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15 U.S.C. § 697b — Pooling of debentures
Federal law — U.S. Code and appendices · legal_authorities
**(a) Issuance; debentures composing trust or pool** The Administration is authorized to issue trust certificates representing ownership of all or a fractional part of debentures issued by State or local development companies and guaranteed by the Administration under this chapter: Provided, That such trust certificates shall be based on and backed by a trust or pool approved by the Administration and composed solely of guaranteed debentures.
**(b) Terms and conditions of guarantee; payment of principal and interest** The Administration is authorized, upon such terms and conditions as are deemed appropriate, to guarantee the timely payment of the principal of and interest on trust certificates issued by the Administration or its agent for purposes of this section. Such guarantee shall be limited to the extent of principal and interest on the guaranteed debentures which compose the trust or pool. In the event that a debenture in such trust or pool is prepaid, either voluntarily or in the event of default, the guarantee of timely payment of principal and interest on the trust certificates shall be reduced in proportion to the amount of principal and interest such prepaid debenture represents in the trust or pool. Interest on prepaid or defaulted debentures shall accrue and be guaranteed by the Administration only through the date of payment on the guarantee. During the term of the trust certificate, it may be called for redemption due to prepayment or default of all debentures constituting the pool.
**(c) Full faith and credit of United States** The full faith and credit of the United States is pledged to the payment of all amounts which may be required to be paid under any guarantee of such trust certificates issued by the Administration or its agent pursuant to this s
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Stable record: federal_law:legal_authorities:record_usc_9d9f1ff4e2e9ef698b8b6f8d
Source file: Laws/federal/codes/united-states-code/title-15/section-697b-pooling-of-debentures--6165ed60ca.md
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Source location: Title 15, Chapter 14B, § 697b; chapter-14b-small-business-investment-program.md
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**(a) Issuance; debentures composing trust or pool** The Administration is authorized to issue trust certificates representing ownership of all or a fractional part of debentures issued by State or local development companies and guaranteed by the Administration under this chapter: Provided, That such trust certificates shall be based on and backed by a trust or pool approved by the Administration and composed solely of guaranteed debentures.
**(b) Terms and conditions of guarantee; payment of principal and interest** The Administration is authorized, upon such terms and conditions as are deemed appropriate, to guarantee the timely payment of the principal of and interest on trust certificates issued by the Administration or its agent for purposes of this section. Such guarantee shall be limited to the extent of principal and interest on the guaranteed debentures which compose the trust or pool. In the event that a debenture in such trust or pool is prepaid, either voluntarily or in the event of default, the guarantee of timely payment of principal and interest on the trust certificates shall be reduced in proportion to the amount of principal and interest such prepaid debenture represents in the trust or pool. Interest on prepaid or defaulted debentures shall accrue and be guaranteed by the Administration only through the date of payment on the guarantee. During the term of the trust certificate, it may be called for redemption due to prepayment or default of all debentures constituting the pool.
**(c) Full faith and credit of United States** The full faith and credit of the United States is pledged to the payment of all amounts which may be required to be paid under any guarantee of such trust certificates issued by the Administration or its agent pursuant to this section.
**(d) Collection of fees** The Administration shall not collect any fee for any guarantee under this section: Provided, That nothing herein shall preclude any agent of the Administration from collecting a fee approved by the Administration for the functions described in subsection (f)(2) of this section.
**(e) Subrogation rights; ownership rights in debentures**
(1) In the event the Administration pays a claim under a guarantee issued under this section, it shall be subrogated fully to the rights satisfied by such payment.
(2) No State or local law, and no Federal law, shall preclude or limit the exercise by the Administration of its ownership rights in the debentures constituting the trust or pool against which the trust certificates are issued.
**(f) Central registration requirements; regulation of brokers and dealers; electronic registration**
(1) The Administration shall—
(A) provide for a central registration of all trust certificates sold pursuant to this section;
(B) contract with an agent to carry out on behalf of the Administration the central registration functions of this section and the issuance of trust certificates to facilitate poolings; such agent shall provide a fidelity bond or insurance in such amounts as the Administration determines to be necessary to fully protect the interests of the Government;
(C) prior to any sale, require the seller to disclose to a purchaser of a trust certificate issued pursuant to this section, information on the terms, conditions, and yield of such instrument; and
(D) have the authority to regulate brokers and dealers in trust certificates sold pursuant to this section.
(2) Nothing in this subsection shall prohibit the utilization of a book-entry or other electronic form of registration for trust certificates.
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Federal law — U.S. Code and appendices · legal_authorities
It is declared to be the policy of the Congress and the purpose of this chapter to improve and stimulate the national economy in general and the small-business segment thereof in particular by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply: Provided, however, That this policy shall be carried out in such manner as to insure the maximum participation of private financing sources.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 661
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Notwithstanding any other law, rule, or regulation, the Administration shall sell to investors, either publicly or by private placement, debentures pursuant to [section 697 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section697&num=0&edition=prelim) as follows:
(1) Of the program levels otherwise authorized by law for fiscal year 1986, an amount not to exceed $200,000,000.
(2) Of the program levels otherwise authorized by law for each of fiscal years 1987 and 1988, an amount not to exceed $425,000,000.
(3) All of the program levels authorized for fiscal year 1989 and subsequent fiscal years.
**(b)** Nothing in any provision of law shall be construed to authorize the Federal Financing Bank to acquire—
(1) any obligation the payment of principal or interest on which at any time has been guaranteed in whole or in part under [section 697 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section697&num=0&edition=prelim) and which is being sold pursuant to the provisions of the program authorized in this section;
(2) any obligation which is an interest in any obligation described in paragraph (1); or
(3) any obligation which is secured by, or substantially all of the value of which is attributable to, any obligation described in paragraph (1) or (2).
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 697a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; principal, branch, and regional offices** In order to carry out the policies of this chapter there is created an agency under the name “Small Business Administration” (herein referred to as the Administration), which Administration shall be under the general direction and supervision of the President and shall not be affiliated with or be within any other agency or department of the Federal Government. The principal office of the Administration shall be located in the District of Columbia. The Administration may establish such branch and regional offices in other places in the United States as may be determined by the Administrator of the Administration. As used in this chapter, the term “United States” includes the several States, the Territories and possessions of the United States, the Commonwealth of Puerto Rico, the Trust Territory of the Pacific Islands, and the District of Columbia.
**(b) Appointment of Administrator, Deputy Administrator, and Associate Administrators; duties of Administrator: preparation of data base and publication of economic indices and annual report; risk management database; computer security and education program**
(1) The management of the Administration shall be vested in an Administrator who shall be appointed from civilian life by the President, by and with the advice and consent of the Senate, and who shall be a person of outstanding qualifications known to be familiar and sympathetic with small-business needs and problems. The Administrator shall not engage in any other business, vocation, or employment than that of serving as Administrator. In carrying out the programs administered by the Small Business Administration including its lending and guaranteeing functions, the Administrator shall not discriminate on the
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 633
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Prepayment authorized** — Subject to the requirements set forth in subsection (b), an issuer of a debenture purchased by the Federal Financing Bank and guaranteed by the Administration under this chapter may, at the election of the borrower (in the case of a loan under [section 697 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section697&num=0&edition=prelim)) or the issuer (in the case of a small business investment company) and with the approval of the Administration, prepay such debenture in accordance with the provisions of this section.
(2) **Procedure**
(A) *In general* — In making a prepayment under paragraph (1)—
(i) the borrower (in the case of a loan under [section 697 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section697&num=0&edition=prelim)) or the issuer (in the case of a small business investment company) shall pay to the Federal Financing Bank an amount that is equal to the sum of the unpaid principal balance due on the debenture as of the date of the prepayment (plus accrued interest at the coupon rate on the debenture) and the amount of the repurchase premium described in subparagraph (B); and
(ii) the Administration shall pay to the Federal Financing Bank the difference between the repurchase premium paid by the borrower under this subsection and the repurchase premium that the Federal Financing Bank would otherwise have received.
(B) *Repurchase premium*
(i) *In general* — For purposes of subparagraph (A)(i), the repurchase premium is the amount equal to the product of—
(I) the unpaid principal balance due on the debenture on the date of prepayment; and
(II) the applicable percentage rate, as determined in accor
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 697f
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Federal law — U.S. Code and appendices · legal_authorities
Page 1144
TITLE 15—COMMERCE AND TRADE
§ 697b
to report to the President and Congress on the pilot
program under former 15 U.S.C. 697a involving deben-
ture sales to investors not later than 90 days after the
date of the last debenture sale in each fiscal year, and
unless a report was made by Oct. 1 of 1986 and 1987, the
Administration was to make an interim report by such
dates.
§ 697b. Pooling of debentures
(a) Issuance; debentures composing trust or pool
The Administration is authorized to issue
trust certificates representing ownership of all
or a fractional part of debentures issued by
State or local development companies and guar-
anteed by the Administration under this chap-
ter: Provided, That such trust certificates shall
be based on and backed by a trust or pool ap-
proved by the Administration and composed
solely of guaranteed debentures.
(b) Terms and conditions of guarantee; payment
of principal and interest
The Administration is authorized, upon such
terms and conditions as are deemed appropriate,
to guarantee the timely payment of the prin-
cipal of and interest on trust certificates issued
by the Administration or its agent for purposes
of this section. Such guarantee shall be limited
to the extent of principal and interest on the
guaranteed debentures which compose the trust
or pool. In the event that a debenture in such
trust or pool is prepaid, either voluntarily or in
the event of default, the guarantee of timely
payment of principal and interest on the trust
certificates shall be reduced in proportion to the
amount of principal and interest such prepaid
debenture represents in the trust or pool. Inter-
est on prepaid or defaulted debentures shall ac-
crue and be guaranteed by the Administration
only through the date of
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 697b
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