the Disaster Assistance Direct Loan Program for administrative expenses to carry out the direct loan program, as authorized by section 417 of the Stafford Act.

END