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42 U.S.C. § 16374 - U.S. Code - Unannotated Title 42. The Public Health and Welfare § 16374. Future growth grants

Current as of January 01, 2024 | Updated by Findlaw Staff

(a)Establishment

The Secretary may provide grants to pay a portion of the cost differential, with respect to any projected future increase in demand for carbon dioxide transportation by an infrastructure project described in subsection (b), between--

(1) the cost of constructing the infrastructure asset with the capacity to transport an increased flow rate of carbon dioxide, as made practicable under the project; and

(2) the cost of constructing the infrastructure asset with the capacity to transport carbon dioxide at the flow rate initially required, based on commitments for the use of the asset.

(b)Eligibility

To be eligible to receive a grant under this section, an entity shall--

(1) be eligible to receive credit assistance under the CIFIA program;

(2) carry out, or propose to carry out, a project for large-capacity, common carrier infrastructure with a probable future increase in demand for carbon dioxide transportation; and

(3) submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary determines to be appropriate.

(c)Use of funds

A grant provided under this section may be used only to pay the costs of any additional flow rate capacity of a carbon dioxide transportation infrastructure asset that the project sponsor demonstrates to the satisfaction of the Secretary can reasonably be expected to be used during the 20-year period beginning on the date of substantial completion of the project described in subsection (b)(2).

(d)Maximum amount

The amount of a grant provided under this section may not exceed an amount equal to 80 percent of the cost of the additional capacity described in subsection (a).

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Cite this article: FindLaw.com - 42 U.S.C. § 16374 - U.S. Code - Unannotated Title 42. The Public Health and Welfare § 16374. Future growth grants - last updated January 01, 2024 | https://codes.findlaw.com/us/title-42-the-public-health-and-welfare/42-usc-sect-16374/

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