National Development Investment
Public Works and Economic Development Act Amendments of 1992 - Amends the Public Works and Economic Development Act of 1965 to authorize the Secretary of Commerce to make grants to eligible States, local governments, economic development districts or organizations, or Indian tribes for:
(1) construction and repair of public facilities;
(2) establishment of revolving loan funds to promote small business;
(3) establishment of employee stock ownership plans; and
(4) provision of technical assistance for improving and enhancing economic development.
Outlines eligibility requirements.
Requires an application for a grant under this Act to include:
(1) a certification that the area concerned meets certain distress requirements;
(2) a certification of any responsibilities which the Secretary has agreed to perform; and
(3) a development investment strategy prepared in accordance with this Act. Requires the Secretary to consider specified purposes of this Act in approving applications.
Lists as criteria any one of which an area must meet in order to be eligible for a grant under this Act:
(1) a per capita income of 80 percent or less of the national average;
(2) an unemployment rate one percent above the national average for the most recent 24-month period for which statistics are available; or
(3) a sudden economic dislocation resulting in job losses.
Authorizes the Secretary to make grants to establish a revolving loan fund for making or guaranteeing loans to small businesses for initial or working capital, or for the purchase of facilities or equipment.
Limits to $1,000,000 the amount of any such grant.
Limits the amount of any grant under this Act to a maximum of 50 percent of the cost of completing the project as determined at the time of the grant application.
Allows such grant percentage to increase up to 80 percent in cases of extreme economic distress as determined by the Secretary for up to 25 percent of the total grants made in a fiscal year.
Outlines guidelines for the determination of extreme economic distress.
Permits the Secretary to reduce or waive the non-Federal share of a project in the case of an Indian tribe.
Limits expenditures in any one State to a maximum of 15 percent of the appropriations made pursuant to this Act, except for expenditures to Indian tribes.
Limits the amount the Secretary may obligate in any fiscal year to any person, other than grants for the establishment of qualified employee ownership organizations.
Authorizes the Secretary to make grants, with specified fiscal year limitations, to community development corporations to assist small businesses by reducing the interest rates for economic development activities to be carried out in areas meeting the distress requirements under this Act. Authorizes appropriations for FY 1993 through 1995 for economic development assistance grants under this title.
Authorizes the Secretary to make economic development planning grants to States, economic development districts, Indian tribes, distressed counties, and distressed local governments.
Requires such planning to be part of a comprehensive, continuous process involving public officials and private citizens in analyzing local economies, defining development goals, determining project opportunities, and formulating and implementing a development program.
Earmarks such grants for coordination of investment for community facilities, economic development, manpower training, and transportation services.
Authorizes the Secretary to evaluate Federal, State, and local development investment efforts.
Authorizes the Secretary to conduct demonstration programs to test the feasibility of new ways to increase productivity and growth, foster innovative technology, match labor force with labor markets, improve U.S. competitiveness, and encourage economic diversity and regional balance.
Requires reports on such demonstration programs.
Authorizes the Secretary to make grants to colleges, universities, and other organizations for promoting productivity, economic development, and employment opportunities.
Limits the amount of any economic development planning grant to 75 percent of the cost of such planning or of the preparation of a development investment strategy.
Limits the grants to educational institutions in the same manner.
Authorizes the Secretary to reduce or waive any non-Federal share of such grants in the case of Indian tribes.
Authorizes appropriations for FY 1993 through 1995 for such grants.
Prohibits the approval of any grant unless the Secretary is satisfied that the project concerned will be properly and efficiently administered, operated, and maintained.
Permits the Secretary to discharge responsibilities relative to a project by accepting a certification of the grant applicant's performance of such responsibilities.
Requires the Secretary to make comprehensive annual reports to the Congress detailing operations under this Act. Requires all laborers and mechanics employed by contractors or subcontractors on projects assisted under this Act to be paid the prevailing rate of wages.
Requires the Secretary to maintain and make available for public inspection records of approved applications.
Requires each recipient of a grant to maintain specified records.
Allows the Secretary and the Comptroller General access to all records of such recipients.
Provides nondiscrimination requirements in the approval of grant applications.
Authorizes appropriations for FY 1993 through 1995 for salaries and other administrative expenses in carrying out this Act and for special economic development and adjustment assistance.
Amends the Public Works and Economic Development Act of 1965 to rename such Act as the National Development Investment Act.