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B-197380 1 (1980-04-10)

handle is hein.gao/gaobadieb0001 and id is 1 raw text is: 


                         THE  COMPTROLLER GENERAL
 DECISION                OF   THE   UNITED STATES
                          WAS H IN GTON,  D .C. 20548



 FILE: B-197380                OATpril 10, 1980
             Appropriation and Authorization for
             Chrysler Corporation Loan Guarantee
             Program
OlGEST:
1    H.J. Res. 467, Pub. L. 96-183, 93 Stat. 1319
(January  2, 1980),  uthorizing Chrysler -Corporation
Loan  Guarantee Board to extend loan commitments and
loan  guarantees in amount up to $1.5 billion of con-
tingent  liability for loan principal outstanding at
any  one time and additional amounts for loan interest,
satisfies  requirement of section 15(b) of Chrysler
Corporation  Loan Guarantee Act, Pub. L. 96-185, §15(b),
93  Stat. 1335 (January 7, 1980), that Board's authority
to  make any loan guarantee shall be limited to the extent
such  amounts are provided in advance in appropriation Acts.

2.   Although long title of H.J. Res. 467, Pub. L. 96-183,
93  Stat. 1319 (January 2, 1980), states that H.J. Res. 467
provides  financial assistance to Chrysler Corporation for
the  fiscal year ending September 30, 1980, operative lan-
guage  of H.J. Res. 467 and its legislative history, read
in  conjunction with the Chrysler Corporation Loan Guarantee
Act  as a whole, is persuasive that the Board's authority to
guarantee  loans is not limited to 1980 fiscal year.

3.   1.J. Res. 467, Pub. L. 96-183, 93 Stat. 1319 (January 2,
1980),  provides authority to Chrysler Corporation Loan
Guarantee  Board to extend loan commitments and loan guar-
antees  in the amount of $1,500,000,000 of contingent lia-
bility  for loan principal and for such additional sums as
may  be necessary for interest payments . . . The $1.5
billion  of contingent liability relates only to loan princi-
pal  outstanding at any one time and any contingent liability
incurred  for loan interest is in addition thereto.

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