interim loan authority

interim loan authority Sec. 723. (a) The Mayor is authorized to accept loans for the District from tile Treasury of the United States, and the Secretary is authorized to lend to the Mayor, such sums as the Mayor may deter-mine are required to complete capital projects for which construction and construction services funds have been authorized or appropriated, as the case, may be, by Congress prior to the effective date of title IV. In addition, such loans may include funds to pay the District’s share of the cost of the adopted regional system specified in the National Capital Transportation Act of 1969. (b) Loans advanced pursuant to this section during any six-month period shall be at a rate of interest determined by the Secretary as of the beginning of such period, which, in his judgment, would reflect the cost of money to the Treasury for borrowing at a maturity approximately equal to the period of time the loan is outstanding. 87 Stat. 822 (c) Subject to the limitations contained in section 603(b), there are authorized to be appropriated such sums as may be necessary to make loans under this section.