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GAO-05-18R 1 (2004-10-15)

handle is hein.gao/gaocrptaqpv0001 and id is 1 raw text is: SGAO Accountability * Integrity Reliability United States Government Accountability Office Washington, DC 20548 October 15, 2004 The Honorable Richard C. Shelby Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Michael G. Oxley Chairman The Honorable Barney Frank Ranking Minority Member Committee on Financial Services House of Representatives Subject: Local Television Act: Status of Spending for Fiscal Year 2003 In December 2000, the Congress passed the Launching Our Communities' Access to Local Television Act of 2000 (Local TV Act or act).' The act created the Local Television Loan Guarantee Program (Program) and established the Local Television Loan Guarantee Board (Board) to finance projects that will provide access to signals of local television stations to households in areas with limited or no access to such signals from a commercial satellite service or other multichannel video provider. The Board may approve loan guarantees up to 80 percent of loans totaling no more than $1.25 billion in aggregate. In November 2001, the Congress appropriated $2 million for administrative expenses to implement the Program.2 Section 1006 of the act requires that we perform an annual audit of the (1) administration of the provisions of the act, and (2) financial position of each applicant who receives a loan guarantee under the act, including the nature, amount, and purpose of investments made by the applicant. In October 2003, we issued our first annual report3 as required by the act. In that report, we addressed program administration and key activities that occurred during fiscal years 2002 and 2003. We 'Pub. L. No. 106-553, title X, 114 Stat. 2762A-128 (Dec. 21, 2000) (codified in part at 47 U.S.C. §§1101- 1110). 2Agriculture, Rural Development, Food and Drug Administration and Related Agencies Appropriations Act, 2002, Pub. L. No. 107-76, title III, 115 Stat. 704, 725 (Nov. 28, 2001). 3 Local TVAct: Progress Made, but Timeliness and Cost Accounting Issues Need to be Addressed, GAO-04-134 (Washington, D.C.: Oct. 31, 2003). GAO-05-18R Local TV Act

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