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“FEDERALLY FINANCED, INTEREST FREE MOTOR VEHICLE ACT, H.R. 2544” mentioning the U.S. Dept. of Transportation was published in the Extensions of Remarks section on pages E1366-E1367 on July 18, 2001.
The publication is reproduced in full below:
FEDERALLY FINANCED, INTEREST FREE MOTOR VEHICLE ACT, H.R. 2544
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HON. BENJAMIN A. GILMAN
of new york
in the house of representatives
Wednesday, July 18, 2001
Mr. GILMAN. Mr. Speaker, our Nation has been taking a wild ride on the energy roller coaster for far too long. The citizens of our great nation must not be forced to suffer the ups and downs of an energy crisis that never seems to get better. While the Bush administration has taken a pro-active stance on energy through the release of its National Energy Policy in May, 2001, there is much more to be done--as a Congress, a Nation, and as citizens. For the past eight years, our Nation was subjected to the last Administration's ``wait and see'' energy policy that was reactive rather than pro-active.
Mr. Speaker, on June, 2001, 1 sponsored the Federal Motor-Vehicle Fleet Act, H.R. 2263, which enjoys bi-partisan support. The Act mandates that ten-percent of the vehicle fleet purchased by the Federal Government must be comprised of Hybrid-electric Vehicles (HEV) and other high-efficiency vehicles that are powered by alternative sources of energy, sources other than gasoline and diesel.
Mr. Speaker, today I am introducing my companion bill, the Federally Financed, Interest Free Vehicle Act, which as the title indicates, offers federally financed, interest free loans to public schools, municipalities, and local government to purchase Hybrid-Electric and other environmentally friendly high-efficiency vehicles. This program, to be administered by the Department of Transportation, provides the opportunity for our public institutions that can not avail themselves of the tax benefits of H.R. 2263, to purchase these environmentally friendly, energy-efficient with repayment terms as long as five years.
Mr. Speaker, a few weeks ago I was privileged to view the latest technology in alternative fuels, a school bus that runs on fuel cells, rather than gasoline. Fuels other than gasoline and diesel are the wave of the future, and we must ride these waves of technology, as the surfer at the Banzai Pipeline.
This act will not only lower our overall consumption of gasoline, but will save our public schools and municipalities millions of dollars in the cost of gasoline. These savings can be invested in important school programs and in providing our local governments with the resources to offer more services in our communities. Additionally, these hybrid and high-efficiency vehicles are reported to be more environmentally friendly than our conventional vehicles. The Federal Government must seize this opportunity to conserve our resources and to promote environmentally friendly vehicles, and we must do it today.
H.R. 2544
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. LOANS FOR HIGH-EFFICIENCY VEHICLES.
(a) Loan Program Authorized.--Subject to the availability of appropriations, the Secretary of Transportation shall establish a program to offer federally financed, interest-free loans to local educational agencies, public institutions of higher education, municipalities, and local governments for the purchase of hybrid electric vehicles or high-efficiency vehicles.
(b) Repayment Term.--The time for repayment of a loan under this section may not exceed five years.
(c) Security Interest.--The Secretary shall require, as a condition of a loan under this section, that the borrower grant to the United States a security interest in any vehicle purchased with the proceeds of such loan.
(d) Definitions.--In this section:
(1) The term ``high-efficiency vehicle'' means a motor vehicle that uses a fuel other than gasoline or diesel fuel.
(2) The term ``hybrid electric vehicle'' means a motor vehicle with a fuel-efficient gasoline engine assisted by an electric motor.
(3) The term ``motor vehicle'' has the meaning given that term in section 30102(a)(6) of title 49, United States Code.
(4) The term ``local educational agency'' has the meaning given that term in the Elementary and Secondary Education Act of 1965 (20 U.S.C. 6301 et seq.).
(5) The term ``public institution of higher education'' has the meaning given the term ``institution of higher education'' in section 101(a) of the Higher Education Act of 1965 (20 U.S.C. 1001(a)), but does not include private institutions described in that section.
(e) Authorization of Appropriations.--There are authorized to be appropriated to carry out this section $50,000,000 for each of fiscal years 2002 through 2007 and such sums as may be necessary for each fiscal year thereafter.
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