Sudden and Severe Economically Depressed Cities Loan Guarantee and Loan Interest Subsidy Act

Summary

Sudden and Severe Economically Depressed Cities Loan Guarantee and Loan Interest Subsidy Act - Title I: Loan Guarantees - Authorizes the Secretary of the Treasury, upon the request of a local government and the State governor, to guarantee the timely payment of all or part of the indebtedness of a local government that: (1) is severely economically depressed; (2) has lost a significant amount of its industry, employed population, and tax base; and (3) is in a financial crisis and is unable to meet its financial obligations or maintain vital municipal services. Directs the Secretary to provide interest subsidies to enable cities to obtain loans at below market interest rates. Authorizes appropriations. Title II: Emergency Use of Community Development Block Grants for City Services in Severely Economically Depressed Cities - Authorizes the Secretary of Housing and Urban Development, upon the request of a local government and the State governor, to permit a local government which has lost such a significant amount of industry and taxpaying population that its tax base can no longer support its police, firefighter, ambulance, and medical services to divert portions of its community development block grant to pay for such services.

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Timeline

1. 18 December 1985

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 18 December 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 18 December 1985

  Open at official source

Sponsors

• Sen. Specter, Arlen [R-PA] · R · Sponsor
• · ssbk00 · Standing

Related records

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