1. Interest rate of secured loans
In general— Section 5029(b)(4) of the Water Infrastructure Finance and Innovation Act of 2014 (33 U.S.C. 3908(b)(4)) is amended—
by inserting “the lesser of” after “less than”;
by striking “on the date” and inserting the following:
“(A) the date”
in subparagraph (A) (as so designated), by striking the period at the end and inserting “; and”; and
by adding at the end the following:
“(B) the date of the first disbursement of the secured loan.”
Applicability— Notwithstanding any other provision of law, this Act and the amendments made by this Act shall apply to any secured loan (as defined in section 5022 of the Water Infrastructure Finance and Innovation Act of 2014 (33 U.S.C. 3901)) for which, on the date of enactment of this Act—
a loan agreement has been entered into; but
no disbursement has been made.