Sponsor: SMITH, Virginia Dodd (R-NE)
Description: TO AGREE TO AN AMENDMENT IN THE NATURE OF A SUBSTITUTE FOR H.R. 7743, TO AMEND THE PENNSYLVANIA AVENUE DEVELOPMENT CORPORATION OF 1972. THE SMITH AMENDMENT WOULD TERMINATE THE CORPORATION IN ONE YEAR.
Bill summary: (Reported to House from the Committee on Interior and Insular Affairs with amendment, H. Rept. 94-894)
Increases the authority of the Pennsylvania Avenue Development Corporation, under the Pennsylvania Avenue Development Corporation Act of 1972, to borrow from the United States Treasury from $50,000,000 to $200,000,000, through September 30, 1990. Permits the Corporation to make loans, in an aggregate of $50,000,000 at one time, to approved applicants, who present economically feasible plans
for development and permanent financing, and evidence of management capacity and financial responsibility, for undertaking projects under the development plan.
Creates the Pennsylvania Avenue Development Fund within the U.S. Treasury, which shall be available through September 30, 1990, as a revolving fund for the purposes of such Act.
Authorizes appropriations through fiscal year 1978 for operating and administrative expenses of the Corporation. Authorizes the appropriation of $38,800,000, through fiscal year 1978, to the Corporation for commencement of the development plan, provided the Williard Hotel is preserved as a demonstration area with such funds.
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Bill titles: A bill to amend the Pennsylvania Avenue Development Corporation Act of 1972 (Public Law 92-578), as amended.
Original source documents: Digest of the Congressional Record vol. 122-112, p. H7715;
Links for more info on the vote: congress.gov