August 25, 1981
To the Congress of the United States:
The Defense Production Act of 1950 (50 U.S.C. App. 2061 et seq.), as amended, provides that loan guarantees in excess of $38 million be transmitted to the Congress for its review.
The Department of Energy has negotiated a loan guarantee commitment agreement; identified as Synthetic Fuel Action 1981-1, with The Oil Shale Corporation in the amount of $1.112 billion for its participation in the Colony Project pursuant to the authority of Section 305 of the Defense Production Act. I am pleased to transmit for review:
1. an Executive Summary of the transaction;
2. a Major Terms and Condition sheet;
3. the loan guarantee transaction documents; and
4. the Operating Agreement between The Oil Shale Corporation and Exxon Corporation for the Colony Project.
Ronald Reagan
The White House,
August 25, 1981.