AUTHORIZATION OF APPROPRIATIONS.

SEC. 701. AUTHORIZATION OF APPROPRIATIONS. Section 701 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3231) is amended to read as follows: “SEC. 701. GENERAL AUTHORIZATION OF APPROPRIATIONS. “(a) Economic Development Assistance Programs.—There are authorized to be appropriated for economic development assistance programs to carry out this Act, to remain available until expended—“(1) $400,000,000 for fiscal year 2004; “(2) $425,000,000 for fiscal year 2005; “(3) $450,000,000 for fiscal year 2006; “(4) $475,000,000 for fiscal year 2007; and “(5) $500,000,000 for fiscal year 2008.” “(b) Salaries and Expenses.—There are authorized to be appropriated for salaries and expenses of administering this Act, to remain available until expended—“(1) $33,377,000 for fiscal year 2004; and “(2) such sums as are necessary for each fiscal year thereafter.”.