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GAO-06-858R 1 (2006-07-07)

handle is hein.gao/gaocrptatrq0001 and id is 1 raw text is: SpGAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 July 7, 2006 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 2005 In December 2000, the Congress passed the Launching Our Communities' Access to Local Television Act of 2000 (LOCAL TV Act).' The act created the Local Television Loan Guarantee Program and established the LOCAL Television Loan Guarantee Board to finance projects to provide access to signals of local television stations to households in areas with limited or no access to such signals from a commercial, for- profit satellite service or other multichannel video provider. The program authorizes the board to approve loan guarantees up to 80 percent of loans, totaling no more than $1.25 billion in aggregate; however, since inception of the program, no loan guarantees have been approved and the program has not been utilized. 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 April 2005, we issued to your committees our required annual report covering fiscal year 2004. Since there continue to be no loan guarantee recipients for GAO to audit, this report primarily addresses whether program administration during fiscal year 2005 satisfied the provisions of the act. 'Pub. L. No. 106-553, tit. X, 114 Stat. 2762A-128 (Dec. 21, 2000) (codified, as amended, at 47 U.S.C. §§ 1101-1110). 2GAO, LOCAL TV Act: Administrative Funds May No Longer Be Necessary, GAO-05-438 (Washington, D.C.: Apr. 22, 2005). GAO-06-858R LOCAL TV Act

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