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S. 2614 (98th): Indian Financing Act Amendments of 1984


The text of the bill below is as of Oct 4, 1984 (Passed Congress).


PUBLIC LAW 98-449—OCT. 4, 1984                           98 STAT. 1725

Public Law 98-449
98th Congress
                                 An Act
                                                                              Oct. 4, 1984
             To reauthorize and amend the Indian Financing Act.
                                                                               [S. 2614]
   Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That this Act may           Indian
be cited as the "Indian Financing Act Amendments of 1984".                  Financing
                                                                            Act
   SEC. 2. Section 101 of the Indian Financing Act of 1974 (25 U.S.C.       Amendments of
1461) is amended by striking out "which are not members of or               1984.
eligible for membership in an organization which is making loans to         25 u s e 1451
its members .                                                               note.
   SEC. 3. Section 105 of the Indian Financing Act of 1974 (25 U.S.C.
1465) is amended by striking out "United States: Provided, That
proceedings pursuant to this sentence shall be effective only after
following the procedure prescribed by the Act of July 1, 1932 (47
Stat. 564; 25 U.S.C. 386a)" and inserting in lieu thereof "United
States".
   SEC. 4. Section 201 of the Indian Financing Act of 1974 (25 U.S.C.
1481) is amended by striking out "who are not members of or eligible
for membership in an organization which is making loans to its
members".
   SEC. 5. Section 204 of the Indian Financing Act of 1974 (25 U.S.C.
1484) is amended—
        (1) by striking out "$100,000" in the fourth sentence and
      inserting in lieu thereof "$350,000",
        (2) by inserting the following sentence after the first sentence:
      "The Secretary shall review each loan application individually
      and independently from the lender.".
   SEC. 6. Section 211 of the Indian Financing Act of 1974 (25 U.S.C.
1491) is amended by striking out "section: Provided, That proceed-
ings pursuant to this sentence shall be effective only after following
the procedure prescribed by the Act of July 1, 1932 (47 Stat. 564; 25
U.S.C. 386a)" and inserting in lieu thereof "section".
   SEC. 7. Section 217 of the Indian Financing Act of 1974 (25 U.S.C.       Appropriation
1497) is amended by adding at the end thereof the following new             authorization.
subsection:
   "(e) There are authorized to be appropriated for each fiscal year
beginning in fiscal year 1985 such sums as may be necessary to
fulfill obligations with respect to losses on loans guaranteed or
insured under this title. All collections shall remain until
expended.".
   SEC. 8. Section 302 of the Indian Financing Act of 1974 (25 U.S.C.       Appropriation
1512) is amended to read as follows:                                        authorization.
   "There are authorized to be appropriated for fiscal year 1985, and
for each fiscal year thereafter, an amount which does not exceed
$5,500,000 for purposes of making interest payments authorized
under this title. Sums appropriated under this section, shall remain
available until expended.'.
   SEC. 9. Section 402(a) of the Indian Financing Act of 1974 (25
U.S.C. 1522) is amended to read as follows:

98 STAT. 1726 PUBLIC LAW 98-449—OCT. 4, 1984 "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 determine to be appropriate, may be made under this title.". Appropriation SEC. 10. Section 403 of the Indian Financing Act of 1974 (25 U.S.C. authorization. 1523) is amended to read as follows: "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 thereaf- ter for the purposes of this title.". Securities. SEC. 11. The Secretary, in his discretion, may require security 25 u s e 47a. other than bonds required by the Miller Act (40 U.S.C. 270a) when entering into a contract with an Indian-owned economic enterprise pursuant to the provisions of the Act of June 25,1910 (25 U.S.C. 47), for the construction, alteration, or repair of any public work of the United States: Provided, That, the alternative form of security provides the United States with adequate security for performance and payment. SEC. 12. Section 501 of the Indian Financing Act of 1974 (25 U.S.C. 1541) is amended to read as follows: "Prior to and concurrent with the making or guaranteeing of any 25 u s e 1461, loan under subchapters I and II of this chapter and with the making 1481. 25 u s e 1521. 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 insure 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 consistent with the nature of the enterprise proposed to be or in fact funded.". SEC. 13. Section 503 of the Indian Financing Act of 1974 (25 U.S.C. 1543) is amended to read as follows: "For the purpose of entering into contracts pursuant to section 25 u s e 1542. 502 of this title in fiscal year 1985, the Secretary is authorized to use not to exceed 6 percent of any funds appropriated for any fiscal year 25 u s e 1512. pursuant to section 302 of this Act. For fiscal year 1986 and for each Appropriation fiscal year thereafter, there are authorized to be appropriated such authorization. sums as may be necessary to carry out the provisions of this title.". Approved October 4, 1984. LEGISLATIVE HISTORY—S. 2614 (H.R. 5519): HOUSE REPORT No. 98-991 accompanying H.R. 5519 (Oomm. on Interior and Insular Affairs). SENATE REPORT No. 98-459 (Select Oomm. on Indian Affairs). eONGRESSIONAL REOORD, Vol. 130 (1984): June 8, considered and passed Senate. Sept. 11, H.R. 5519 considered and passed House; S. 2614, amended, passed in lieu. Sept. 21, Senate concurred in House amendments with an amendment. Sept. 24, House concurred in Senate amendment.