Notwithstanding any other provision of law, insured and guaranteed loan authority authorized in this subchapter for any fiscal year beginning after September 30 , 1984 shall not be transferred or used for any purpose not specified in this subchapter.
Specifically, Mr. Wagoner wanted some of the $25 billion in Department of Energy loans authorized by Congress the previous year, when lawmakers passed new fuel-economy standards.
But the group, where foreign companies outnumber Detroit automakers eight to three, did support $25 billion in loans authorized by Congress last year to pay for retooling factories.
The decision to revise the loan-guarantee terms came on a 2-to-1 vote by the Air Transportation Stabilization Board, which was formed to administer $10 billion in loans authorized by Congress after the September 2001 attacks.
The complaint accuses the District of violating a provision of the federal Higher Education Act that says loans authorized by the federal government are not subject to any disclosure requirements under state law.
A few weeks ago Controller Abraham D. Beame disclosed that a total of about $100‐mil lion in loans authorized by Mr. Sugarman had been held up on instructions from the Corpora tion Counsel.
More than $16 billion in loans authorized five years ago by Congress to develop fuel-efficient vehicles has yet to be disbursed, with applicants for the money complaining that the Energy Department is crippling plans for greener cars and trucks at a time of rising gas prices.
Some of the most troubling Fed actions were the so-called emergency loans authorized by Section 13(3) of the Federal Reserve Act.
It has the power to solicit loans on its own accord either to meet a deficit or in anticipation of other revenues, in addition to approving expenditures of funds from loans authorized by the General Assembly.
As far as Solyndra failure, the California solar company represents only around 3percentt of the Energy Department's loan guarantees targeting the solar industry, and just 1.3percentt of the $39 billion in loans authorized under the program.
But it also takes about nine months before city underwriting is complete, rent-assistance subsidies are committed, a loan is authorized and a sale can be consummated.
