A bill to amend the Communications Act of 1934 to provide for loan assistance to certain cable television systems.

Summary

Authorizes the Secretary of Housing and Urban Development to make loans to any eligible cable television system to enable such system to furnish cable television service or to improve cable television service furnished by it. Provides that such loans shall not be made unless the Secretary finds and certifies that in his judgment the security therefore is reasonably adequate and such loan will be repaid within the time agreed. States that the loans may be made only for the purpose of financing the improvement, expansion, construction, acquisition, and operation of cable television facilities or to furnish and improve cable television service. Directs the Secretary of the Treasury to make loans to the Secretary of Housing and Urban Development in such amounts, for each fiscal year commencing with fiscal year 1973 as Congress may from time to time determine to be necessary to carry out the purposes of this Act. Authorizies to be appropriated such sums as may be necessary to carry out the purposes of this Act. Authorizies the Secretary of Housing and Urban Development to bid for and purchase at any foreclosure or other sale, or otherwise acquire, property pledged or mortgaged to secure any loan made pursuant to this Act. States that no borrower of funds under this Act shall, without the approval of the Secretary, sell or dispose of its property, rights, or franchises, acquired under the provisions of the section, until any loan obtained from the Secretary, including all interest and charges, shall have been repaid. Directs the Secretary to present annually to the Congress not later than the 20th day of January in each year a full report of his activities under this section. Authorizes the Secretary to extend the time of payment of interest or principal of any loans made pursuant to this Act.

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Documents

1 official file

• Introduced in House

  summary · EN · 14 January 1975

  Open at official source

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