25 U.S.C. § 1499 — Limitation on guarantee of debt issues;

Page 236 TITLE 25—INDIANS § 1497a to make fiscal adjustments in connection with the application and transmittal of collections, and other expenses and advances to protect the Secretary for loans or surety bonds which are guaranteed or insured under this subchapter or held by the Secretary, to acquire such security property at foreclosure sale or otherwise, and to pay administrative expenses. (e) Authorization of appropriations There are authorized to be appropriated for each fiscal year beginning in fiscal year 1985 such sums as may be necessary to fulfill obliga- tions with respect to losses on loans or surety bonds guaranteed or insured under this sub- chapter. All collections and all moneys appro- priated pursuant to the authority of this sub- section shall remain available until expended. (Pub. L. 93–262, title II, § 217, Apr. 12, 1974, 88 Stat. 82; Pub. L. 98–449, § 7, Oct. 4, 1984, 98 Stat. 1725; Pub. L. 100–442, §§ 3, 4(a), (b), 5(d), Sept. 22, 1988, 102 Stat. 1763, 1764; Pub. L. 105–362, title VIII, § 801(b), Nov. 10, 1998, 112 Stat. 3287; Pub. L. 109–221, title IV, § 401(d), May 12, 2006, 120 Stat. 343.) Editorial Notes AMENDMENTS 2006—Subsec. (b). Pub. L. 109–221 substituted ‘‘$1,500,000,000’’ for ‘‘$500,000,000’’. 1998—Subsec. (f). Pub. L. 105–362 struck out subsec. (f) which read as follows: ‘‘If the Secretary determines that the amount in the fund is not sufficient to main- tain an adequate level of reserves necessary to meet the responsibilities of the fund in connection with losses on loans or surety bonds guaranteed or insured under this subchapter, the Secretary shall promptly submit a report notifying Congress of the deficiencies in the fund.’’ 1988—Subsec. (b). Pub. L. 100–442, §§ 3, 5(d), inserted ‘‘or surety bonds’’ after ‘‘loans’’ in two places and sub- stituted ‘‘$500,000,000’’ for ‘‘$200,000,000’’. Subsecs. (c), (d). Pub. L. 100–442, § 5(d), inserted ‘‘or surety bonds’’ after ‘‘loans’’ wherever appearing. Subsec. (e). Pub. L. 100–442, §§ 4(a), 5(d), inserted ‘‘or surety bonds’’ after ‘‘loans’’ and substituted ‘‘All col- lections and all moneys appropriated pursuant to the authority of this subsection shall remain available’’ for ‘‘All collections shall remain’’. Subsec. (f). Pub. L. 100–442, § 4(b), added subsec. (f). 1984—Subsec. (e). Pub. L. 98–449 added subsec. (e). Statutory Notes and Related Subsidiaries LIMITATION ON NEW CREDIT AUTHORITY Pub. L. 100–442, § 4(c), Sept. 22, 1988, 102 Stat. 1763, pro- vided that: ‘‘Any new credit authority (as defined in section 3 of the Congressional Budget and Impound- ment Control Act of 1974 [2 U.S.C. 622]) which is pro- vided by amendments made by this Act [enacting sec- tions 1497a, 1499, and 1544 of this title and amending this section and sections 1452, 1484, 1485, 1496, and 1498 of this title] shall be effective only to such extent and in such amounts as may be approved in advance in ap- propriation Acts.’’ § 1497a. Supplemental surety bond guarantee (a) Amount; eligibility The Secretary is authorized to provide a sup- plemental surety bond guarantee, not to exceed 20 percent of any loss, for any Indian individual or economic enterprise eligible for a surety guarantee under section 694b of title 15, so that the aggregate of the two guarantees is 100 per- cent. (b) Conditions The Secretary may provide a supplemental guarantee under this section only if the Sec- retary determines that— (1) the Indian individual or economic enter- prise has secured or will likely secure a surety bond guarantee under section 694b of title 15; (2) the supplemental guarantee is necessary for the Indian individual or economic enter- prise to secure a surety bond; (3) no more than 25 percent of the surety’s business is comprised of bonds guaranteed pur- suant to this section; and (4) the surety will provide appropriate tech- nical assistance and advice to, and monitor the performance of, the Indian individual or economic enterprise for the prevention or mitigation of a loss. (c) Fees and charges The rules and regulations promulgated by the Secretary to carry out this section shall include the setting of reasonable fees to be paid by the Indian individual or economic enterprise and reasonable premium charges to be paid by sure- ties. In setting fees and charges, the Secretary may take into consideration the cost to the sur- ety of providing the services required by para- graph (4) of subsection (b). The receipts from the fees and charges shall be deposited in the Fund established by section 1497(a) of this title. (Pub. L. 93–262, title II, § 218, as added Pub. L. 100–442, § 5(a), Sept. 22, 1988, 102 Stat. 1764.) Editorial Notes PRIOR PROVISIONS A prior section 218 of Pub. L. 93–262 was renumbered section 219 by Pub. L. 100–442 and is classified to section 1498 of this title. § 1498. Rules and regulations The Secretary shall promulgate rules and reg- ulations to carry out the provisions of this sub- chapter. (Pub. L. 93–262, title II, § 219, formerly § 218, Apr. 12, 1974, 88 Stat. 82; renumbered § 219, Pub. L. 100–442, § 5(a), Sept. 22, 1988, 102 Stat. 1764.) § 1499. Limitation on guarantee of debt issues; approval of bond issue sale (a) The Secretary may guarantee not to ex- ceed 90 percent of the unpaid principal and in- terest due on an issue of bonds, debentures, or similar obligations issued by an organization satisfactory to the Secretary. Such an issue shall be deemed a loan for purposes of sections 1482, 1483, 1484, 1485, 1486, 1489, 1490, 1491, 1493, 1494, 1495, 1496, and 1497 of this title. (b) The method by which an issue of bonds guaranteed under this section may be sold shall be subject to approval by the Secretary. (Pub. L. 93–262, title II, § 220, as added Pub. L. 100–442, § 6, Sept. 22, 1988, 102 Stat. 1764.) Page 237 TITLE 25—INDIANS § 1541 SUBCHAPTER III—INTEREST SUBSIDIES AND ADMINISTRATIVE EXPENSES § 1511. Interest subsidies; rules and regulations The Secretary is authorized under such rules and regulations as he may prescribe to pay as an interest subsidy on loans which are guaranteed or insured under the provisions of subchapter II of this chapter amounts which are necessary to reduce the rate payable by the borrower to the rate determined under section 1464 of this title. (Pub. L. 93–262, title III, § 301, Apr. 12, 1974, 88 Stat. 82.) § 1512. Authorization of appropriations for inter- est payments There are authorized to be appropriated for fiscal year 1985, and for each fiscal year there- after, an amount which does not exceed $5,500,000 for purposes of making interest pay- ments authorized under this subchapter. Sums appropriated under this section, shall remain available until expended. (Pub. L. 93–262, title III, § 302, Apr. 12, 1974, 88 Stat. 82; Pub. L. 98–449, § 8, Oct. 4, 1984, 98 Stat. 1725.) Editorial Notes AMENDMENTS 1984—Pub. L. 98–449 amended section generally, sub- stituting provisions authorizing appropriations for pay- ment of interest under this subchapter for provisions authorizing appropriations for the Indian Loan Guar- antee and Insurance Fund, interest subsidies and ad- ministrative expenses. SUBCHAPTER IV—INDIAN BUSINESS GRANTS § 1521. Indian Business Development Program; establishment; statement of purpose There is established within the Department of the Interior the Indian Business Development Program whose purpose is to stimulate and in- crease Indian entrepreneurship and employment by providing equity capital through non- reimbursable grants made by the Secretary of the Interior to Indians and Indian tribes to es- tablish and expand profit-making Indian-owned economic enterprises on or near reservations. (Pub. L. 93–262, title IV, § 401, Apr. 12, 1974, 88 Stat. 82.) § 1522. Conditions (a) Limitation of amount No grant in excess of $100,000 in the case of an Indian and $250,000 in the case of an Indian tribe, or such lower amount as the Secretary may de- termine to be appropriate, may be made under this subchapter. (b) Financing from other sources; inability to ob- tain funds; applicant’s financial resources A grant may be made only to an applicant who, in the opinion of the Secretary, is unable to obtain adequate financing for its economic enterprise from other sources: Provided, That prior to making any grant under this sub- chapter, the Secretary shall assure that, where practical, the applicant has reasonably made available for the economic enterprise funds from the applicant’s own financial resources. (c) Percentage requirement No grant may be made to an applicant who is unable to obtain at least 60 per centum of the necessary funds for the economic enterprise from other sources. (Pub. L. 93–262, title IV, § 402, Apr. 12, 1974, 88 Stat. 83; Pub. L. 98–449, § 9, Oct. 4, 1984, 98 Stat. 1725.) Editorial Notes AMENDMENTS 1984—Subsec. (a). Pub. L. 98–449 amended subsec. (a) generally, substituting provisions setting forth dif- ferent levels of maximum grant amounts in cases of In- dians and Indian tribes for provisions providing a max- imum of $50,000 in cases of both Indians and Indian tribes. § 1523. Authorization of appropriations There are authorized to be appropriated not to exceed the sum of $10,000,000 per year for fiscal year 1986 and each fiscal year thereafter for the purposes of this subchapter. (Pub. L. 93–262, title IV, § 403, Apr. 12, 1974, 88 Stat. 83; Pub. L. 95–68, July 20, 1977, 91 Stat. 272; Pub. L. 98–449, § 10, Oct. 4, 1984, 98 Stat. 1726.) Editorial Notes AMENDMENTS 1984—Pub. L. 98–449 amended section generally, sub- stituting ‘‘$10,000,000’’ for ‘‘$14,000,000’’ and ‘‘1986 and each fiscal year thereafter’’ for ‘‘1978 and 1979’’. 1977—Pub. L. 95–68 substituted ‘‘$14,000,000 for each of the fiscal years 1978 and 1979’’ for ‘‘$10,000,000 for each of the fiscal years 1975, 1976, and 1977’’. § 1524. Rules and regulations The Secretary of the Interior is authorized to prescribe such rules and regulations as may be necessary to carry out the purposes of this chap- ter. (Pub. L. 93–262, title IV, § 404, Apr. 12, 1974, 88 Stat. 83.) SUBCHAPTER V—MISCELLANEOUS PROVISIONS § 1541. Competent management and technical as- sistance for economic enterprises Prior to and concurrent with the making or guaranteeing of any loan under subchapters I and II of this chapter and with the making of a grant under subchapter IV of this chapter, the purpose of which is to fund the development of an economic enterprise, the Secretary shall in- sure that the loan or grant applicant shall be provided competent management and technical assistance for preparation of the application and/or administration of funds granted con- sistent with the nature of the enterprise pro- posed to be or in fact funded. (Pub. L. 93–262, title V, § 501, Apr. 12, 1974, 88 Stat. 83; Pub. L. 98–449, § 12, Oct. 4, 1984, 98 Stat. 1726.)