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Calendar No. 461
106th CONGRESS
2d Session
S. 2097
[Report No. 106-243]
_______________________________________________________________________
A BILL
To authorize loan guarantees in order to facilitate access to local
television broadcast signals in unserved and underserved areas, and for
other purposes.
_______________________________________________________________________
March 15, 2000
Reported with an amendment
Calendar No. 461
106th CONGRESS
2d Session
S. 2097
[Report No. 106-243]
To authorize loan guarantees in order to facilitate access to local
television broadcast signals in unserved and underserved areas, and for
other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 24, 2000
Mr. Burns (for himself, Mr. Gramm, Mr. Lott, Mr. Stevens, Mr. Crapo,
Mr. Hutchinson, Mr. Allard, Mr. Bunning, Ms. Snowe, Ms. Collins, Mr.
Grassley, Mr. Enzi, Mr. Thomas, Mr. Hagel, Mr. Lugar, and Mr. Cochran)
introduced the following bill; which was read twice and referred to the
Committee on Banking, Housing, and Urban Affairs
March 15, 2000
Reported under authority of the order of the Senate of March 9, 2000,
by Mr. Gramm, with an amendment
[Strike out all after the enacting clause and insert the part printed
in italic]
_______________________________________________________________________
A BILL
To authorize loan guarantees in order to facilitate access to local
television broadcast signals in unserved and underserved areas, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
<DELETED>SECTION 1. SHORT TITLE.</DELETED>
<DELETED> This Act may be cited as the ``Launching Our Communities'
Access to Local Television Act of 2000''.</DELETED>
<DELETED>SEC. 2. PURPOSE.</DELETED>
<DELETED> The purpose of this Act is to facilitate access, on a
technologically neutral basis and by December 31, 2006, to signals of
local television stations in unserved areas and underserved areas for
the households located in such areas that seek access to such
signals.</DELETED>
<DELETED>SEC. 3. LOCAL TELEVISION LOAN GUARANTEE BOARD.</DELETED>
<DELETED> (a) Establishment.--There is established the LOCAL
Television Loan Guarantee Board (in this Act referred to as the
``Board'').</DELETED>
<DELETED> (b) Members.--</DELETED>
<DELETED> (1) In general.--Subject to paragraph (2), the
Board shall consist of the following members:</DELETED>
<DELETED> (A) The Secretary of the Treasury, or the
designee of the Secretary.</DELETED>
<DELETED> (B) The Chairman of the Board of Governors
of the Federal Reserve System, or the designee of the
Chairman.</DELETED>
<DELETED> (C) The Secretary of Agriculture, or the
designee of the Secretary.</DELETED>
<DELETED> (2) Requirement as to designees.--An individual
may not be designated a member of the Board under paragraph (1)
unless the individual is an officer of the United States
pursuant to an appointment by the President, by and with the
advice and consent of the Senate.</DELETED>
<DELETED> (c) Functions of the Board.--</DELETED>
<DELETED> (1) In general.--The Board shall determine whether
or not to approve loan guarantees under this Act. The Board
shall make such determinations consistent with the purpose of
this Act and in accordance with this subsection and section
4.</DELETED>
<DELETED> (2) Consultation authorized.--</DELETED>
<DELETED> (A) In general.--In carrying out its
functions under this Act, the Board shall consult with
such departments and agencies of the Federal Government
as the Board considers appropriate, including the
Department of Commerce, the Department of Agriculture,
the Department of the Treasury, the Department of
Justice, the Department of the Interior, the Board of
Governors of the Federal Reserve System, the Federal
Communications Commission, the Federal Trade
Commission, and the National Aeronautics and Space
Administration.</DELETED>
<DELETED> (B) Response.--A department or agency
consulted by the Board under subparagraph (A) shall
provide the Board such expertise and assistance as the
Board requires to carry out its functions under this
Act.</DELETED>
<DELETED> (3) Approval by majority vote.--The determination
of the Board to approve a loan guarantee under this Act shall
be by a vote of a majority of the Board.</DELETED>
<DELETED>SEC. 4. APPROVAL OF LOAN GUARANTEES.</DELETED>
<DELETED> (a) Authority To Approve Loan Guarantees.--Subject to the
provisions of this section and consistent with the purpose of this Act,
the Board may approve loan guarantees under this Act</DELETED>
<DELETED> (b) Regulations.--</DELETED>
<DELETED> (1) Requirements.--The Board shall prescribe
regulations to implement the provisions of this Act.</DELETED>
<DELETED> (2) Elements.--The regulations prescribed under
paragraph (1) shall--</DELETED>
<DELETED> (A) set forth the form of any application
to be submitted to the Board under this Act;</DELETED>
<DELETED> (B) set forth time periods for the review
and consideration by the Board of applications to be
submitted to the Board under this Act, and for any
other action to be taken by the Board with respect to
such applications;</DELETED>
<DELETED> (C) provide appropriate safeguards against
the evasion of the provisions of this Act;</DELETED>
<DELETED> (D) set forth the circumstances in which
an applicant, together with any affiliate of an
applicant, shall be treated as an applicant for a loan
guarantee under this Act;</DELETED>
<DELETED> (E) include requirements that appropriate
parties submit to the Board any documents and
assurances that are required for the administration of
the provisions of this Act; and</DELETED>
<DELETED> (F) include such other provisions
consistent with the purpose of this Act as the Board
considers appropriate.</DELETED>
<DELETED> (3) Construction.--(A) Nothing in this Act shall
be construed to prohibit the Board from requiring, to the
extent and under circumstances considered appropriate by the
Board, that affiliates of an applicant be subject to certain
obligations of the applicant as a condition to the approval or
maintenance of a loan guarantee under this Act.</DELETED>
<DELETED> (B) If any provision of this Act or the
application of such provision to any person or entity or
circumstance is held to be invalid by a court of competent
jurisdiction, the remainder of this Act, or the application of
such provision to such person or entity or circumstance other
than those as to which it is held invalid, shall not be
affected thereby.</DELETED>
<DELETED> (c) Authority Limited by Appropriations Acts.--The Board
may approve loan guarantees under this Act only to the extent provided
for in advance in appropriations Acts.</DELETED>
<DELETED> (d) Requirements and Criteria Applicable to Approval.--
</DELETED>
<DELETED> (1) In general.--The Board shall utilize the
underwriting criteria developed under subsection (g), and any
relevant information provided by the departments and agencies
with which the Board consults under section 3, to determine
which loans may be eligible for a loan guarantee under this
Act.</DELETED>
<DELETED> (2) Prerequisites.--In addition to meeting the
underwriting criteria under paragraph (1), a loan may not be
guaranteed under this Act unless--</DELETED>
<DELETED> (A) the loan is made to finance the
acquisition, improvement, enhancement, construction,
deployment, launch, or rehabilitation of the means by
which local television broadcast signals will be
delivered to an unserved area or underserved
area;</DELETED>
<DELETED> (B) the proceeds of the loan will not be
used for operating expenses;</DELETED>
<DELETED> (C) the proposed project, as determined by
the Board in consultation with the National
Telecommunications and Information Administration, is
not likely to have a substantial adverse impact on
competition that outweighs the benefits of improving
access to the signals of a local television station in
an unserved area or underserved area;</DELETED>
<DELETED> (D) the loan is provided by an insured
depository institution (as that term is defined in
section 3 of the Federal Deposit Insurance Act) that is
acceptable to the Board, and has terms, in the judgment
of the Board, that are consistent in material respects
with the terms of similar obligations in the private
capital market;</DELETED>
<DELETED> (E) repayment of the loan is required to
be made within a term of the lesser of--</DELETED>
<DELETED> (i) 25 years from the date of the
execution of the loan; or</DELETED>
<DELETED> (ii) the economically useful life,
as determined by the Board, of the primary
assets to be used in the delivery of the
signals concerned; and</DELETED>
<DELETED> (F) the loan meets any additional criteria
developed under subsection (g).</DELETED>
<DELETED> (3) Protection of united states financial
interests.--The Board may not approve the guarantee of a loan
under this Act unless--</DELETED>
<DELETED> (A) the Board has been given
documentation, assurances, and access to information
and persons necessary, as determined by the Board, to
address issues relevant to the review of the loan by
the Board for purposes of this Act; and</DELETED>
<DELETED> (B) the Board makes a determination in
writing that--</DELETED>
<DELETED> (i) the assets, facilities, or
equipment covered by the loan will be utilized
economically and efficiently;</DELETED>
<DELETED> (ii) the terms, conditions,
security, and schedule and amount of repayments
of principal and the payment of interest with
respect to the loan protect the financial
interests of the United States and are
reasonable;</DELETED>
<DELETED> (iii) all necessary and required
regulatory and other approvals, spectrum
rights, and delivery permissions have been
received for the loan and the project under the
loan;</DELETED>
<DELETED> (iv) the loan would not be
available on reasonable terms and conditions
without a loan guarantee under this Act;
and</DELETED>
<DELETED> (v) repayment of the loan can
reasonably be expected.</DELETED>
<DELETED> (e) Priority Considerations.--</DELETED>
<DELETED> (1) Type of market.--</DELETED>
<DELETED> (A) Priority consideration to unserved
areas.--To the maximum extent practicable, the Board
shall give priority in the approval of loan guarantees
under this Act for projects that will serve unserved
areas.</DELETED>
<DELETED> (B) Prohibition.--The Board may not
approve a loan guarantee under this Act for a project
that is designed primarily to serve one or more of the
40 most populated designated market areas (as that term
is defined in section 122(j) of title 17, United States
Code).</DELETED>
<DELETED> (2) Projects that would reduce consumer costs.--To
the maximum extent practicable, the Board shall also give
priority in the approval of loan guarantees under this Act to
projects that would--</DELETED>
<DELETED> (A) offer a separate tier of local
broadcast signals, but for applicable Federal, State,
or local laws or regulations;</DELETED>
<DELETED> (B) provide lower projected costs to
consumers of such separate tier; and</DELETED>
<DELETED> (C) enable the delivery of local broadcast
signals consistent with the purpose of this Act by a
means reasonably compatible with existing systems or
devices predominantly in use.</DELETED>
<DELETED> (f) Guarantee Limits.--</DELETED>
<DELETED> (1) Limitation on aggregate value of loans.--The
aggregate value of all loans for which loan guarantees are
issued under this Act may not exceed $1,250,000,000.</DELETED>
<DELETED> (2) Guarantee level.--A loan guarantee issued
under this Act may not exceed an amount equal to 70 percent of
a loan meeting in its entirety the requirements of subsection
(d)(2)(A). If only a portion of a loan meets the requirements
of that subsection, the Board shall determine that percentage
of the loan meeting such requirements (the ``applicable
portion'') and may issue a loan guarantee in an amount not
exceeding 70 percent of the applicable portion.</DELETED>
<DELETED> (g) Underwriting Criteria.--Not later than 180 days after
the date of the enactment of this Act, the Board shall, in consultation
with the Director of the Office of Management and Budget and an
independent public accounting firm, develop underwriting criteria
relating to the guarantee of loans that are consistent with the purpose
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