,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #hgja  ,,in ,,the ,,house ,,of  
,,representatives  ,october #cj1        
#bjbj,mr4 ,dunn 7for himself and ,mr4   
,soto7 introduced the following bill2   
which was referred to the ,committee on 
,transportation and ,infrastructure  ,a 
,,bill  ,to amend the ,robert ,t4       
,stafford ,disaster ,relief and         
,emergency ,assistance ,act to provide  
for the authority to reimburse local    
governments or electric cooperatives for
 interest expenses1 and for other       
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,,fema ,loan        
,interest ,payment ,relief ,act4  #b4   
,reimbursement of interest payments     
related to public assistance  7a7 ,in   
general ,title ,,iv of the ,robert ,t4  
,stafford ,disaster ,relief and         
,emergency ,assistance ,act 7#db        
,u4,s4,c4 #eagj et seq47 is amended by  
adding at the end the following3  #dca4 
,reimbursement of interest payments     
related to public assistance  7a7 ,in   

general ,the ,president1 acting through 
the ,administrator of the ,federal      
,emergency ,management ,agency1 shall   
provide financial assistance to a local 
government or electric cooperative as   
reimbursement for qualifying interest4  
7b7 ,definitions ,in this section1 the  
following definitions apply3 7#a7       
,qualifying interest ,the term          
qualifying interest means1 with respect 
to a qualifying loan1 the lesser of--   
7,a7 the actual interest paid to a      
lender for such qualifying loan2 and    
7,b7 the interest that would have been  
paid to a lender if such qualifying loan
 had an interest rate equal to the prime
 rate most recently published on the    
,federal ,reserve ,statistical ,release 
on selected interest rates4  7#b7       
,qualifying loan ,the term qualifying   
loan means a loan-- 7,a7 obtained by a  
local government or electric            
cooperative2 and  7,b7 of which not less
 than #ij percent of the proceeds are   
used to fund activities for which such  

local government or electric cooperative
 receives assistance under this ,act    
after the date on which such loan is    
disbursed4  4  7b7 ,rule of             
applicability ,any qualifying interest  
7as such term is defined in section #dca
 of the ,robert ,t4 ,stafford ,disaster 
,relief and ,emergency ,assistance ,act1
 as added by this ,act7 incurred by a   
local government or electric cooperative
 in the #e years preceding the date of  
enactment of this ,act shall be treated 
as eligible for financial assistance for
 purposes of such section4