1.Short title; table of
contents
(a)This Act may be cited
as the Indian Development Finance Corporation Act
.
(b)The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings and policy.
Sec. 3. Definitions.
TITLE I—ESTABLISHMENT OF CORPORATION
Sec. 101. Establishment.
Sec. 102. Duties.
Sec. 103. Loans and obligations.
Sec. 104. General powers.
Sec. 105. Board of Directors.
Sec. 106. President of the Corporation.
Sec. 107. Conflicts of interest and financial
disclosure.
Sec. 108. Annual meetings.
Sec. 109. Reports and plans submitted to Congress.
Sec. 110. Advisory Council.
Sec. 111. Conforming amendments.
TITLE II—CAPITALIZATION
Sec. 201. Issuance of stock.
Sec. 202. Borrowing authority.
TITLE III—AUTHORIZATION OF APPROPRIATIONS
Sec. 301. General operational expenses.
Sec. 302. Authorizations for paid-in capital stock.
2.
(a)Congress
finds that—
(1)a
special relationship has existed between the United States and the Indian
tribes which is recognized in clause 3, section 8, article I of the United
States Constitution;
(2)Congress, through
statutes, treaties, and the exercise of administrative authorities, has
implemented the Federal Government’s responsibility for the protection and
preservation of Indian tribes and their resources;
(3)despite the
availability of abundant natural resources on Indian lands and a rich cultural
legacy which places great value on self-determination, self-reliance, and
independence, American Indians and Alaskan Natives experience poverty and
unemployment, along with the associated incidences of social pathology, to an
extent unequaled by any other group in the United States;
(4)the reasons for
such unparalleled poverty and unemployment have been widely studied and
documented by Congress, the General Accounting Office, the Department of the
Interior, private academic institutions, and Indian tribes, and such studies
have consistently identified as fundamental obstacles to balanced economic
growth and progress—
(A)the very limited
availability of long-term development capital and sources of financial credit
necessary to support the development of a private sector economy in Indian
country comprised of Indian-owned business enterprises;
(B)the lack of
effective control by the Indians over their own lands and resources; and
(C)the scarcity of
experienced Indian managers and technicians;
(5)previous efforts
of the Federal Government directed at stimulating Indian economic development
through the provision of grants, direct loans, loan guarantees, and interest
subsidies have fallen far short of their objectives due to—
(A)inadequate
funds;
(B)lack of
coordination;
(C)arbitrary project
selection criteria;
(D)politicization of
the delivery system; and
(E)other
inefficiencies characteristic of a system of publicly administered financial
intermediation; and
(6)the experience
acquired by multilateral lending institutions among the lesser developed
countries
has demonstrated the value and necessity of development
financing institutions in achieving economic growth in underdeveloped economies
and societies that are strikingly similar to Indian and Alaskan Native
communities in relation to such matters as control over natural resource
management and the absence of experienced, indigenous managers and technicians,
as well as the availability of long-term development capital and private
sources of financial credit.
(b)It
is hereby declared to be the policy of Congress that, in fulfillment of its
special and longstanding responsibility to the Indian tribes, the Federal
Government should provide assistance to the Indian people in their efforts to
break free from the devastating effects of extreme poverty and unemployment and
achieve lasting economic self-sufficiency through the development of the
private sector of tribal economies by establishing a federally chartered, mixed
ownership development financing institution which shall provide a broad range
of financial intermediary services including working capital, direct loans,
loan guarantees, and project development assistance utilizing the proven
efficiencies of the private market mode of operation.
3.For purposes of this Act:
(1)The
term Indian means any person who is a member of an Indian
tribe.
(2)The term Indian tribe means any Indian tribe,
band, nation, or other organized group or community which is recognized by the
United States as eligible for the special programs and services provided by the
United States to Indians because of their status as Indians, including any
Alaska Native village or regional or village corporation as defined in, or
established under, the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et
seq.).
(3)The
term reservation means any Indian reservation, public domain
Indian allotment, former Indian reservation in Oklahoma, or land held by any
Alaska Native village or regional or village corporation (as defined in, or
established under, the provisions of the Alaska Native Claims Settlement
Act).
(4)The term tribal organization means the
governing body of any Indian tribe or any entity established, controlled, or
owned by such governing body.
(5)Indian business
enterpriseThe term Indian business enterprise means
any commercial, industrial, or business entity—
(A)at least 51
percent of which is owned by one or more Indian tribes;
(B)that produces or
furnishes goods, services, or facilities and is operated or organized on a
for-profit basis;
(C)that is chartered
or controlled by any Indian tribe or tribal organization that is a shareholder
of the Corporation; and
(D)whose—
(i)principal place of
business is located within, or adjacent to, the boundaries of an Indian
reservation; or
(ii)principal business
activities in addition to the production of a stream of income are determined
by the Corporation to be directly beneficial to an Indian tribe and contribute
to the economy of such Indian tribe.
Such term
includes any subsidiary entity that is owned and controlled by any commercial,
industrial, or business activity described in the preceding sentence.(6)The
term Corporation means the Indian Development Finance Corporation
established under section 101.
(7)The
term Secretary means the Secretary of the Interior.
<enum>I</enum><header>ESTABLISHMENT OF
CORPORATION</header>
<section id="HDA271D3F07C34BA3BEAC00FA8F45B053"><enum>101.</enum><header>Establishment</header><text display-inline="no-display-inline">There is hereby established the Indian
Development Finance Corporation. The Corporation shall have succession until
dissolved by an Act of Congress. Congress shall have the sole authority to
revise or amend the charter of the Corporation.</text>
</section><section id="HE001CD96D6954CD1A7103D4BD1493E46"><enum>102.</enum><header>Duties</header><text display-inline="no-display-inline">It shall be the duty of the Corporation
to—</text>
<paragraph id="H33B3CA6626CE4BBE92A847D7E7A8D88C"><enum>(1)</enum><text>provide
development capital through the financial services that the Corporation is
authorized to provide under subsections (b), (c), and (d) of section
103;</text>
</paragraph><paragraph id="H478E5C0D00F343DF9803A99E083B4418"><enum>(2)</enum><text>encourage the
development of new and existing Indian business enterprises eligible for its
assistance by providing and coordinating the availability of—</text>
<subparagraph id="HB6DAFA984B3A44BF8CCB28105700F9D9"><enum>(A)</enum><text>long-term capital
and working capital;</text>
</subparagraph><subparagraph id="H3AC1CB88B9BA477B8F7489C484DE9F65"><enum>(B)</enum><text>loans, loan
guarantees, and other forms of specialized credit; and</text>
</subparagraph><subparagraph id="HD570DCEA5CD84F5ABFBB5162D89E8EA1"><enum>(C)</enum><text>technical and
managerial assistance and training;</text>
</subparagraph></paragraph><paragraph id="H3E451F035E1E40C68CD133D7FE7C9BE1"><enum>(3)</enum><text>maintain
broad-based control of the Corporation in its voting stockholders;</text>
</paragraph><paragraph id="H44F27C800E3945C9BEAF7DFE183724E1"><enum>(4)</enum><text>encourage active
participation in the Corporation by Indian tribes by ownership of its equity
securities; and</text>
</paragraph><paragraph id="HC41ED172085545AEB585E0BC1DD48F1"><enum>(5)</enum><text>assist in
strengthening Indian tribal economies through the development of Indian
business enterprises whose activities are directed at contributing to such
economies.</text>
</paragraph></section><section id="HD7F7160991A644AA9B4CDB8516448536"><enum>103.</enum><header>Loans and
obligations</header>
<subsection id="id8E65CB48528547B6A62114BABB3A77A0"><enum>(a)</enum><header>In
general</header><text>The Corporation may—</text>
<paragraph id="id46A0C3B1CA524F2F8BE568A01CFFB73A"><enum>(1)</enum><text>make loans or
commitments for loans to any Indian business enterprise; or</text>
</paragraph><paragraph id="id9D419B684C104207BB90A39E87F14D58"><enum>(2)</enum><text>purchase, insure,
or discount any obligations of an Indian business enterprise, if such
enterprise meets the requirements of subsection (b).</text>
</paragraph></subsection><subsection id="HFFD981D16EEC45758B2E51C0CE51F72D"><enum>(b)</enum><header>Requirements</header><text>An
Indian business enterprise meets the requirements of this subsection if the
Corporation makes an independent determination that—</text>
<paragraph id="H5AB8F6BAFE93448EB49FD1414EE6B7B"><enum>(1)</enum><text>such enterprise has
or will have—</text>
<subparagraph id="H1D37B6F36A5A469DAF141523EB67E56B"><enum>(A)</enum><text>a sound
organizational and financial structure;</text>
</subparagraph><subparagraph id="H08E097A797494CF9A023F9B07879A47F"><enum>(B)</enum><text>income in excess
of its operating costs;</text>
</subparagraph><subparagraph id="H2DDEFA318F134642BE1C35D0980031B7"><enum>(C)</enum><text>assets in excess
of its obligations; and</text>
</subparagraph><subparagraph id="H9633DA51BEA84185B6B4E7B2A793AAC6"><enum>(D)</enum><text>a reasonable
expectation of a continuing demand for—</text>
<clause id="HDC8B957474704ED292232B6396DC6EDF"><enum>(i)</enum><text>its
production, goods, commodities, or services; or</text>
</clause><clause id="H5B2C3471D68E4B0190416500004500FD"><enum>(ii)</enum><text>its
facilities; and</text>
</clause></subparagraph></paragraph><paragraph id="H4F8A712F0773498897CD61B860B7263C"><enum>(2)</enum><text>the loan or
obligation of such enterprise will be fully repayable in accordance with the
terms and conditions of such loan or obligation.</text>
</paragraph></subsection><subsection id="H0E14632D34654E91B21DB8B6EED59037"><enum>(c)</enum><header>Terms, rates,
and charges</header><paragraph commented="no" display-inline="yes-display-inline" id="id6DFEAAACF9014F3F8D129BA580A26E0E"><enum>(1)</enum><text>In setting the terms,
rates, and charges for loans made under this section, the objective of the
Corporation shall be to provide the type of credit needed by Indian business
enterprises at the lowest reasonable cost and on a sound business basis, taking
into account—</text>
<subparagraph id="id138EC437725E4704BC7D341C99F833A2" indent="up1"><enum>(A)</enum><text>the cost of money to the
Corporation;</text>
</subparagraph><subparagraph id="id574B7375044944FC86FF07E2E92B5924" indent="up1"><enum>(B)</enum><text>the necessary reserve and expenses of
the Corporation; and</text>
</subparagraph><subparagraph id="idDE2C135A6EF94416B28606C3D5B2F05F" indent="up1"><enum>(C)</enum><text>the technical and other assistance
attributable to loans made available by the Corporation under this
section.</text>
</subparagraph></paragraph><paragraph id="id5347082C9D2B4BA7BB692D47017EE8C8" indent="up1"><enum>(2)</enum><text>The terms of any loan made under this
subsection may provide for interest rates which vary from time to time during
the repayment period of the loan in accordance with the rates being charged by
the Corporation for new loans at such times.</text>
</paragraph></subsection><subsection id="H10A312449CDD426E9E75BAE9F25C2E18"><enum>(d)</enum><header>Use of
funds</header><text>Funds available from a loan made under this section may be
advanced or reloaned by the borrower to its members or stockholders for the
development of individually owned businesses on or adjacent to reservations
under circumstances permitted under the bylaws or rules of the
Corporation.</text>
</subsection><subsection id="H76F81920A87041BF9D63C9D400551CF0"><enum>(e)</enum><header>Loan
guarantees</header><paragraph commented="no" display-inline="yes-display-inline" id="id9DEB0B20B14E4B7B859B45BB1D4FC184"><enum>(1)</enum><text>The Corporation may
guarantee all or any part of the principal and interest of any loan made by any
State or federally chartered lending institution to any Indian business
enterprise if—</text>
<subparagraph id="id84A76739157D423583AA6EE542614ADF" indent="up1"><enum>(A)</enum><text>such loan is to an Indian business
enterprise that meets the requirements of subsection (b)(2); and</text>
</subparagraph><subparagraph id="id281BF95C8BAB48739F52C6BDF13E9F4B" indent="up1"><enum>(B)</enum><text>such loan was made on terms and
conditions (including the rate of interest) which would be permissible terms
and conditions if such loan were a direct loan made by the Corporation.</text>
</subparagraph></paragraph><paragraph id="id12BB13E0F583495CBACBACE0E38090EA" indent="up1"><enum>(2)</enum><text>The Corporation may impose a charge
for any loan guarantee made under this subsection.</text>
</paragraph><paragraph id="idE5E66BC2047E479BB5F10BC9CA60AA33" indent="up1"><enum>(3)</enum><text>No loan may be guaranteed by the
Corporation under this subsection if the income from the loan to the lender is
excludable from such lender’s gross income for purposes of chapter 1 of the
Internal Revenue Code of 1986.</text>
</paragraph><paragraph id="id16A92F5CDBCA4FF29FADFBD5481F4AB7" indent="up1"><enum>(4)</enum><text>Any loan guarantee made under this
subsection shall be assignable to the extent provided in the contract of
guarantee entered into by the Corporation.</text>
</paragraph><paragraph id="idE4AEDA21594948CCB8DB0B49DC434390" indent="up1"><enum>(5)</enum><text>Any guarantee made under this
subsection shall be uncontestable, except in the case of fraud or
misrepresentation of which the holder had actual knowledge at the time the
holder acquired the loan.</text>
</paragraph><paragraph id="idB5C15544CC1E48C09A6BF82041029A6C" indent="up1"><enum>(6)</enum><text>The Corporation, in lieu of requiring
the original lender to service a loan guaranteed under this subsection until
final maturity or liquidation, may purchase such guaranteed loan for an amount
equal to the balance of the principal and the amount of interest accrued
thereon without penalty if the Corporation determines that the purchase would
not be detrimental to the interests of the Corporation and—</text>
<subparagraph id="id5B27B8A573A84582A2655BDA78474118"><enum>(A)</enum><text>the liquidation of such guaranteed
loan would result in the insolvency of the borrower or deprive the borrower of
assets essential to its continued operation;</text>
</subparagraph><subparagraph id="id776FDDEC2AAE48AAAD6E373E2289DDBB"><enum>(B)</enum><text>such guaranteed loan will be repayable
with revision of the loan rates, terms, payment periods, or other conditions
consistent with loans made by the Corporation under subsection (b); and</text>
</subparagraph><subparagraph id="id995A57BD61264418A45C773636BAE141"><enum>(C)</enum><text>the lender or other holder of such
guaranteed loan is unwilling to make such revision.</text>
</subparagraph></paragraph><paragraph id="id6E9AF28D6F604986BA417818299F621D" indent="up1"><enum>(f)</enum><header>Purchases of equity and
ownership</header><subparagraph commented="no" display-inline="yes-display-inline" id="idBB60E923430C48FB9011E9D9B774E45F"><enum>(1)</enum><text>For purposes of
providing long-term capital and working capital to Indian business enterprises,
the Corporation is authorized to purchase, or make commitments to purchase,
all, or any portion of, the equity or ownership interest in any Indian business
enterprise if the Corporation determines, after a full and complete appraisal
of all project and business plans associated with the investment taking into
account the criteria set forth in paragraph (2), that such an investment does
not expose the Corporation to any unreasonable business risks considering the
applicable standards prevailing in the field of development finance as applied
to Indian economic development (or, in light of the socioeconomic, political,
and legal conditions unique to Indian reservations).</text>
</subparagraph></paragraph><paragraph id="id7DB5B7B3EA88477AB53DCBA741D3A119" indent="up1"><enum>(2)</enum><text>The Corporation is also authorized to
supervise or participate in the management of Indian business enterprises in
which an investment has been made under paragraph (1) according to such terms
and conditions as are agreed to by the Corporation and the principals of the
enterprise, including the assumption of a directorship in the corporate body of
such Indian business enterprise by an officer of the Corporation.</text>
</paragraph></subsection></section><section id="H89291519145141A8B1DF1CE297EE6EFF"><enum>104.</enum><header>General
powers</header><text display-inline="no-display-inline">In carrying out this
Act, the Corporation is authorized—</text>
<paragraph id="H19056EE2C09B4E12A5001BF4B23BCAD3"><enum>(1)</enum><text>to adopt and alter
a corporate seal, which shall be judicially noticed;</text>
</paragraph><paragraph id="H84385D4F0D534A05933B4707D9AE1C30"><enum>(2)</enum><text>to make agreements
and contracts with persons, Indian tribes, and private or governmental entities
and to make payments or advance payments under such agreements or contracts
without regard to section 3324 of title 31, United States Code, except that the
Corporation shall provide financial assistance only in accordance with this
Act;</text>
</paragraph><paragraph id="H4BFA05C441694CB6AFF025E8367DEA04"><enum>(3)</enum><text>to—</text>
<subparagraph id="H75F5EE7035B2402892B0D4388BF0907E"><enum>(A)</enum><text>lease, purchase,
accept gifts or donations of, or otherwise to acquire;</text>
</subparagraph><subparagraph id="H74886A18A3D04ABD812B87270838A9D9"><enum>(B)</enum><text>own, hold,
improve, use, or otherwise deal in or with; and</text>
</subparagraph><subparagraph id="H136B398BA91F41C3934703CE0089D6DC"><enum>(C)</enum><text>sell, convey,
mortgage, pledge, lease, exchange, or otherwise dispose of;</text>
</subparagraph><continuation-text continuation-text-level="paragraph">any
property, real, personal, or mixed, or any interest therein;</continuation-text></paragraph><paragraph id="H5A4AE01E88244D58879820F5DCEE758F"><enum>(4)</enum><text>to sue and be sued
in its corporate name and to complain and defend in any court of competent
jurisdiction;</text>
</paragraph><paragraph id="HF0FCC1D383564168B231589B61C62F56"><enum>(5)</enum><text>to represent
itself, or to contract for representation, in all judicial, legal, and other
proceedings;</text>
</paragraph><paragraph id="HF9049F26B24A48DEB01B04A6E877FBFD"><enum>(6)</enum><text>to make provision
for and designate such committees, and the functions thereof, as the Board of
Directors may deem necessary or desirable;</text>
</paragraph><paragraph id="HF3FE2579AFD74988B1EEC956AD91E57D"><enum>(7)</enum><text>with the approval
of the agency concerned, to make use of services, facilities, and property of
any board, commission, independent establishment, or executive agency or
department of the executive branch in carrying out the provisions of this Act
and to pay for such use (such payments to be credited to the applicable
appropriation that incurred the expense);</text>
</paragraph><paragraph id="HC7984592342E403F821571DA31E39A7"><enum>(8)</enum><text>to
use the United States mails on the same terms and conditions as the executive
departments of the United States Government;</text>
</paragraph><paragraph id="HD5E73C6697AF45219446FA01BEDC9D84"><enum>(9)</enum><text>to obtain
insurance or make other provisions against losses;</text>
</paragraph><paragraph id="H2D2906FEBFB04F0A87C200901B2CD4A5"><enum>(10)</enum><text>to participate
with one or more other financial institutions, agencies, instrumentalities,
trusts, or foundations in loans or guarantees made under this Act on terms as
may be agreed upon;</text>
</paragraph><paragraph id="H4D4FFC78C3524A3400630636DE4B96B9"><enum>(11)</enum><text>to accept
guarantees from other agencies for which loans made by the Corporation may be
eligible;</text>
</paragraph><paragraph id="H62ACB8872A02492E8500598EFE249CD8"><enum>(12)</enum><text>to establish, as
soon as practicable, regional offices in order to more efficiently serve the
widely disbursed Indian population;</text>
</paragraph><paragraph id="H4C78DA1590514765B1F4B0D3274788D"><enum>(13)</enum><text>to buy and
sell—</text>
<subparagraph id="HD44BC3A97B7943CF9D90CEA6D74FCFCF"><enum>(A)</enum><text>obligations of, or
instruments insured by, the United States or any agency or instrumentalities
thereof; or</text>
</subparagraph><subparagraph id="H1B55036FCB524F9A893EEFCBD7A309E4"><enum>(B)</enum><text>securities backed
by the full faith and credit of any such agency or instrumentality;</text>
</subparagraph></paragraph><paragraph id="H3A261776302A49BA86B287513156A4CF"><enum>(14)</enum><text>to make such
investments as may be authorized by the Board of Directors of the
Corporation;</text>
</paragraph><paragraph id="HBDDC7A8DEAA3467E95D0CEF7E903785B"><enum>(15)</enum><text>to establish such
offices within the Corporation as may be necessary including offices
for—</text>
<subparagraph id="H013629EA33CF4DE88D3328C0CBB7C662"><enum>(A)</enum><text>Project
Development;</text>
</subparagraph><subparagraph id="HE61E74156B0E45A4BBA562AEAF14FCC3"><enum>(B)</enum><text>Project Evaluation
and Auditing;</text>
</subparagraph><subparagraph id="HBBCAA096E1004193BBD3F8152F2B3873"><enum>(C)</enum><text>Fiscal
Management;</text>
</subparagraph><subparagraph id="HA58319497D6343C8BC3EA2D69EA2EF1"><enum>(D)</enum><text>Research and
Development; and</text>
</subparagraph><subparagraph id="H9C944A4E53B849BC8D742B775BCB9255"><enum>(E)</enum><text>any other offices
as may from time to time be authorized by the Board of Directors; and</text>
</subparagraph></paragraph><paragraph id="H20353246EDA2472BB0123DB269FA33C2"><enum>(16)</enum><text>to exercise all
other lawful powers necessarily or reasonably related to the establishment of
the Corporation in order to carry out the provisions of this Act and the
exercise of its powers, purposes, functions, duties, and authorized
activities.</text>
</paragraph></section><section id="HAD7A3DF669124DC0BC9CCA8B15EAB390"><enum>105.</enum><header>Board of
Directors</header>
<subsection id="H69715E86845049D080164F481BF9BA94"><enum>(a)</enum><header>Members</header><text>The
powers of the Corporation shall be vested in the Board of Directors which shall
consist of the following 21 members:</text>
<paragraph id="H6AA676471042445BAA00EA2A7D14CED"><enum>(1)</enum><text>1
officer of the United States Government, designated by the Secretary of the
Interior.</text>
</paragraph><paragraph id="HB2FFC6442C8C47B4A147D1C014725500"><enum>(2)</enum><text>19 individuals who
represent the shareholders in the Corporation, appointed by the President by
and with the advice and consent of the Senate, taking into account the
experience of the individual in private business enterprises and in development
or commercial financing and shall consult with, and receive recommendations
from, Indian tribes.</text>
</paragraph><paragraph id="HE701F09D34924A67B38C6E5B0898E453"><enum>(3)</enum><text>The President of
the Corporation.</text>
</paragraph></subsection><subsection id="H4B158C0DFD6047A9B88BCBCC55ABCB41"><enum>(b)</enum><header>Terms</header><text>The
term of office for the initial members of the Board of Directors described in
subsection (a)(2) shall expire at the commencement of the first annual meeting
of the shareholders of the Corporation held as soon as is reasonably possible
after the date on which subscriptions have been paid for at least 10 percent of
the common stock initially offered for sale to Indian tribes.</text>
</subsection><subsection id="H58E56128FAC046FB009C4B8EFA837900"><enum>(c)</enum><header>Vacancies</header><paragraph commented="no" display-inline="yes-display-inline" id="H9264029B719B4E0288AB122C54C3CF27"><enum>(1)</enum><text>Any vacancy on the Board
of Directors created by the resignation or removal of a member described in
subsection (a)(2) shall be filled by the Board in accordance with the bylaws of
the Corporation except that such appointment shall only be made for a term
extending to the next annual shareholders meeting of the Corporation.</text>
</paragraph><paragraph id="H435CBDD6FAF84EEDA269A742EF85DFD7" indent="up1"><enum>(2)</enum><text>If a vacancy occurs on the Board of
Directors prior to the expiration of the term of office to which the member
described in subsection (a)(2) was appointed, the President shall appoint an
individual, by and with the consent of the Senate, to fill such vacancy until
the expiration of such term of office.</text>
</paragraph></subsection><subsection id="H6406E4F4F82D40FD8182E279A2D4E81E"><enum>(d)</enum><header>Removal</header><text>A
member of the Board of Directors may be removed from office by the Board only
for neglect of duty or malfeasance in office.</text>
</subsection><subsection display-inline="no-display-inline" id="H4F03980D58B64A11BCE9A5DD873FA331"><enum>(e)</enum><header>Quorum</header><text>A
majority of the Board of Directors shall constitute a quorum and except as
provided in subsection (h)(2), any action of the Board of Directors shall be
effected by majority vote of all members of the Board of Directors.</text>
</subsection><subsection id="HB1D8D701F3ED4BD981A050B3C7BFDE8"><enum>(f)</enum><header>Duties</header><text>The
Board of Directors shall—</text>
<paragraph id="H4598B0BC87A64A1D82F1CA90D654F900"><enum>(1)</enum><text>annually elect
from among the members described in subsection (a)(2) a Chairman and Vice
Chairman;</text>
</paragraph><paragraph id="H1A77C221C7504C3E95288C7240C0DDA"><enum>(2)</enum><text>establish the
policies of the Corporation and shall supervise the management of the
Corporation;</text>
</paragraph><paragraph id="HE002ED811B60440286D635D1C34E54BE"><enum>(3)</enum><text>adopt, and may
amend, such bylaws as are necessary for the proper management and functioning
of the Corporation;</text>
</paragraph><paragraph id="H81A5D32A9EC34575AC8497AC01FE44BF"><enum>(4)</enum><text>keep the Council
established under section 110 fully informed of its activities; and</text>
</paragraph><paragraph id="H6EB934FF83BC41BA90A4009FAD9DF7D4"><enum>(5)</enum><text>provide the
Council with such further information or data in its possession as the Council
may deem necessary to the appropriate discharge of the responsibilities of the
Council.</text>
</paragraph></subsection><subsection id="HA0D5EC8D546A44C3A003AAA52E6CC4B"><enum>(g)</enum><header>Meetings</header><text>The
Board of Directors shall meet at any time pursuant to the call of the Chairman
and as may be provided by the bylaws of the Corporation, but not less than
quarterly. Subject to such rules adopted by the Board of Directors as are
necessary for the orderly conduct of business, all meetings of the Board of
Directors shall be open to representatives of Indian tribes, Indian business
enterprises, and Indian organizations and any individual who has an
identifiable interest in the affairs of the Corporation. The Board of Directors
may meet in private executive session if the matter under discussion in such
session involves any matter which may impinge on the right of privacy of any
individual.</text>
</subsection><subsection id="H71B783339C4B40F2943D9C83D9DC5D20"><enum>(h)</enum><header>Member
designated by the Secretary</header><text>The member designated by the
Secretary shall—</text>
<paragraph id="H9E9E5766FAF6417EB2F445885CD7B774"><enum>(1)</enum><text>have 20 percent of
the share of votes cast at annual shareholders meetings; and</text>
</paragraph><paragraph id="HEBFC19F94C614AD080EDEDC4C702E47"><enum>(2)</enum><text>be
overruled only by a two-thirds majority vote at regular board meetings in
matters involving—</text>
<subparagraph id="HE82A897599B045AE907EB842E1C3DE70"><enum>(A)</enum><text>calling of
callable capital;</text>
</subparagraph><subparagraph id="H9B1D1BE26F824E9096B4FA0707196E93"><enum>(B)</enum><text>borrowing by the
Corporation of amounts in excess of $10,000,000;</text>
</subparagraph><subparagraph id="H1DCC517532074A7FA728E74F00BA58BD"><enum>(C)</enum><text>loans or
investments made by the Corporation in excess of $1,000,000; or</text>
</subparagraph><subparagraph id="HB20B8D75FC9445E080CF1700F8C5E4B0"><enum>(D)</enum><text>the adoption of
changes to investment and credit policies.</text>
</subparagraph></paragraph></subsection><subsection id="H388767C43CB340B2BD9E632880386C02"><enum>(i)</enum><header>Compensation</header><text>Each
member of the Board of Directors not otherwise employed by the Federal
Government or a State government shall receive compensation at a rate equal to
the daily rate for GS–18 of the General Schedule under section 5332 of title 5,
United States Code, for each day, including traveling time, he or she is
engaged in the actual performance of his or her duties as a member of the Board
of Directors. A member of the Board of Directors who is an officer or employee
of the United States Government or of a State government shall serve without
additional compensation. All members of the Board of Directors shall be
reimbursed for travel, subsistence, and other necessary expenses incurred by
them in the performance of their duties.</text>
</subsection></section><section id="H7435BA67EFE446D79ED514784F0046ED"><enum>106.</enum><header>President of
the Corporation</header>
<subsection display-inline="no-display-inline" id="H99E88E498A7B4B3890E309D4ACB84F96"><enum>(a)</enum><header>President</header><text>The
Board of Directors shall appoint a President of the Corporation. The President
of the Corporation may be removed from office by the Board of Directors in
accordance with the bylaws of the Corporation.</text>
</subsection><subsection id="H7817F96F59F64B13BE25D09114992327"><enum>(b)</enum><header>Duties and
powers</header><text>The President of the Corporation shall have the following
duties and powers:</text>
<paragraph id="H1C376A76D1CE4D7C9571177EDD403D46"><enum>(1)</enum><text>Serve as the chief
executive officer of the Corporation.</text>
</paragraph><paragraph id="H1288BE73C69A4784B3AAB70765820087"><enum>(2)</enum><text>Subject to the
direction of the Board of Directors and the general supervision of the
Chairman, carry out the policies and functions of the Corporation.</text>
</paragraph><paragraph id="H3084FFBEB6FC4BACB522569BFB5F061C"><enum>(3)</enum><text>Have authority
over all personnel and activities of the Corporation.</text>
</paragraph><paragraph id="H6C7240AB1BEB4A8287EF57E89DA15922"><enum>(4)</enum><text>With the approval
of the Board of Directors, have the authority to appoint and fix the
compensation and duties of such officers and employees as may be necessary for
the efficient administration of the Corporation. Such appointments and
compensation may be made without regard to the provisions of title 5, United
States Code, governing appointments in the competitive service, and chapter 51
and subchapter III of chapter 53 of title 5, United States Code.</text>
</paragraph></subsection></section><section id="H94AA46B1381E430994818EA6A9008081"><enum>107.</enum><header>Conflicts of
interest and financial disclosure</header>
<subsection display-inline="no-display-inline" id="H8BA4F16E501147779FA5C64D079D4BE0"><enum>(a)</enum><header>Applicability</header><text>The
financial disclosure provisions of the Ethics in Government Act of 1978 (92
Stat. 1824; Public Law 95–521) applicable to individuals occupying positions
compensated under the Executive Schedule shall apply—</text>
<paragraph id="H0E3F19EA26424F97AC195EE13E001C8C"><enum>(1)</enum><text>to the members of
the Board of Directors;</text>
</paragraph><paragraph id="H424A1A3518144DE989DACBE3DC85A054"><enum>(2)</enum><text>to the officers of
the Corporation;</text>
</paragraph><paragraph id="H1AC1A652CAC945329304239222A57F4D"><enum>(3)</enum><text>to employees of
the Corporation whose position is compensated at a rate equivalent to that
payable for grade GS–16 or above of the General Schedule established by chapter
53 of title 5, United States Code; and</text>
</paragraph><paragraph id="H27680EB776A6489FA6AD84DAFECCB3F2"><enum>(4)</enum><text>to the Corporation
as if it were a Federal agency.</text>
</paragraph></subsection><subsection id="H097DCF16625649AF83ED62E7D94B6769"><enum>(b)</enum><header>Financial
interests</header><paragraph commented="no" display-inline="yes-display-inline" id="id72AB661FD4344AD995F3F6DF071A7EEE"><enum>(1)</enum><text>Except as permitted by paragraph (3),
no member of the Board of Directors shall vote on any matter respecting any
application, contract, claim, or other particular matter pending before the
Corporation, in which, to the member’s knowledge, a financial interest is held
by—</text>
<subparagraph id="id14F525E88CE449D29DBF45B2C1668218" indent="up1"><enum>(A)</enum><text>the member;</text>
</subparagraph><subparagraph id="id126735406EFF43A4A007C8FB8D96B0FD" indent="up1"><enum>(B)</enum><text>the member’s spouse, child, or
partner;</text>
</subparagraph><subparagraph id="id8DC6CEF91DB44D80A55327E45A650AD8" indent="up1"><enum>(C)</enum><text>an organization other than the
Corporation in which the member is serving as officer, director, trustee,
partner, or employee; or</text>
</subparagraph><subparagraph id="id0C6079C1119A4FEBAA38A4BF94D582BC" indent="up1"><enum>(D)</enum><text>any person or organization with whom
the member is negotiating, or has any arrangement concerning, prospective
employment.</text>
</subparagraph></paragraph><paragraph id="id612353E4FE864387BBA7ED43A2DC33D4" indent="up1"><enum>(2)</enum><text>Action by any member of the Board of
Directors contrary to the prohibition under paragraph (1) shall be cause for
removal of such member pursuant to section 105(d), but shall not impair or
otherwise affect the validity of any otherwise lawful action by the Corporation
in which such member participated.</text>
</paragraph><paragraph id="id4EF2037DF72940578BFB996CDA6ECCF5" indent="up1"><enum>(3)</enum><text>The prohibition contained in
paragraph (1) shall not apply if the member first advises the Board of
Directors of the nature of the particular matter in which he or she proposes to
participate and makes full disclosure of such financial interest, and the Board
of Directors determines by majority vote that the financial interest is too
remote or too inconsequential to affect the integrity of such member’s services
for the Corporation in that matter. The member involved shall not participate
in such determination.</text>
</paragraph></subsection><subsection id="HF4DF60CDFF2243168CA0552576CBAD75"><enum>(c)</enum><header>Applicability of
certain law</header><text>Subsection (a) of section 207 of title 18, United
States Code (and subsections (f), (h), and (j) of such section to the extent
they relate to subsection (a)), shall apply to former members of the Board of
Directors, officers, and employees of the Corporation as if they were former
officers or employees of the executive branch of the United States Government.
Such section shall apply to the Corporation as if it were an agency of the
executive branch of the United States Government.</text>
</subsection></section><section id="H534B90ED89B048D2905C938ED8836B6D"><enum>108.</enum><header>Annual
meetings</header>
<subsection display-inline="no-display-inline" id="H34FC96F1500046A9A1F17D95AB011390"><enum>(a)</enum><header>In
general</header><text>The Corporation shall hold an annual meeting of its
shareholders which shall be open to the public. At such meeting, the
Corporation shall give a full report of its activities during the year and its
financial condition and may present proposals for future action and other
matters of general concern to shareholders and Indian business enterprises
eligible for services from the Corporation.</text>
</subsection><subsection id="H5616D0C20B5C482599BC47EC484CB3A4"><enum>(b)</enum><header>Shareholders and
representatives</header><text>Shareholders and representatives of Indian
business enterprises may—</text>
<paragraph id="HFD4A1DB5F3F1446C985E2BC48889E8FF"><enum>(1)</enum><text>present motions or
resolutions at the annual meeting of shareholders relating to matters within
the scope of this Act; and</text>
</paragraph><paragraph id="H645269971D244DFFABE816219C00517C"><enum>(2)</enum><text>participate in the
discussion thereof and other matters on the agenda of such meeting.</text>
</paragraph></subsection><subsection id="H20D2E708748C4F068CF2B3615EF9FC2"><enum>(c)</enum><header>Notice</header><text>Not
less than 30 days notice of the time and place of the annual meeting required
under subsection (a) shall be given to all shareholders.</text>
</subsection><subsection id="H74966E30B048441480261F9900B1F378"><enum>(d)</enum><header>Voting</header><text>Each
member Indian tribe may vote its common stock on all matters before the annual
shareholders meeting and on all matters pertaining to election of the Board of
Directors. Shareholders may cumulate their votes based on the number of
director positions that are standing for election.</text>
</subsection></section><section id="H0BD899E80E7C424BADC14BBBAA006442"><enum>109.</enum><header>Reports and
plans submitted to Congress</header>
<subsection display-inline="no-display-inline" id="HC86925F5AE7649E4B7980206908C4ED2"><enum>(a)</enum><header>Annual
reports</header><text>The Board of Directors of the Corporation shall report
annually to the appropriate committees of the Congress on the Corporation’s
capital, operations, and financial condition. Such report shall include
recommendations for legislation needed to improve the services of the
Corporation.</text>
</subsection><subsection id="HA69F0305CEE64B6A90E5A800B4F17983"><enum>(b)</enum><header>Development
plan</header><text>Not later than 1 year after the date of the enactment of
this Act, the Corporation shall submit to the Congress a comprehensive, 5-year
organizational development plan that includes—</text>
<paragraph id="H20DED4F500224B7BA0CAD300E218D1DB"><enum>(1)</enum><text>financial
projections;</text>
</paragraph><paragraph id="H7446BB8D539F4C23B81E714259ECE100"><enum>(2)</enum><text>a
description of a corporate structure and locations; and</text>
</paragraph><paragraph id="HAA401A98B7D948DB92966EE743FEAAD7"><enum>(3)</enum><text>operational
guidelines, particularly the coordinating relationship the Corporation has, or
plans to have, with Federal domestic assistance programs that allocate
financial resources and services to Indian tribes and reservations for economic
and business development purposes.</text>
</paragraph></subsection></section><section id="HDB8563E0843A4C819B5E9432A9F52952"><enum>110.</enum><header>Advisory
Council</header>
<subsection display-inline="no-display-inline" id="HD328FFF70EC74863BF14BEDEA7447CC4"><enum>(a)</enum><header>Establishment</header><text>There
is hereby established the Advisory Council to the Indian Development Finance
Corporation (hereafter in this section referred to as the
<quote>Council</quote>), which shall provide advice on the policies and
operations of the Corporation.</text>
</subsection><subsection id="HAD2F6C9882B14A9595725071F7978186"><enum>(b)</enum><header>Membership</header><text>The
Council shall consist of—</text>
<paragraph id="HB523334B4D114A87BFE00034B67C3C59"><enum>(1)</enum><text>the Comptroller of
the Currency;</text>
</paragraph><paragraph id="H3212BDF9D9404E12ACF960ECD417452F"><enum>(2)</enum><text>the Secretary of
the Interior; and</text>
</paragraph><paragraph id="HE75E1D6D4A674E289EFE661FD41B7FEB"><enum>(3)</enum><text>the Chairman of
the Board of Governors of the Federal Reserve System.</text>
</paragraph></subsection><subsection id="H6F8343FF4A7D493F8929C980A9D4DD9"><enum>(c)</enum><header>Duties</header><text>The
Council shall—</text>
<paragraph id="H8D2D2E323FF04C909DB674DC19C3C686"><enum>(1)</enum><text>recommend to the
Board of Directors of the Corporation general policy directives;</text>
</paragraph><paragraph id="H6E3B23A234C5422500B7EF272253F9C8"><enum>(2)</enum><text>be available to
provide financial and technical assistance upon request of the Board of
Directors;</text>
</paragraph><paragraph id="H959D3E454BDD49B3BF1B5B88D404C0F1"><enum>(3)</enum><text>transmit to the
Board of Directors and the Congress an annual report with respect to the
policies of the Corporation that contains data on the operations and policies
of the Corporation, recommendations concerning the Corporation, and such other
data and material as the Council may deem appropriate; and</text>
</paragraph><paragraph id="H33EFFB2D9C154EA98D1587225E2B35B8"><enum>(4)</enum><text>make reports and
recommendations to the Board of Directors as it may from time to time request
or as the Council may consider necessary to more effectively or efficiently
accomplish the purposes of this section or the purposes for which the Council
is created.</text>
</paragraph></subsection></section><section id="H9DB76FC1CFF444D5976E7FB1B313E298"><enum>111.</enum><header>Conforming
amendments</header>
<subsection display-inline="no-display-inline" id="HAF40413BF86249C09C716D005B2EF643"><enum>(a)</enum><header>Title
31</header><text>Title 31, United States Code, is amended as follows:</text>
<paragraph id="H6654ADE9015F46588FC2E2509079B983"><enum>(1)</enum><text>In paragraph (2)
of section 9101, by adding at the end the following new subparagraph:</text>
<quoted-block id="HC086D48208D74A1B99DF3495F3190D4" style="OLC">
<subparagraph id="HBD1DB79B49234154002880002155538B"><enum>(K)</enum><text>the Indian
Development Finance
Corporation.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H0A5B4B2A3B0044A79F5E9EE24689B71B"><enum>(2)</enum><text>In paragraph (3)
of section 9107(c), by inserting <quote>the Indian Development Finance
Corporation,</quote> after <quote>the Regional Banks for
Cooperatives,</quote>.</text>
</paragraph><paragraph id="H87554D0EE29A42E0A7D375373B56F900"><enum>(3)</enum><text>In paragraph (2)
of section 9108(d), by inserting <quote>the Indian Development Finance
Corporation,</quote> after <quote>the Regional Banks for
Cooperatives,</quote>.</text>
</paragraph></subsection><subsection id="H95305635D13E4C4EAE9B54C39B31B5B2"><enum>(b)</enum><header>Title
5</header><text>Section 5315 of title 5, United States Code, is amended by
adding at the end the following new item:</text>
<quoted-block id="H416B77319AA04C7F89017B309200AA18" style="OLC">
<subsection id="H5AF105B9814849E2A451EAD8B4005B81"><enum></enum><text>President,
Indian Development Finance
Corporation.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><enum>II</enum><header>CAPITALIZATION</header>
<section id="HA29B3EE04121406C8F32C6B0008B613F"><enum>201.</enum><header>Issuance of
stock</header>
<subsection display-inline="no-display-inline" id="H9E26267B466C4891BEBCD875960052BB"><enum>(a)</enum><header>In
general</header><paragraph commented="no" display-inline="yes-display-inline" id="H88FE873C81AD4346BCCFB3D70060C6"><enum>(1)</enum><text>The
Corporation is authorized to issue shares of stock in the Corporation in an
amount and of such class as may be determined by the Board of Directors subject
to the provisions of this section.</text>
</paragraph><paragraph id="H32BECF5F5D744481BCD97CA8772969B9" indent="up1"><enum>(2)</enum><text>Shares of stock in the Corporation
may only be issued to and may only be held by Indian tribes and the United
States.</text>
</paragraph><paragraph id="H7BD83009BACB49A5A354832E70B01153" indent="up1"><enum>(3)</enum><text>The Corporation is authorized to
redeem or repurchase any share of stock issued by the Corporation at a price
determined by the Board of Directors.</text>
</paragraph></subsection><subsection id="H1B5A5135499B4171906F6764F749C4B8"><enum>(b)</enum><header>Initial
offering</header><paragraph commented="no" display-inline="yes-display-inline" id="H8AC5DE28134848579F85DDE6356E7E09"><enum>(1)</enum><text>The Corporation shall
make an initial offering of a total of 500,000 shares of common stock of the
Corporation for sale at $50 per share to Indian tribes.</text>
</paragraph><paragraph commented="no" id="H55F1158E4F014B7B88C233ED21CB6298" indent="up1"><enum>(2)</enum><text>The number of such shares of stock
required to be purchased by each Indian tribe in order to become a member of
the Corporation shall be determined on the basis of an equitable formula
established by the Board of Directors taking into account indicators of the
economic condition of each Indian tribe applying for membership. Such economic
indicators shall be developed by the Board and applied on a uniform
basis.</text>
</paragraph><paragraph id="H29846434969D4AC1BF99F0F3FBCAD00" indent="up1"><enum>(3)</enum><text>Twenty percent of the value of the
stock to be purchased by each tribe as a condition of membership shall be paid
into the Corporation in the form of cash or cash equivalent securities, and 80
percent shall be in the form of a legally binding commitment available for call
by the Board to meet the obligations of the Corporation but not for use of the
Corporation in lending activities or for administrative expenses.</text>
</paragraph></subsection><subsection id="H5E83E9952F9C4BC78245FCF5E50069E9"><enum>(c)</enum><header>Number of
shares</header><paragraph commented="no" display-inline="yes-display-inline" id="HD7D84CC457B040B5B2CBBF2712912331"><enum>(1)</enum><text>The
Secretary is authorized to subscribe to 2,000,000 shares of capital stock in
the Corporation.</text>
</paragraph><paragraph id="H6407659243CD46FDAE9704E7599E80F7" indent="up1"><enum>(2)</enum><text>The Secretary—</text>
<subparagraph id="H93D39F414058403B94D91DF42C00CF41"><enum>(A)</enum><text>shall pay $20,000,000, representing 20
percent of the value of the shares of capital stock in the Corporation
subscribed under paragraph (1), to the Corporation within a 2-year period
beginning on the date of enactment of this Act; and</text>
</subparagraph><subparagraph id="HAC56FE53B83A444F8D343D0274693B73"><enum>(B)</enum><text>beginning in fiscal year 2012, is
authorized to agree on behalf of the United States to pay up to $80,000,000,
representing 80 percent of the value of the shares of capital stock in the
Corporation subscribed under paragraph (1), or any portion thereof, to the
Corporation upon call of the Board of Directors of the Corporation. The amount
of this request for funds to establish a reserve for loss will be determined by
the Secretary of the Interior and the Board of Directors based upon an
assessment of need, taking into account a risk analysis of the investment and
credit policies and practices of the Corporation. Any commitment to make such
contributions shall be made subject to obtaining the necessary appropriations,
and shall be made when funds are required to meet obligations of the
Corporation for funds borrowed by the Corporation or for loans guaranteed by
the Corporation, but not for use of the Corporation in lending activities of
the Corporation or for administrative expenses of the Corporation.</text>
</subparagraph></paragraph><paragraph id="H9A575A33DC4347E9AA2395C01960538D" indent="up1"><enum>(3)</enum><text>The capital stock subscribed by the
Secretary on behalf of the United States under paragraph (1)—</text>
<subparagraph id="HDE4CC94D83E946CCBF2F2F531F3E6CB7"><enum>(A)</enum><text>shall be valued at $50 per
share;</text>
</subparagraph><subparagraph id="H8D9617CF39A646DAA8FF7B8CA05DF42D"><enum>(B)</enum><text>shall be nonvoting stock;</text>
</subparagraph><subparagraph id="H5E88E188EDB64F04AF00A3089EBA8A9"><enum>(C)</enum><text>shall not accrue dividends; and</text>
</subparagraph><subparagraph id="H498470AB0F6F4D359400C5E01EBD8063"><enum>(D)</enum><text>may not be transferred to any person
or entity other than the Corporation.</text>
</subparagraph></paragraph></subsection><subsection id="H2EA41C3489314454B7FACDAA00DE3E86"><enum>(d)</enum><header>Payment of
dividends</header><text>The Board shall establish policies for payment of
dividends to the Corporation’s shareholders to be based on sound business
practices and fiscal management principles and which shall give a priority to
providing a return on investment based on shareholders pro rata interest in
income generated from the capital contribution of common stock shareholders as
compared to income attributable to capital contributed by the United
States.</text>
</subsection><subsection id="H6A228FC3FCE248728DCC07A808AD7D18"><enum>(e)</enum><header>Exempted
securities</header><text>The stock or other securities or instruments issued by
the Corporation shall, to the same extent as securities which are the direct
obligations of the United States, be exempted securities within the meaning of
the laws administered by the Securities and Exchange Commission.</text>
</subsection></section><section id="HAC13C7E7A2B64169ACC40890BB95C4A4"><enum>202.</enum><header>Borrowing
authority</header>
<subsection display-inline="no-display-inline" id="H14D6D315DCAF4324B5123F99B0759E2F"><enum>(a)</enum><header>In
general</header><text>The Corporation is authorized to issue bonds, notes, and
other evidence of indebtedness. Such obligations shall be issued at such times,
bear interest at such rates, and contain such terms and conditions as the Board
of Directors shall determine after consultation with the Secretary of the
Treasury.</text>
</subsection><subsection id="H3199F9B3F4AF443482539DC6E7EA369C"><enum>(b)</enum><header>Amount of
obligations</header><text>The aggregate amount of obligations issued under
subsection (a) shall not exceed an amount equal to—</text>
<paragraph id="H9268A18EE5D849968153FFE1F68D9DAF"><enum>(1)</enum><text>the product of 10
multiplied by the sum of—</text>
<subparagraph id="H9664D7788A83405CBFDC4EE3D642F485"><enum>(A)</enum><text>the paid-in
capital of the Corporation; plus</text>
</subparagraph><subparagraph id="H885BB951ED2544808214D8C4B0223109"><enum>(B)</enum><text>retained earnings
and profits of the Corporation; plus</text>
</subparagraph></paragraph><paragraph id="H34323753C79940E2AE8248B23FCE7878"><enum>(2)</enum><text>the book value of
callable capital represented by the total commitments of tribal shareholders
and the $80,000,000 subscribed to by the United States as provided for in
section 201(c)(2)(B) of this Act.</text>
</paragraph></subsection><subsection id="HCA9B5EE1689248B7BAB6E1C1D1F5B2ED"><enum>(c)</enum><header>Sale of
obligations</header><text>An obligation issued under subsection (a) may be sold
through an agent by negotiation, offer, bid, syndicate sale, or otherwise and
such transaction completed by book entry, wire transfer, or such other means as
may be appropriate.</text>
</subsection></section><enum>III</enum><header>AUTHORIZATION OF
APPROPRIATIONS</header>
<section id="H3DD950CF7F5040B6A7C5FD4F19F6EEF"><enum>301.</enum><header>General
operational expenses</header><text display-inline="no-display-inline">In
addition to amounts authorized to be appropriated under section 302, there are
authorized to be appropriated—</text>
<paragraph id="H8020F23943E44A6F9E595C3F04D7BDE3"><enum>(1)</enum><text>$2,000,000 for
fiscal year 2010 for the purpose of carrying out the provisions of this
Act;</text>
</paragraph><paragraph id="H36821F0CAC8B4745BE47DE161F36B3DA"><enum>(2)</enum><text display-inline="yes-display-inline">$2,500,000 for each of the fiscal years
2010, 2011, 2012, 2013, and 2014 for the purpose of project development
activities; and</text>
</paragraph><paragraph id="H2CDABAF198E34CC78B3FE024E37B15F0"><enum>(3)</enum><text>such sums as may
be necessary to carry out the provisions of this Act for each of the fiscal
years 2010, 2011, 2012, 2013, and 2014.</text>
</paragraph></section><section id="H20F11CAAE24E4551AC05C81D99CC926F"><enum>302.</enum><header>Authorizations
for paid-in capital stock</header><text display-inline="no-display-inline">There are authorized to be appropriated for
each of the fiscal years 2010 and 2011, $10,000,000 for the purpose of carrying
out the provisions of section 201(c)(2)(A). Such sums shall remain available
until expended. Beginning in fiscal year 2011, such amounts, not to exceed a
total of $80,000,000, are authorized to be appropriated for the purpose of
carrying out the provisions of section 201(c)(2)(B).</text>
</section>