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B-201035 1 (1984-02-15)

handle is hein.gao/gaobabklr0001 and id is 1 raw text is: jIG;T- -NO CIRCULATIQN tror 30 dcrysF CONG):- - COMPTOLLER GENERAL OF THE UNITED STATES yZ 5-0 WASHINGTON D.C. 20548 B-201035 February 15, 1984 The Honorable John D. Dingell Chairman, Subcommittee on Oversight and Investigations Committee on Energy and Commerce House of Representatives DOT ME AREAD4 I PULIU DG Dear Mr. Chairman: U*RE-N6flWffBY OCR By letter of October 29, 1982, you inquired whether the United States Synthetic Fuels Corporation (Corporation) is adhering to the restrictions on financial assistance placed on it by the Energy Security Act. You raise three series of ques- tions concerning (1) the need for the Corporation to reserve funds for a proposed project which is the subject of a letter of intent or conditional commitment, and whether these monies may be reused if the project does not go forward; (2) the reuse of Federal assistance which is terminated because an assisted project is halted, either by the project sponsor or the Corpora- tion; and (3) the right of the Corporation to reuse funds on the same project by sequentially converting one type of assistance (such as a loan guarantee) into another (such as a price guarantee). As a general summary, we conclude that the Corporation should not reserve funds for projects merely the subject of a letter of intent, as this document has thus far been drafted and used. On the other hand, funds are required to be reserved under a certain kind of conditional commitment that the Corpora- tion could use, but these monies may be reused for another pro- ject if the first project does not go forward. In addition, the unused portion of a commitment of finan- cial assistance provided to a project may be used for another project if the first project is halted. However, the portion of the financial assistance commitment already used for the can- celled project may not be reused. This standard applies to the now-terminated Colony Shale Oil Project, as well as projects assisted by the Corporation. Moreover, the Corporation may provide for convertible assistance in a financial assistance award fo, a project without charging its obligational authority twice, but khe form of each assistance, the dollar amount of each form of assistance, and

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