15 U.S.C. § 694c — Revolving fund for surety bond guaran-

Page 1134 TITLE 15—COMMERCE AND TRADE § 694c REGULATIONS Pub. L. 100–590, title II, § 205, Nov. 3, 1988, 102 Stat. 3009, provided that: ‘‘The Administration shall promul- gate final regulations to implement the amendments made by this title [amending this section and section 694c of this title] not later than one hundred and eighty days after the date of the enactment of this Act [Nov. 3, 1988].’’ SMALL BUSINESS ACCESS TO SURETY BONDING SURVEY Pub. L. 102–366, title III, subtitle A, Sept. 4, 1992, 106 Stat. 1002–1005, known as the Small Business Access to Surety Bonding Survey Act of 1992, directed Comp- troller General to conduct a comprehensive survey of business firms, from a statistically valid sample of business firms developed from the most recent list of construction firms maintained by Dun and Bradstreet Company and using a questionnaire with specifically designated questions, to obtain data on the experiences of such firms, and especially the experiences of small business concerns, in obtaining surety bonds from cor- porate surety firms and to submit a report to Congress, not later than 18 months after Sept. 4, 1992, which re- port was to contain a summary of responses of business firms to the survey and a description of any trends found by Comptroller General in such responses, which specific information on responses and trends of small business concerns, small business concerns owned and controlled by women, and small business concerns owned and controlled by socially and economically dis- advantaged individuals. EVALUATION OF PREFERRED SURETY BOND GUARANTEE PROGRAM; REPORT Pub. L. 100–590, title II, § 206, Nov. 3, 1988, 102 Stat. 3009, as amended by Pub. L. 101–574, title II, § 216(b), Nov. 15, 1990, 104 Stat. 2823, directed Comptroller Gen- eral, not later than 3 years after Nov. 3, 1988, to trans- mit a report to Congress evaluating the preferred sur- ety bond guarantee program, with such report to be transmitted not later than Mar. 1, 1994, and cover the period Oct. 1, 1990, through Sept. 30, 1993. § 694c. Revolving fund for surety bond guaran- tees (a) There is created within the Treasury a sep- arate fund for guarantees which shall be avail- able to the Administrator without fiscal year limitation as a revolving fund for the purposes of this part. All amounts received by the Admin- istrator, including any moneys, property, or as- sets derived by him from his operations in con- nection with this part, shall be deposited in the fund. All expenses and payments, excluding ad- ministrative expenses, pursuant to operations of the Administrator under this part shall be paid from the fund. (b) Such sums as may be appropriated to the Fund to carry out the programs authorized by this part shall be without fiscal year limitation. (Pub. L. 85–699, title IV, § 412, as added Pub. L. 93–386, § 6(a)(4), Aug. 23, 1974, 88 Stat. 747; amend- ed Pub. L. 94–305, title I, § 113, June 4, 1976, 90 Stat. 667; Pub. L. 95–14, § 4, Mar. 24, 1977, 91 Stat. 25; Pub. L. 95–89, title I, § 105, Aug. 4, 1977, 91 Stat. 556; Pub. L. 96–302, title I, § 111, July 2, 1980, 94 Stat. 837; Pub. L. 100–590, title II, § 208, Nov. 3, 1988, 102 Stat. 3009.) Editorial Notes AMENDMENTS 1988—Pub. L. 100–590 designated existing provisions as subsec. (a) and added subsec. (b). 1980—Pub. L. 96–302 repealed investment of idle funds provision, which is covered in section 694–2 of this title. 1977—Pub. L. 95–89 prohibited payment of administra- tive expenses from the fund and deleted provisions which authorized: a $110,000,000 appropriation of capital for the fund; and payment during the fiscal year into the Treasury as miscellaneous receipts, from the fund, of interest on the cumulative amount of appropriations available as capital to the fund less the average undisbursed cash balance in the fund during the year. Pub. L. 95–14 substituted ‘‘$110,000,000’’ for ‘‘$56,500,000’’. 1976—Pub. L. 94–305 substituted ‘‘$56,500,000’’ for ‘‘$35,000,000’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–590 effective on expiration of 180 days after Nov. 3, 1988, see section 209 of Pub. L. 100–590, set out as an Effective and Termination Dates of 1988 Amendment note under section 694b of this title. EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96–302 effective Oct. 1, 1980, see section 507 of Pub. L. 96–302, set out as a note under section 631 of this title. EFFECTIVE DATE OF 1977 AMENDMENT Amendment by Pub. L. 95–89 effective Oct. 1, 1977, see section 106 of Pub. L. 95–89, set out as a note under sec- tion 633 of this title. SUBCHAPTER V—LOANS TO STATE AND LOCAL DEVELOPMENT COMPANIES § 695. State development companies (a) Congressional finding and declaration of pur- pose The Congress hereby finds and declares that the purpose of this subchapter is to foster eco- nomic development and to create or preserve job opportunities in both urban and rural areas by providing long-term financing for small business concerns through the development company pro- gram authorized by this subchapter. (b) Loans; obligations of development companies The Administration is authorized to make loans to State development companies to assist in carrying out the purposes of this chapter. Any funds advanced under this subsection shall be in exchange for obligations of the develop- ment company which bear interest at such rate, and contain such other terms, as the Adminis- tration may fix, and funds may be so advanced without regard to the use and investment by the development company of funds secured by it from other sources. (c) Maximum loans to development companies The total amount of obligations purchased and outstanding at any one time by the Administra- tion under this section from any one State de- velopment company shall not exceed the total amount borrowed by it from all other sources. Funds advanced to a State development com- pany under this section shall be treated on an equal basis with those funds borrowed by such company after August 21, 1958, regardless of source, which have the highest priority, except when this requirement is waived by the Admin- istrator. (d) Eligibility for assistance In order to qualify for assistance under this subchapter, the development company must