3.0.0 2367 2023-01-11T14:50:57Z 2023-01-11T14:50:57Z Senate S S 2007-11-15 110 ssfi00 Finance Committee Senate Standing Referred to 2007-11-15T22:42:50Z Indian School Construction Act 110 4243 HR 2008-02-05 Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness. Related bill CRS Text similarities House 2007-11-15 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-11-15 Introduced in Senate IntroReferral 10000 9 Library of Congress J000177 Sen. Johnson, Tim [D-SD] TIM JOHNSON D SD N B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS 2007-11-15 True I000025 Sen. Inouye, Daniel K. [D-HI] DANIEL INOUYE D HI KEN 2008-01-23 False C000567 Sen. Cochran, Thad [R-MS] Thad Cochran R MS 2008-07-30 False Native Americans Bonds Construction costs Economics and Public Finance Education Elementary and secondary education Federal aid to Indians Finance and Financial Sector Income tax Indian education Maintenance and repair Minorities School buildings Tax credits Taxation Native Americans 00 2007-11-15 Introduced in Senate 2008-03-13T17:23:40Z Indian School Construction Act - Directs the Secretary of the Interior to establish a pilot program under which eligible Indian tribes have the authority to issue tribal school modernization bonds to provide funds for the construction, rehabilitation, and repair of tribal schools, including advance planning and design.

Permits a tribe to use amounts received through a bond issue to enter contracts: (1) for the design and engineering of the school; and (2) with financial advisors, underwriters, attorneys, trustees, and other professionals to provide assistance to the tribe in issuing bonds.

Makes any tribal school modernization bond issued by a tribe subject to a trust agreement.

Authorizes the Secretary to deposit not more than $50 million into a tribal school modernization escrow account and to accept additional amounts from other federal agencies and non-federal public or private sources.

Declares that no bond shall be an obligation of, nor shall payment of the principal be guaranteed by, the United States, the tribes, or their schools. Exempts from federal income tax any earnings through the investment of funds under the control of a trustee. Amends the Internal Revenue Code to allow a tax credit to individuals who hold such bonds.]]>

Indian School Construction Act Display Title Indian School Construction Act Official Title as Introduced A bill to provide for the issuance of bonds to provide funding for the construction of schools of the Bureau of Indian Affairs, and for other purposes. Introduced in Senate IS Short Titles as Introduced Indian School Construction Act Introduced in Senate 2007-11-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2367is/xml/BILLS-110s2367is.xml 2007-11-15 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.