,,ii  #aac? ,,congress  #a/ ,session    
,s4 #ahac  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ab           
7legislative day1 ,decemb] #aa71        
#bjac,mrs4 ,fe9/e9 7= h]self & ,mrs4    
,box]7 introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to e/abli% a program to provide
 gu>antees = debt issu$ by or on behalf 
( ,/ate cata/rophe insurance programs to
 assi/ 9 ! f9ancial recov]y f e>?quakes 
& e>?quake-relat$ ev5ts4  #a4 ,%ort     
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,e>?quake     
,insurance ,af=dability ,act ( #bjac4   
7b7 ,table ( cont5ts ,! table ( cont5ts 
= ?is ,act is z foll[s3 ,sec4 #a4 ,%ort 
title2 table ( cont5ts4,sec4 #b4 ,f9d+s 
& purposes4,sec4 #c4 ,def9itions4,sec4  
#d4 ,eligible ,/ate programs4,sec4 #e4  
,e/abli%m5t ( debt-gu>antee             
program4,sec4 #f4 ,effect (             
gu>antee4,sec4 #g4 ,assessm5t at "t (   
gu>antee4,sec4 #h4 ,paym5t (            

losses4,sec4 #i4 ,full fai? &           
cr$it4,sec4 #aj4 ,budget>y impact2      
co/s4,sec4 #aa4 ,regulations4,sec4 #ab4 
,reports4  #b4 ,f9d+s & purposes  7a7   
,f9d+s ,congress f9ds ! foll[+3 7#a7    
,major e>?quakes are likely 9 ! ,unit$  
,/ates4 ,= example1 ! ,unit$ ,/ates     
,geological ,survey pr$icts t !re is a  
#ii4g p]c5t *ance t a magnitude #f4g    
e>?quake w /rike 9 ,cali=nia 9 ! next   
#cj ye>s & t !re is a #df p]c5t *ance t 
a magnitude #g4e e>?quake w /rike 9     
,cali=nia 9 ! next #cj ye>s4 ,e>?quakes 
c be caus$ by volcanic or tectonic ev5ts
 & result 9 de/ructive %ak+ ( ! e>?1    
fires1 l&slides1 volcanic eruptions1 &  
tsunamis4  7#b7 ,despite ! kn[n risk (  
e>?quakes1 relatively few home[n]s h    
e>?quake insurance4 ,= example1 9       
,cali=nia1 #hh p]c5t ( homes insur$ =   
fire d n h e>?quake insurance4 ,9 ! ev5t
 ( a cata/rophic e>?quake1 ! lack (     
home[n] e>?quake-insurance cov]age w sl[
 recov]y1 create economic h>d%ip1 &     
increase ! risk ( mortgage & o!r cr$it  

defaults & adv]sely affect ! bank+ sy/em
 ( ! ,unit$ ,/ates4  7#c7 ,x is         
important t ,/ates improve !            
af=dability1 availability1 & quality (  
e>?quake insurance s t m home[n]s w     
pur*ase cov]age4 ,= example1 ,cali=nia  
has creat$ ! ,cali=nia ,e>?quake        
,au?ority to provide e>?quake insurance 
to home[n]s ?r\gh private-sector        
insur]s4  7#d7 ,x is a prop] role ( !   
,f$]al ,gov]nm5t to help prep>e &       
protect its citiz5s f cata/rophes su* z 
e>?quakes & to facilitate consum]       
protection1 victim assi/ance1 &         
individual & community recov]y1 includ+ 
f9ancial recov]y4  7b7 ,purposes ,!     
purposes ( ?is ,act are to e/abli% a    
program-- 7#a7 to promote ! availability
 ( private capital to provide liquidity 
& capacity to ,/ate e>?quake insurance  
programs2 &  7#b7 to exp$ite ! paym5t ( 
claims "u ,/ate e>?quake insurance      
programs & bett] assi/ ! f9ancial       
recov]y f significant e>?quakes by      
au?oriz+ ! ,secret>y ( ! ,treasury to   

gu>antee debt = su* purposes4  #c4      
,def9itions ,9 ?is ,act1 ! foll[+       
def9itions %all apply3 7#a7 ,commitm5t  
to gu>antee ,! t]m commitm5t to gu>antee
 means a commitm5t to make debt         
gu>antees to an eligible ,/ate program  
pursuant to section #e4  7#b7 ,eligible 
,/ate program ,! t]m eligible ,/ate     
program means a ,/ate program t1        
pursuant to section #d1 is eligible to  
receive a debt gu>antee "u ?is ,act4    
7#c7 ,insur$ loss ,! t]m insur$ loss    
means any loss result+ f an e>?quake or 
e>?quake-relat$ ev5t t is det]m9$ by an 
eligible ,/ate program to be cov]$ by   
insurance made available "u t eligible  
,/ate program4  7#d7 ,qualify+ assets ,!
 t]m qualify+ assets means ! policyhold]
 surplus ( ! eligible ,/ate program z   
/at$ 9 ! mo/ rec5t qu>t]ly f9ancial     
/atem5t fil$ by ! program ) ! domicili>y
 regulator ( ! program 9 ! la/ qu>t]    
end+ prior to an insur$-loss trigg]+    
ev5t or ev5ts4  7#e7 ,resid5tial prop]ty
 insurance ,! t]m resid5tial prop]ty    

insurance means insurance cov]age =--   
7,a7 individually own$ resid5tial       
/ructures ( n m ?an #d dwell+ units1    
individually own$ condom9ium units1 or  
individually own$ mobile homes1 & _!    
cont5ts1 locat$ 9 a ,/ate & us$         
exclusively = resid5tial purposes or a  
t5ant's policy writt5 to include p]sonal
 cont5ts ( a resid5tial unit locat$ 9 ! 
,/ate1 b %all n include-- 7i7 insurance 
= real prop]ty or its cont5ts us$ = any 
comm]cial1 indu/rial1 or bus9ess        
purpose1 except a /ructure ( n m ?an #d 
dwell+ units r5t$ = individual          
resid5tial purposes2 or  7ii7 a policy t
 does n include any ( ! p]ils insur$    
aga9/ 9 a /&>d fire policy or any       
e>?quake policy2 or  7,b7 comm]cial     
resid5tial prop]ty1 :i* includes prop]ty
 own$ by a condom9ium association or its
 memb]s1 prop]ty own$ by a coop]ative   
association1 or an ap>tm5t build+4  7#f7
 ,secret>y ,! t]m ,secret>y means !     
,secret>y ( ! ,treasury4  7#g7 ,/ate ,! 
t]m ,/ate means ea* ( ! sev]al ,/ates ( 

! ,unit$ ,/ates1 ! ,di/rict ( ,columbia1
 ! ,commonweal? ( ,pu]to ,rico1 !       
,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1
 ,guam1 ! ,unit$ ,/ates ,virg9 ,isl&s1  
,am]ican ,samoa1 & any o!r t]ritory or  
possession ( ! ,unit$ ,/ates4  #d4      
,eligible ,/ate programs  7a7 ,eligible 
,/ate programs ,a ,/ate program %all be 
consid]$ an eligible ,/ate program =    
purposes ( ?is ,act if ! ,/ate program  
or o!r ,/ate entity au?oriz$ to make su*
 det]m9ations c]tifies to ! ,secret>y1 9
 accordance ) ! proc$ures e/abli%$ "u   
subsection 7b71 t ! ,/ate program       
complies ) ! foll[+ requirem5ts3 7#a7   
,/ate program design ,! ,/ate program-- 
7,a7 %all be e/abli%$ & au?oriz$ by     
,/ate law z an e>?quake insurance       
program t (f]s resid5tial prop]ty       
insurance cov]age = insur$ losses to    
prop]ty1 cont5ts1 & additional liv+     
exp5ses2 &  7,b7 may n require insur]s  
to pool res\rces to provide prop]ty     
insurance cov]age = e>?quakes4  7#b7    
,op]ation  7,a7 ,public (ficials ,a     

majority ( ! memb]s ( ! gov]n+ body ( ! 
,/ate program %all be public (ficials or
 appo9t$ by public (ficials4  7,b7 ,/ate
 f9ancial int]e/ ,! ,/ate %all h a      
f9ancial int]e/ 9 ! ,/ate program4  7,c7
 ,repaym5t ( appropriat$ am\nts ,if !   
,/ate has at any "t appropriat$ am\nts f
 ! ,/ate program's funds = any purpose  
o!r ?an paym5ts = losses insur$ "u !    
,/ate program1 or paym5ts made 9        
connection ) any ( ! ,/ate program's    
au?oriz$ activities1 ! ,/ate %all h     
return$ su* am\nts to ! ,/ate fund1     
toge!r ) int]e/ on su* am\nts4  7#c7    
,tax /atus ,! ,/ate program %all h      
receiv$ f ! ,secret>y 7or ! ,secret>y's 
designee7 a writt5 det]m9ation1 )9 !    
mean+ ( section #faaj7;b7 ( ! ,int]nal  
,rev5ue ,code ( #aihf1 t ! ,/ate program
 ei!r-- 7,a7 con/itutes an integral "p (
 ! ,/ate t has creat$ x2 or  7,b7 is    
o!rwise exempt f ,f$]al income taxation4
  7#d7 ,e>n+s ,! ,/ate program may n    
provide = any di/ribution ( any "p ( any
 net pr(its ( ! ,/ate program to any    

insur] t p>ticipates 9 ! ,/ate program4 
7#e7 ,loss prev5tion & mitigation  7,a7 
,mitigation ( losses ,! ,/ate program   
%all include provisions design$ to      
enc\rage & support programs to mitigate 
losses = :i* ! ,/ate insurance program 0
 e/abli%$ to provide insurance4  7,b7   
,op]ational requirem5ts ,! ,/ate program
 %all op]ate 9 a ,/ate-- 7i7 t has 9    
effect & en=ces1 or )9 :i* ! appropriate
 local gov]nm5ts h 9 effect & en=ce1    
nationally recogniz$ build+1            
seismic-design1 & safety codes &        
cons5sus-bas$ /&>ds2 &  7ii7 t has tak5 
actions to e/abli% an insurance rate    
/ructure t takes into acc\nt measures to
 mitigate insur$ losses4  7#f7          
,requirem5ts reg>d+ cov]age ,! ,/ate    
program-- 7,a7 may n1 except = *>ges or 
assessm5ts relat$ to po/-ev5t f9anc+ or 
bond+1 involve cross-subsidization      
betwe5 any sep>ate prop]ty-&-casualty   
insurance l9es (f]$ "u ! ,/ate program  
pursuant to p>agraph 7#a72  7,b7 %all be
 subject to a requirem5t "u ,/ate law t 

= e>?quake insurance cov]age made       
available "u ! ,/ate insurance program !
 premium rates *>g$ on su* insurance--  
7i7 %all be actu>ially s\nd2  7ii7 may n
 be excessive1 inadequate1 or unfairly  
discrim9atory2  7iii7 %all be e/abli%$  
bas$ on ! be/ available sci5tific       
in=mation = assess+ ! risk ( e>?quake   
frequ5cy1 sev]ity1 & loss2 &  7iv7 %all 
incorporate1 & may n 9 ! aggregate be   
less ?an1 ! sum ( ! model$ expect$ loss1
 risk f9anc+ co/s1 loss adju/m5t exp5se1
 & any o!r exp5ses necess>y to op]ate ! 
,/ate program2 &  7,c7 %all make        
available to all qualify+ policyhold]s  
insurance cov]age & mitigation s]vices  
on a basis t is n unfairly              
discrim9atory4  7b7 ,annual c]tification
 ,! ,secret>y %all e/abli% proc$ures =  
initial c]tification & annual           
rec]tification ( a ,/ate program z an   
eligible ,/ate program4  #e4 ,e/abli%m5t
 ( debt-gu>antee program  7a7 ,au?ority 
( ,secret>y ,! ,secret>y is au?oriz$ &  
%all h ! p[]s & au?orities necess>y--   

7#a7 to gu>antee1 & to ent] into        
commitm5ts to gu>antee1 hold]s ( debt   
aga9/ loss ( pr9cipal or int]e/1 or bo?1
 on any debt issu$ by eligible ,/ate    
programs = purposes ( ?is ,act2 &  7#b7 
to c]tify & rec]tify ,/ate cata/rophe   
insurance programs t cov] e>?quake p]il 
to become or rema9 eligible = ! b5efits 
( su* a debt-gu>antee program4  7b7     
,limit on out/&+ debt gu>antees ,!      
aggregate am\nt ( debt cov]$ by !       
,secret>y's gu>antees & commitm5ts to   
gu>antee = all eligible ,/ate programs  
out/&+ at any "t %all n exce$           
#c1jjj1jjj1jjj1 includ+ int]e/4  7c7    
,fund+  7#a7 ,appropriation ( ,f$]al    
paym5ts ,subject to subsection 7b71 !re 
are h]eby appropriat$1 out ( funds 9 !  
,treasury n o!rwise appropriat$1 su*    
sums z may be necess>y to satisfy debt  
gu>antee commitm5ts ext5d$ to eligible  
,/ate programs "u ?is ,act4  7#b7       
,c]tification fee ,^u c]tification or   
rec]tification z an eligible ,/ate      
program "u section #d1 a ,/ate program  

%all be *>g$ a c]tification fee t !     
,secret>y det]m9es1 at ! "t (           
c]tification or rec]tification1 is      
suffici5t to cov]-- 7,a7 applicable     
adm9i/rative co/s aris+ f ! c]tification
 or rec]tification1 includ+ all         
pre-c]tification co/s & a proportional  
%>e ( ! co/s aris+ f ! adm9i/ration ( ! 
program e/abli%$ "u ?is ,act1 b 9 any   
ev5t n to exce$ "o-half ( #a p]c5t p]   
annum ( ! aggregate pr9cipal am\nt ( !  
debt = :i* ! eligible ,/ate program is  
issu$ a gu>antee commitm5t2 &  7,b7 any 
probable losses on ! aggregate pr9cipal 
am\nt ( ! debt = :i* ! eligible ,/ate   
program is issu$ a gu>antee commitm5t4  
7#c7 ,rule ( con/ruction ,any funds     
exp5d$ or obligat$ by ! ,secret>y = !   
paym5t ( adm9i/rative exp5ses = conduct 
( ! debt-gu>antee program au?oriz$ by   
?is ,act %all be deem$ appropriat$ at ! 
"t ( su* exp5diture or obligation f !   
c]tification & rec]tification fees      
collect$ pursuant to p>agraph 7#b74  7d7
 ,conditions = gu>antee eligibility ,a  

debt gu>antee "u ?is section may be made
 only if ! ,secret>y has issu$ a        
commitm5t to gu>antee to a c]tifi$1     
eligible ,/ate program4 ,! commitm5t to 
gu>antee %all be 9 =ce = a p]iod ( #c   
ye>s f its initial issuance & may be    
ext5d$ by ! ,secret>y = #a ye> on ea*   
annual anniv]s>y ( ! issuance ( !       
commitm5t to gu>antee4 ,! commitm5t to  
gu>antee & ea* ext5sion ( su* commitm5t 
may be issu$ by ! ,secret>y only if--   
7#a7 ! eligible ,/ate program submits to
 ! ,secret>y a report sett+ =?1 9 su* =m
 & includ+ su* in=mation z ! ,secret>y  
%all require1 h[ ! eligible ,/ate       
program plans to repay gu>antee-eligible
 debt x may incur2  7#b7 bas$ on !      
eligible ,/ate program's report submitt$
 pursuant to p>agraph 7#a71 ! ,secret>y 
det]m9es !re is reasonable assurance t !
 eligible ,/ate program c meet its      
repaym5t obligation "u su* debt1 by     
consid]+ relevant crit]ia includ+-- 7,a7
 p> am\nt ( debt to be issu$2  7,b7 use 
( debt proce$s2  7,c7 propos$ debt      

/ructure2  7,d7 t]m ( debt out/&+2  7,e7
 ratio ( premium income to expect$ debt 
s]vice2  7,f7 review ( rec5t qu>t]ly    
f9ancial /atem5ts2 &  7,g7 review ( any 
rec5t cr$it rat+ provid$ by a nationally
 recogniz$ /ati/ical rat+ organization1 
z def9$ 9 section #c7;a7 ( ! ,securities
 ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4   
#gh;c7a772  7#c7 ! eligible ,/ate       
program ent]s into an agreem5t ) !      
,secret>y1 z ! ,secret>y %all require1 t
 ! eligible ,/ate program-- 7,a7 w n use
 ,f$]al funds ( any k9d or f any ,f$]al 
s\rce 7includ+ any disa/] or o!r        
f9ancial assi/ance1 loan proce$s1 & any 
o!r assi/ance or subsidy7 to repay !    
debt2  7,b7 w1 to ! ext5t prud5t1 use   
any au?ority or capacity to sur*>ge     
policyhold]s or policies ( cov]age to   
contribute to repay+ ! debt gu>ante$ "u 
?is subsection2 &  7,c7 w apply         
annually1 except 9 ye>s 9 :i* ! debt is 
be+ repaid1 an am\nt n less ?an #b p]c5t
 ( ! debt subject to ! agreem5t t[>d a  
comb9ation (-- 7i7 mitigation           

initiatives2 &  7ii7 public education   
reg>d+ ! risks ( e>?quakes &            
e>?quake-relat$ ev5ts2  7#d7 ! commitm5t
 to gu>antee specifies & requires !     
paym5t ( ! fees = debt gu>antee cov]age2
 &  7#e7 ! maximum t]m ( ! debt specifi$
 9 ! commitm5t to gu>antee does n exce$ 
#cj ye>s4  7e7 ,m&atory assi/ance =     
eligible ,/ate programs ,! ,secret>y    
%all1 ^u ! reque/ ( an eligible ,/ate   
program & pursuant to a commitm5t to    
gu>antee issu$ "u subsection 7d71       
provide a gu>antee "u subsection 7f7 = !
 eligible ,/ate program 9 ! am\nt       
reque/$ by ! eligible ,/ate program4    
7f7 ,cata/rophe debt gu>antee ,a debt   
gu>antee "u ?is subsection = an eligible
 ,/ate program %all be subject to !     
foll[+ requirem5ts3 7#a7 ,preconditions 
,! eligible ,/ate program %all          
demon/rate to ! satisfaction ( !        
,secret>y t insur$ losses to ! eligible 
,/ate program aris+ f ! ev5t or ev5ts   
cov]$ by ! commitm5t to gu>antee are    
likely to exce$ #hj p]c5t ( ! eligible  

,/ate program's qualify+ assets         
available to pay claims1 z calculat$ on 
! date ( ! ev5t & bas$ on ! eligible    
,/ate program's mo/ rec5t qu>t]ly       
f9ancial /atem5t fil$ ) its domicili>y  
regulator4  7#b7 ,use ( funds ,proce$s (
 debt gu>ante$ "u ?is section %all be   
us$ only to pay ! co/s ( issu+ debt & ( 
secur+ or provid+ claim-paym5t capacity 
= pay+ ! insur$ losses & loss adju/m5t  
exp5ses incurr$ by an eligible ,/ate    
program4 ,su* am\nts %all n be us$ = any
 o!r purpose4  7#c7 ,limit on gu>antee =
 ev5ts relat+ to a s+le e>?quake ,!     
am\nt ( a debt gu>antee t an eligible   
,/ate program receives to secure or     
provide claim-paym5t capacity = pay+ !  
insur$ losses & loss adju/m5t exp5ses f 
all ev5ts relat+ to a s+le e>?quake may 
n be great] ?an #a1ejj1jjj1jjj4  #f4    
,effect ( gu>antee ,! issuance ( any    
gu>antee by ! ,secret>y "u ?is ,act %all
 be conclusive evid5ce t-- 7#a7 !       
gu>antee has be5 prop]ly obta9$2  7#b7 !
 und]ly+ debt qualifi$ = su* gu>antee2 &

  7#c7 ! gu>antee is valid1 legal1 &    
en=ceable4  #g4 ,assessm5t at "t (      
gu>antee ,if ! ,secret>y det]m9es t !   
fees collect$ "u section #e7;c77#b7 w n 
cov] applicable adm9i/rative co/s =1 &  
probable losses on1 a gu>ante$          
obligation1 ! ,secret>y %all *>ge &     
collect a fee = ea* gu>antee issu$ 9 an 
am\nt t ! ,secret>y det]m9es1 at ! "t ( 
issuance ( ! gu>antee1 is suffici5t to  
cov] su* co/s & probable losses4  #h4   
,paym5t ( losses  7a7 ,paym5t by        
,secret>y  7#a7 ,9 g5]al ,! ,secret>y   
%all pay to ! duly appo9t$ pay+ ag5t or 
tru/ee 79 ?is section ref]r$ to z !     
,fiscal ,ag5t7 = an eligible ,/ate      
program t portion ( ! pr9cipal & int]e/ 
on any debt gu>ante$ "u ?is ,act t      
becomes due = paym5t b is unpaid by !   
eligible ,/ate program z a result ( !   
eligible ,/ate program hav+ provid$     
insuffici5t funds to ! ,fiscal ,ag5t to 
make ! paym5t4  7#b7 ,"t ( paym5t ,!    
,secret>y %all make a paym5t describ$ 9 
p>agraph 7#a7 on ! lat] (-- 7,a7 ! date 

on :i* ! pr9cipal or int]e/ becomes due 
= paym5t2 or  7,b7 ! fir/ bus9ess day   
aft] ! date on :i* ! ,secret>y receives 
notice t ! eligible ,/ate program has   
fail$ to provide suffici5t funds to !   
,fiscal ,ag5t to make ! paym5t4  7#c7   
,subrogation ( rights ,^u mak+ a paym5t 
"u ?is subsection1 ! ,secret>y %all be  
subrogat$ to all ! rights ( ! ultimate  
recipi5t ( ! paym5t4  7#d7 ,recov]y f   
eligible ,/ate program ,! ,secret>y %all
 be entitl$ to recov] f an eligible     
,/ate program ! am\nt ( any paym5ts made
 by ! ,secret>y pursuant to any gu>antee
 ent]$ into "u ?is ,act4  7b7 ,role ( ! 
,attorney ,g5]al ,! ,attorney ,g5]al    
%all take su* action z may be           
appropriate to en=ce any "r accru+1 & to
 collect any & all sums ow+1 to ! ,unit$
 ,/ates z a result ( ! issuance ( any   
gu>antee "u ?is ,act4  7c7 ,rule (      
con/ruction ,no?+ 9 ?is section %all be 
con/ru$ to preclude any =be>ance = !    
b5efit ( ! eligible ,/ate program :i*   
may be agre$ ^u by ! p>ties to !        

gu>ante$ debt & approv$ by ! ,secret>y1 
provid$ t budget au?ority = any result+ 
co/1 z su* t]m is def9$ "u ! ,f$]al     
,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 
#ffa et seq471 is available4  7d7 ,"r ( 
! ,secret>y ,not)/&+ any o!r provision (
 law relat+ to ! acquisition1 h&l+1 or  
disposal ( prop]ty by ! ,unit$ ,/ates1 !
 ,secret>y %all h ! "r 9 ! discretion ( 
! ,secret>y to complete1 recondition1   
recon/ruct1 r5ovate1 repair1 ma9ta91    
op]ate1 or sell any prop]ty acquir$ by !
 ,secret>y pursuant to ! provisions (   
?is ,act4  #i4 ,full fai? & cr$it ,!    
full fai? & cr$it ( ! ,unit$ ,/ates is  
pl$g$ to ! paym5t ( all gu>antees issu$ 
"u ?is ,act ) respect to pr9cipal &     
int]e/4  #aj4 ,budget>y impact2 co/s ,= 
purposes ( section #ejb7e7 ( ! ,f$]al   
,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 
#ffa;a7#e771 ! co/ ( gu>antees to be    
issu$ "u ?is ,act %all be calculat$ by  
adju/+ ! disc\nt rate 9 section         
#ejb7e77;,e7 ( su* ,act = m>ket risk4   
#aa4 ,regulations ,! ,secret>y %all     

issue any regulations necess>y to c>ry  
out ! debt-gu>antee program e/abli%$ "u 
?is ,act4  #ab4 ,reports  7a7 ,9 g5]al  
,n lat] ?an #ab mon?s aft] ! date on :i*
 ! ,secret>y issues a gu>antee "u       
section #e = debt issu$ by an eligible  
,/ate program1 & annually !reaft]1 !    
eligible ,/ate program %all submit to ! 
,secret>y & to ,congress a report1 9 a  
=m prescrib$ by ! ,secret>y1 t conta9s !
 in=mation requir$ "u subsection 7b74   
7b7 ,cont5ts ,a report "u ?is section   
%all describe1 ) respect to ! report+   
ye>-- 7#a7 ! b5efits t ! eligible ,/ate 
program d]iv$ f ! debt-gu>antee2 &  7#b7
 ! mann] 9 :i* ! eligible ,/ate program 
appli$ #b p]c5t ( ! gu>antee am\nt = !  
purposes describ$ 9 section             
#e7;d77#c77;,c74  7c7 ,limitation ,to ! 
ext5t practicable1 ! ,secret>y %all     
limit ! in=mation requir$ to be includ$ 
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