1.Short
title; table of contents
(a)This Act may be cited
as the Indian Development Finance
Corporation Act
.
(b)The table of contents of this Act is as follows:
Sec. 1. Short title; table of
contents.
Sec. 2. Findings and policy.
Sec. 3. Definitions.
TITLE I—Indian Development Finance Corporation
Sec. 101. Establishment of Corporation.
Sec. 102. Duties and powers.
Sec. 103. Loans and obligations.
Sec. 104. Board of Directors.
Sec. 105. President of Corporation.
Sec. 106. Annual shareholder meetings.
Sec. 107. Annual reports; development plan.
TITLE II—Capitalization
Sec. 201. Issuance of stock.
Sec. 202. Borrowing authority.
TITLE III—Authorization of appropriations
Sec. 301. Authorization of appropriations.
2.
(a)Congress finds that—
(1)a special
relationship has existed between the United States and Indian tribes, which is
recognized in clause 3 of section 8 of article I of the Constitution of the
United States;
(2)pursuant to laws,
treaties, and administrative authority, Congress has implemented activities to
fulfill the responsibility of the United States for the protection and
preservation of Indian tribes and tribal resources;
(3)despite the
availability of abundant natural resources on Indian land and a rich cultural
legacy that places great value on self-determination, self-reliance, and
independence, Indians and Alaska Natives experience poverty and unemployment,
together with associated incidences of social pathology, to an extent unequaled
by any other group in the United States;
(4)(A)the reasons for that
poverty and unemployment have been widely studied and documented by Congress,
the Government Accountability Office, the Department of the Interior, private
academic institutions, and Indian tribes; and
(B)the studies described in subparagraph
(A) have consistently identified as fundamental obstacles to balanced economic
growth and progress by Indians and Alaska Natives—
(i)the very limited availability of
long-term development capital and sources of financial credit necessary to
support in Indian country the development of a private sector economy comprised
of Indian-owned business enterprises;
(ii)the lack of effective control by
Indians over their own land and resources; and
(iii)the scarcity of experienced
Indian managers and technicians;
(5)previous efforts
by 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 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 lesser-developed
countries
has demonstrated the value and necessity of development
financial institutions in achieving economic growth in underdeveloped economies
and societies that are strikingly similar to Indian and Alaska Native
communities in relation to matters such as—
(A)control over
natural resource management;
(B)the absence of
experienced, indigenous managers and technicians; and
(C)the availability
of long-term development capital and private sources of financial
credit.
(b)It
is the policy of the United States that, in fulfillment of the special and
long-standing responsibility of the United States to Indian tribes, the United
States should provide assistance to Indians in 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 to provide a broad range of financial
intermediary services (including working capital, direct loans, loan
guarantees, and project development assistance) using the proven efficiencies
of the private market mode of operation.
3.In this Act:
(1)The
term Board means the Board of Directors of the Corporation.
(2)The
term Corporation means the Indian Development Finance Corporation
established by section 101(a).
(3)The
term Indian means an individual who is a member of an Indian
tribe.
(4)Indian business
enterprise
(A)The term Indian business enterprise means
any commercial, industrial, or business entity—
(i)at
least 51 percent of which is owned by 1 or more Indian tribes;
(ii)that produces or
provides goods, services, or facilities on a for-profit basis;
(iii)that is
chartered or controlled by an Indian tribe or tribal organization that is a
shareholder/member of the Corporation;
(iv)the principal
place of business of which is located within or adjacent to the boundaries of a
reservation; and
(v)the
principal business activities of which, in addition to the production of a
stream of income, as determined by the Corporation—
(I)are directly
beneficial to an Indian tribe; and
(II)contribute to
the economy of that Indian tribe.
(B)The
term Indian business enterprise includes any subsidiary entity
owned and controlled by an entity described in subparagraph (A).
(5)The term Indian tribe has the meaning given
the term in section
4 of the Indian
Self-Determination and Education Assistance Act (25 U.S.C.
450b).
(6)The
term reservation has the meaning given the term in section 3 of
the Indian Financing Act of 1974 (25 U.S.C. 1452).
(7)The
term Secretary means the Secretary of the Interior.
(8)The term tribal organization
means—
(A)the governing
body of an Indian tribe; and
(B)any entity
established, controlled, or owned by such a governing body.
<enum>I</enum><header>Indian
Development Finance Corporation</header>
<section id="id211D865719B4426D94BC0ABFC9112999"><enum>101.</enum><header>Establishment
of Corporation</header>
<subsection id="idD548D1AA076B4835A6913854882AE340"><enum>(a)</enum><header>In
general</header><text>There is established a corporation, to be known as the
<quote>Indian Development Finance Corporation</quote>.</text>
</subsection><subsection id="id2E9E8DD887344275B8CB0B647406C40E"><enum>(b)</enum><header>Powers of
Congress</header><text>Congress shall have the sole authority—</text>
<paragraph id="idB32C26C1E9A8458899B479DEC1E6CAF8"><enum>(1)</enum><text>to amend the
charter of the Corporation; and</text>
</paragraph><paragraph id="idECB62AFAA91C460CA09B9B32C6037253"><enum>(2)</enum><text>to terminate the
Corporation.</text>
</paragraph></subsection></section><section id="HE001CD96D6954CD1A7103D4BD1493E46"><enum>102.</enum><header>Duties and
powers</header>
<subsection id="id8D23B7CAB1A6432EAAC4CEC2A5B9F563"><enum>(a)</enum><header>Duties</header><text display-inline="yes-display-inline">The Corporation shall—</text>
<paragraph id="H33B3CA6626CE4BBE92A847D7E7A8D88C"><enum>(1)</enum><text>provide
development capital through financial services under section 103;</text>
</paragraph><paragraph id="H478E5C0D00F343DF9803A99E083B4418"><enum>(2)</enum><text>encourage the
development of new and existing Indian business enterprises eligible to receive
assistance from the Corporation 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 relative to the voting shareholders of
the Corporation;</text>
</paragraph><paragraph id="H44F27C800E3945C9BEAF7DFE183724E1"><enum>(4)</enum><text>encourage active
participation in the Corporation by Indian tribes through ownership of equity
securities of the Corporation; and</text>
</paragraph><paragraph id="HC41ED172085545AEB585E0BC1DD48F1"><enum>(5)</enum><text>otherwise assist in
strengthening Indian tribal economies through the development of Indian
business enterprises.</text>
</paragraph></subsection><subsection id="H89291519145141A8B1DF1CE297EE6EFF"><enum>(b)</enum><header>Powers</header><text display-inline="yes-display-inline">In carrying out this Act, the Corporation
may—</text>
<paragraph id="H19056EE2C09B4E12A5001BF4B23BCAD3"><enum>(1)</enum><text>adopt and alter a
corporate seal, which shall be judicially noticed;</text>
</paragraph><paragraph id="H84385D4F0D534A05933B4707D9AE1C30"><enum>(2)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="idC85BAFD09CF04F6498C0F5506FFDC294"><enum>(A)</enum><text>enter into agreements
and contracts with individuals, Indian tribes, and private or governmental
entities; and</text>
</subparagraph><subparagraph id="id7C9657DCFD034CB8B65F06478278C1F0" indent="up1"><enum>(B)</enum><text>make payments or advance payments
under those agreements and 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>
</subparagraph></paragraph><paragraph id="id0F34459FA8494CE38E30AF663C8AAF0B"><enum>(3)</enum><text>with respect to
any real, personal, or mixed property (or any interest in such
property)—</text>
<subparagraph id="H75F5EE7035B2402892B0D4388BF0907E"><enum>(A)</enum><text>lease, purchase,
accept gifts or donations of, or otherwise acquire the property;</text>
</subparagraph><subparagraph id="H74886A18A3D04ABD812B87270838A9D9"><enum>(B)</enum><text>own, hold,
improve, use, or otherwise deal in or with the property; and</text>
</subparagraph><subparagraph id="H136B398BA91F41C3934703CE0089D6DC"><enum>(C)</enum><text>sell, convey,
mortgage, pledge, lease, exchange, or otherwise dispose of the property;</text>
</subparagraph></paragraph><paragraph id="H5A4AE01E88244D58879820F5DCEE758F"><enum>(4)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="id84B581721C854CAB9CCF1D5027EFF656"><enum>(A)</enum><text>sue and be sued in
corporate name;</text>
</subparagraph><subparagraph id="idF521F6091BF045FBB338BACB53BE3EE7" indent="up1"><enum>(B)</enum><text>complain and defend in any court of
competent jurisdiction; and</text>
</subparagraph><subparagraph id="HF0FCC1D383564168B231589B61C62F56" indent="up1"><enum>(C)</enum><text>represent itself, or contract for
representation, in any judicial, legal, or other proceeding;</text>
</subparagraph></paragraph><paragraph id="HF3FE2579AFD74988B1EEC956AD91E57D"><enum>(5)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="idF57D0246351A436F86C05032B1F68603"><enum>(A)</enum><text>with the approval of
the department or agency concerned, make use of the services, facilities, and
property of any board, commission, independent establishment, or Federal
department or agency in carrying out this Act; and</text>
</subparagraph><subparagraph id="idED55F19852A94D249515A92324AFF44C" indent="up1"><enum>(B)</enum><text>pay for that use, with the payments to
be credited to the applicable appropriation that incurred the expense;</text>
</subparagraph></paragraph><paragraph id="HC7984592342E403F821571DA31E39A7"><enum>(6)</enum><text>use the United
States mails on the same terms and conditions as a Federal department or
agency;</text>
</paragraph><paragraph id="HD5E73C6697AF45219446FA01BEDC9D84"><enum>(7)</enum><text>obtain insurance
or make other provisions against losses;</text>
</paragraph><paragraph id="H2D2906FEBFB04F0A87C200901B2CD4A5"><enum>(8)</enum><text>participate with 1
or more other financial institutions, agencies, instrumentalities, trusts, or
foundations in loans or guarantees provided under this Act on such terms as may
be agreed on;</text>
</paragraph><paragraph id="H4D4FFC78C3524A3400630636DE4B96B9"><enum>(9)</enum><text>accept guarantees
from other agencies for which loans made by the Corporation may be
eligible;</text>
</paragraph><paragraph id="H62ACB8872A02492E8500598EFE249CD8"><enum>(10)</enum><text>establish, as
soon as practicable, regional offices to more efficiently serve the widely
disbursed Indian population;</text>
</paragraph><paragraph id="H4C78DA1590514765B1F4B0D3274788D"><enum>(11)</enum><text>buy and
sell—</text>
<subparagraph id="HD44BC3A97B7943CF9D90CEA6D74FCFCF"><enum>(A)</enum><text>obligations of, or
instruments insured by, the Federal Government; and</text>
</subparagraph><subparagraph id="H1B55036FCB524F9A893EEFCBD7A309E4"><enum>(B)</enum><text>securities backed
by the full faith and credit of any Federal department or agency;</text>
</subparagraph></paragraph><paragraph id="H3A261776302A49BA86B287513156A4CF"><enum>(12)</enum><text>make such
investments as the Board determines to be appropriate;</text>
</paragraph><paragraph id="HBDDC7A8DEAA3467E95D0CEF7E903785B"><enum>(13)</enum><text>establish such
offices within the Corporation as are necessary, including—</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>such other
activities as are authorized by the Board; and</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H20353246EDA2472BB0123DB269FA33C2"><enum>(14)</enum><text>exercise all
other authority necessarily or reasonably relating to the establishment of the
Corporation to carry out this Act.</text>
</paragraph></subsection></section><section id="HD7F7160991A644AA9B4CDB8516448536"><enum>103.</enum><header>Loans and
obligations</header>
<subsection id="H5AB685566A434E40BDEF20C27FC3D00"><enum>(a)</enum><header>In
general</header><text>The Corporation may—</text>
<paragraph id="H675F8631715740E68BC8E3271E48FC61"><enum>(1)</enum><text>make loans or
commitments for loans to any Indian business enterprise; and</text>
</paragraph><paragraph id="HFD753F41CF174E3687FE9500ECDE00D2"><enum>(2)</enum><text>purchase, insure,
or discount any obligation of an Indian business enterprise, if the Indian
business 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 determines that—</text>
<paragraph id="H5AB8F6BAFE93448EB49FD1414EE6B7B"><enum>(1)</enum><text>the Indian business
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 the operating costs of the Indian business enterprise;</text>
</subparagraph><subparagraph id="H2DDEFA318F134642BE1C35D0980031B7"><enum>(C)</enum><text>assets in excess
of the obligations of the Indian business enterprise; and</text>
</subparagraph><subparagraph id="H9633DA51BEA84185B6B4E7B2A793AAC6"><enum>(D)</enum><text>a reasonable
expectation of continuing demand for—</text>
<clause id="HDC8B957474704ED292232B6396DC6EDF"><enum>(i)</enum><text>the
products, goods, commodities, or services of the Indian business enterprise;
or</text>
</clause><clause id="H5B2C3471D68E4B0190416500004500FD"><enum>(ii)</enum><text>the
facilities of the Indian business enterprise; and</text>
</clause></subparagraph></paragraph><paragraph id="H4F8A712F0773498897CD61B860B7263C"><enum>(2)</enum><text>the loan or
obligation proposed to be purchased, insured, or discounted will be fully
repayable by the Indian business enterprise in accordance with the terms and
conditions of the loan or obligation.</text>
</paragraph></subsection><subsection id="H0E14632D34654E91B21DB8B6EED59037"><enum>(c)</enum><header>Terms, rates,
and charges</header>
<paragraph id="id2ECF6298F1A041CE8006C5F2E5ADC8F0"><enum>(1)</enum><header>In
general</header><text>In establishing the terms, rates, and charges for a loan
provided under this section, the Corporation, to the maximum extent
practicable, shall seek to provide the type of credit needed by the applicable
Indian business enterprise at the lowest reasonable cost and on a sound
business basis, taking into consideration—</text>
<subparagraph id="H3A64F1B27D6E4666ACD16339F2E77DDD"><enum>(A)</enum><text>the cost of money
to the Corporation;</text>
</subparagraph><subparagraph id="H83952A5CEFE049E48DBD40412D49855"><enum>(B)</enum><text>the necessary
reserve and expenses of the Corporation; and</text>
</subparagraph><subparagraph id="HE1F02E8955994B13955093663980EBA4"><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="H6FA35E5F0DD5465CAA46C9D8DA9036D4"><enum>(2)</enum><header>Interest
rates</header><text>The terms of a loan under this subsection may provide for
an interest rate that varies from time to time during the repayment period of
the loan in accordance with the interest rates being charged by the Corporation
for new loans during those periods.</text>
</paragraph></subsection><subsection id="H10A312449CDD426E9E75BAE9F25C2E18"><enum>(d)</enum><header>Advancing and
reloaning</header><text>A loan provided under this section may be advanced or
reloaned by the Corporation to any member or shareholder of the Corporation for
the development of an individually owned business on or adjacent to a
reservation, in accordance with the bylaws of the Corporation.</text>
</subsection><subsection id="H76F81920A87041BF9D63C9D400551CF0"><enum>(e)</enum><header>Loan
guarantees</header>
<paragraph id="H41E2BE64A2954C4ABB7DA5238EA031F"><enum>(1)</enum><header>In
general</header><text>The Corporation may guarantee any part of the principal
or interest of a loan that is provided—</text>
<subparagraph id="id72D14C968BDC4AF9B32C004F238D7B93"><enum>(A)</enum><text>by a
State-chartered or federally chartered lending institution to an Indian
business enterprise that meets the requirements of subsection (b); and</text>
</subparagraph><subparagraph id="HA2837696912F424288B420DA196B7B17"><enum>(B)</enum><text>in accordance with
such terms and conditions (including the rate of interest) as would be
permissible if the loan was a direct loan provided by the Corporation.</text>
</subparagraph></paragraph><paragraph id="H2C172E3704154964933CF34CB582D3C4"><enum>(2)</enum><header>Charges</header><text>The
Corporation may impose a charge for a loan guarantee provided under this
subsection.</text>
</paragraph><paragraph id="HB57A65B45D4C4A87B0503101122BB469"><enum>(3)</enum><header>Limitation</header><text>The
Corporation shall not provide a loan guarantee under this subsection if the
income to the lender from the applicable loan is excludable from the gross
income of the lender for purposes of chapter 1 of the Internal Revenue Code of
1986.</text>
</paragraph><paragraph id="HE3E7C734AB3142E5ABC2C0948361301D"><enum>(4)</enum><header>Assignability</header><text>A
loan guarantee under this subsection shall be assignable to the extent provided
in the contract for the loan guarantee.</text>
</paragraph><paragraph id="HE9D9BE4C35384E6B90F57206817400F4"><enum>(5)</enum><header>Incontestability</header><text>A
loan guarantee under this subsection shall be incontestable, except in any case
of fraud or misrepresentation of which the holder of the loan had actual
knowledge at the time the holder acquired the loan.</text>
</paragraph><paragraph id="H325750694ACF48279D21002900E4B45D"><enum>(6)</enum><header>Purchase of
guaranteed loans</header>
<subparagraph id="id6E367A095A634FD0825B1C1224559853"><enum>(A)</enum><header>In
general</header><text>In lieu of requiring the original lender to service a
loan guaranteed under this subsection until final maturity or liquidation, the
Corporation may purchase the guaranteed loan without penalty, if the
Corporation determines that—</text>
<clause id="idECDC3998C5C64F279B0B35CC639B624D"><enum>(i)</enum><text>the
purchase would not be detrimental to the interests of the Corporation;</text>
</clause><clause id="H1C907D97B89E40C3A5F21ED82993EA98"><enum>(ii)</enum><text>liquidation of
the guaranteed loan would—</text>
<subclause id="id34895FFFF0B0450BB96DCDB782D0282D"><enum>(I)</enum><text>result in the
insolvency of the borrower; or</text>
</subclause><subclause id="id465F320B4AD74C6899EC40CFA67732F2"><enum>(II)</enum><text>deprive the
borrower of an asset essential to continued operation; and</text>
</subclause></clause><clause id="H77DD10C689D04F70B56130FF496CBD8C"><enum>(iii)</enum><subclause commented="no" display-inline="yes-display-inline" id="idA268A9BCFD8E4B219C184CC139A8A074"><enum>(I)</enum><text>the guaranteed loan
will be repayable on revision of the rates, terms, payment periods, or other
conditions of the loan, consistent with loans made by the Corporation under
subsection (a)(1); but</text>
</subclause><subclause id="H0033EA8542BF4A679B8C1FC1C4699E2F" indent="up1"><enum>(II)</enum><text>the lender or other holder of the
guaranteed loan is unwilling to make such a revision.</text>
</subclause></clause></subparagraph><subparagraph id="idA80C30456FB24EA9B2947573AC3EC3B8"><enum>(B)</enum><header>Amount</header><text>The
amount paid by the Corporation to purchase a loan under subparagraph (A) shall
not exceed an amount equal to the sum of—</text>
<clause id="id1B418656B56049C982377B099DC3EDEA"><enum>(i)</enum><text>the
balance of the principal of the loan; and</text>
</clause><clause id="id2F9A14C795A6472B8982E9100C0783C4"><enum>(ii)</enum><text>the amount of
interest accrued on the loan as of the date of purchase.</text>
</clause></subparagraph></paragraph></subsection><subsection id="HAB1AACCD3BA4428D8C3CFC60A4B97F63"><enum>(f)</enum><header>Purchases of
equity and ownership; supervision and participation</header>
<paragraph id="idF977776A1B294F8297ADE64F20DC5D9B"><enum>(1)</enum><header>Purchases of
equity and ownership</header><text>For purposes of providing long-term capital
and working capital to Indian business enterprises, the Corporation may
purchase, or make commitments to purchase, any portion of the equity or
ownership interest in the Indian business enterprise if the Corporation
determines, after a full and complete appraisal of all project and business
plans associated with the investment, that the investment will not expose the
Corporation to any unreasonable business risk, taking into consideration
applicable development finance standards, as applied to Indian economic
development in light of the socioeconomic, political, and legal conditions
unique to reservations.</text>
</paragraph><paragraph id="H445ABAAA264F45F584A15F4728AB496C"><enum>(2)</enum><header>Supervision and
participation</header><text>The Corporation may supervise or participate in the
management of an Indian business enterprise in which an investment has been
made under paragraph (1), in accordance with such terms and conditions as are
agreed to by the Corporation and the Indian business enterprise, including the
assumption of a directorship in the corporate body of the Indian business
enterprise by an officer of the Corporation.</text>
</paragraph></subsection></section><section id="HAD7A3DF669124DC0BC9CCA8B15EAB390"><enum>104.</enum><header>Board of
Directors</header>
<subsection id="H69715E86845049D080164F481BF9BA94"><enum>(a)</enum><header>Membership</header><text>The
Corporation shall be headed by a board of directors, to be composed of 21
members, of whom—</text>
<paragraph id="H6AA676471042445BAA00EA2A7D14CED"><enum>(1)</enum><text>1
shall be a Federal official, to be appointed by the Secretary;</text>
</paragraph><paragraph id="HB2FFC6442C8C47B4A147D1C014725500"><enum>(2)</enum><text>19 shall be
representatives of the shareholders of the Corporation, to be appointed by the
Secretary—</text>
<subparagraph id="idF6F3B96CD8CF4352AAA24EA035144E8A"><enum>(A)</enum><text>based on
consultation with, and recommendations from, Indian tribes;</text>
</subparagraph><subparagraph id="id5763596D033648F9BB92CB0163BA5DB1"><enum>(B)</enum><text>in accordance
with subsection (b); and</text>
</subparagraph><subparagraph id="idE8760486B02F4100807A12068C3A4625"><enum>(C)</enum><text>taking take into
consideration the experience of a representative regarding—</text>
<clause id="idE2E2CD217B7F486484BAD8BF1BB4EA43"><enum>(i)</enum><text>private business
enterprises; and</text>
</clause><clause id="id128E19C5B099499ABF9249135009CBA7"><enum>(ii)</enum><text>development or
commercial financing; and</text>
</clause></subparagraph></paragraph><paragraph id="HE701F09D34924A67B38C6E5B0898E453"><enum>(3)</enum><text>1
shall be the president of the Corporation.</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="H5EA9988FF91749728DE6C2BBCA3643E2"><enum>(b)</enum><header>Appointment of
shareholder representatives</header><text>The initial members of the Board
appointed under subsection (a)(2) shall be appointed by the Secretary, based on
recommendations from Indian tribal leaders.</text>
</subsection><subsection id="H4B158C0DFD6047A9B88BCBCC55ABCB41"><enum>(c)</enum><header>Terms of
shareholder representatives</header><text>The terms of service of the initial
members of the Board appointed under subsection (a)(2) shall terminate at the
beginning of the first annual meeting of shareholders of the Corporation held
as soon as practicable after the date on which subscriptions have been paid for
at least 10 percent of the common stock of the Corporation initially offered
for sale to Indian tribes under section 201(b).</text>
</subsection><subsection id="H58E56128FAC046FB009C4B8EFA837900"><enum>(d)</enum><header>Vacancies</header>
<paragraph id="id6FD0B7479CD14CEE810057E40FC9FB61"><enum>(1)</enum><header>In
general</header><text>Subject to paragraph (2), a vacancy on the Board
resulting from the resignation or removal of a member of the Board shall be
filled by the Board in accordance with the bylaws of the Corporation.</text>
</paragraph><paragraph id="idE8BBF85C46874A2FA1B30D7B703399C8"><enum>(2)</enum><header>Term</header><text>The
term of service of a member of the Board appointed under paragraph (1) shall
terminate at the beginning of the next annual shareholder meeting of the
Corporation occurring after the date of appointment.</text>
</paragraph></subsection><subsection id="H6406E4F4F82D40FD8182E279A2D4E81E"><enum>(e)</enum><header>Removal</header><text>A
member of the Board may be removed from office by the Board only for—</text>
<paragraph id="idCB65D08ED6D24614924FB45B88DFEF78"><enum>(1)</enum><text>neglect of duty;
or</text>
</paragraph><paragraph id="idB02EF160A85C4206B8A6E982BE814762"><enum>(2)</enum><text>malfeasance in
office.</text>
</paragraph></subsection><subsection id="HB1D8D701F3ED4BD981A050B3C7BFDE8"><enum>(f)</enum><header>Administrative
duties</header>
<paragraph id="id238681C606E04408B78FB53D889B990F"><enum>(1)</enum><header>Chairperson and
vice-chairperson</header><text>The Board shall annually elect from among the
members of the Board described in subsection (a)(2) a chairperson and
vice-chairperson.</text>
</paragraph><paragraph id="H1A77C221C7504C3E95288C7240C0DDA"><enum>(2)</enum><header>Policies and
management</header><text>The Board shall—</text>
<subparagraph id="id1107AE19407141B3B25F16565E70125B"><enum>(A)</enum><text>establish the
policies of the Corporation; and</text>
</subparagraph><subparagraph id="id408E132BC93B4499A035C65E8ACBFDB1"><enum>(B)</enum><text>supervise the
management of the Corporation.</text>
</subparagraph></paragraph><paragraph id="HE002ED811B60440286D635D1C34E54BE"><enum>(3)</enum><header>Bylaws</header><text>The
Board shall adopt and amend, as necessary, such bylaws as are necessary for the
proper management and function of the Corporation.</text>
</paragraph><paragraph id="H8F72FC5BD910435DB1C3EC435AFAE43"><enum>(4)</enum><header>Meetings</header>
<subparagraph id="idE5E6CFAECEE643869020635FA9A1BD1A"><enum>(A)</enum><header>In
general</header><text>The Board shall meet at the call of the chairperson of
the Board, in accordance with the bylaws of the Corporation, not less
frequently than once each quarter.</text>
</subparagraph><subparagraph id="id60659BFEA5FD4E15A98A52B4BDD78A7C"><enum>(B)</enum><header>Private
executive sessions</header><text>The Board may meet in a private executive
session if the matter involved at the meeting may impinge on the right of
privacy of an individual.</text>
</subparagraph></paragraph></subsection><subsection id="H71B783339C4B40F2943D9C83D9DC5D20"><enum>(g)</enum><header>Member appointed
by Secretary</header><text>The member of the Board appointed by the Secretary
under subsection (a)(1) shall—</text>
<paragraph id="H9E9E5766FAF6417EB2F445885CD7B774"><enum>(1)</enum><text>have 20 percent of
the share of votes cast at each annual shareholder meeting; and</text>
</paragraph><paragraph id="HEBFC19F94C614AD080EDEDC4C702E47"><enum>(2)</enum><text>be
overruled only by <fraction>2/3</fraction> majority vote at a regular meeting
of the Board with respect to any matter regarding—</text>
<subparagraph id="HE82A897599B045AE907EB842E1C3DE70"><enum>(A)</enum><text>a request by the
Board of capital under subsection (b)(3)(B) or (c)(2)(B) of section 201;</text>
</subparagraph><subparagraph id="H9B1D1BE26F824E9096B4FA0707196E93"><enum>(B)</enum><text>borrowing by the
Corporation of any amount in excess of $10,000,000;</text>
</subparagraph><subparagraph id="H1DCC517532074A7FA728E74F00BA58BD"><enum>(C)</enum><text>a loan or
investment made by the Corporation in excess of $10,000,000; or</text>
</subparagraph><subparagraph id="HB20B8D75FC9445E080CF1700F8C5E4B0"><enum>(D)</enum><text>a change to an
investment or credit policy of the Corporation.</text>
</subparagraph></paragraph></subsection><subsection id="H388767C43CB340B2BD9E632880386C02"><enum>(h)</enum><header>Compensation</header>
<paragraph id="id0B00956A21A04D3CA6A1EC1D8782D6D0"><enum>(1)</enum><header>Non-governmental
employees</header><text>A member of the Board who is 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,
during which the member carries out a duty as a member of the Board.</text>
</paragraph><paragraph id="id3A57EEEEE34D480B8A4A2B9072CBEBDA"><enum>(2)</enum><header>Governmental
employees</header><text>A member of the Board who is an officer or employee of
the Federal Government or a State government shall serve without additional
compensation.</text>
</paragraph><paragraph id="idC2B2CC91835E4233ABDA6ECD44EFB3BB"><enum>(3)</enum><header>Travel and
other expenses</header><text>Each member of the Board shall be reimbursed for
travel, subsistence, and other necessary expenses incurred by the member in
carrying out a duty as a member of the Board.</text>
</paragraph></subsection></section><section id="H7435BA67EFE446D79ED514784F0046ED"><enum>105.</enum><header>President of
Corporation</header>
<subsection display-inline="no-display-inline" id="H99E88E498A7B4B3890E309D4ACB84F96"><enum>(a)</enum><header>Appointment</header><text>The
Board shall appoint a president of the Corporation.</text>
</subsection><subsection id="H7817F96F59F64B13BE25D09114992327"><enum>(b)</enum><header>Duties and
powers</header><text>The president shall—</text>
<paragraph id="H1C376A76D1CE4D7C9571177EDD403D46"><enum>(1)</enum><text>serve as the chief
executive officer of the Corporation; and</text>
</paragraph><paragraph id="H1288BE73C69A4784B3AAB70765820087"><enum>(2)</enum><text>subject to the
direction of the Board and the general supervision of the chairperson, carry
out the policies and functions of the Corporation;</text>
</paragraph><paragraph id="idBE4D597143E34049933315A72E5BB0FA"><enum>(3)</enum><text>manage the
personnel and activities of the Corporation; and</text>
</paragraph><paragraph id="H6C7240AB1BEB4A8287EF57E89DA15922"><enum>(4)</enum><text>on approval of the
Board, appoint and fix the compensation and duties of such officers and
employees as may be necessary for the efficient administration of the
Corporation, without regard to—</text>
<subparagraph id="idE10C1A489A98435EB12B816706142FFD"><enum>(A)</enum><text>the provisions of
title 5, United States Code, governing appointments in the competitive service;
or</text>
</subparagraph><subparagraph id="id3E0191DC1AFE44168F90132D0D6F339B"><enum>(B)</enum><text>chapter 51 or
subchapter III of chapter 53 of title 5, United States Code.</text>
</subparagraph></paragraph></subsection></section><section id="H534B90ED89B048D2905C938ED8836B6D"><enum>106.</enum><header>Annual
shareholder meetings</header>
<subsection display-inline="no-display-inline" id="H34FC96F1500046A9A1F17D95AB011390"><enum>(a)</enum><header>Meetings</header>
<paragraph display-inline="no-display-inline" id="id1779361FAE364BF88082F7AABC15A8CB"><enum>(1)</enum><header>In
general</header><text>The Corporation shall hold meetings of the shareholders
of the Corporation not less frequently than once each year.</text>
</paragraph><paragraph display-inline="no-display-inline" id="idF59D82AD8B5A406CB6C7CDF7F66DC7E0"><enum>(2)</enum><header>Openness</header><text>A
shareholder meeting under this section shall be held open to the public.</text>
</paragraph><paragraph display-inline="no-display-inline" id="idEB350D457AA4428084A65EEA480C2630"><enum>(3)</enum><header>Notice</header><text>The
Corporation shall provide to each shareholder of the Corporation a notice of
each shareholder meeting under this section by not later than 30 days before
the date of the meeting.</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="idF8606C9849E340AB8CA73396CC107703"><enum>(b)</enum><header>Activities</header>
<paragraph display-inline="no-display-inline" id="idD2686745A7454720B154DB860DB0E70C"><enum>(1)</enum><header>Corporation</header><text>At
a shareholder meeting under this section, the Corporation—</text>
<subparagraph display-inline="no-display-inline" id="id90566A9B9C8D4AE1A5BF486B4A1011BF"><enum>(A)</enum><text>shall provide to
shareholders a report describing—</text>
<clause display-inline="no-display-inline" id="id02C3B99E8FD34CCCB5432AEDEB193F70"><enum>(i)</enum><text>the activities of
the Corporation during the preceding calendar year; and</text>
</clause><clause display-inline="no-display-inline" id="idD47EDA63F2A045C487B0D7E383125491"><enum>(ii)</enum><text>the financial
condition of the Corporation as in effect on the date of the meeting;
and</text>
</clause></subparagraph><subparagraph display-inline="no-display-inline" id="idDD5B092514A04E49B34535F9DBA21683"><enum>(B)</enum><text>may present to
the shareholders proposals for future action and other matters of general
concern to shareholders and Indian business enterprises eligible to receive
services of the Corporation.</text>
</subparagraph></paragraph><paragraph id="H5616D0C20B5C482599BC47EC484CB3A4"><enum>(2)</enum><header>Shareholders</header><text>At
a shareholder meeting under this section, a shareholder of the Corporation
may—</text>
<subparagraph id="HFD4A1DB5F3F1446C985E2BC48889E8FF"><enum>(A)</enum><text>present a motion
or resolution relating to any matter within the scope of this Act; and</text>
</subparagraph><subparagraph id="H645269971D244DFFABE816219C00517C"><enum>(B)</enum><text>participate in any
discussion relating to such a matter or any other matter on the agenda of the
meeting.</text>
</subparagraph></paragraph></subsection><subsection id="H74966E30B048441480261F9900B1F378"><enum>(c)</enum><header>Voting</header><text>Each
Indian tribe that is a member of the Corporation may vote the common stock of
the Indian tribe regarding—</text>
<paragraph id="id4615DAFC168B42FB8C0E0DA8CD9BF9A1"><enum>(1)</enum><text>any matter on the
agenda of a meeting under this section; or</text>
</paragraph><paragraph commented="no" id="idF1A75DA129504F5BA878F25976900989"><enum>(2)</enum><text>any other matter
relating to the election of a member of the Board.</text>
</paragraph></subsection></section><section id="H0BD899E80E7C424BADC14BBBAA006442"><enum>107.</enum><header>Annual reports;
development plan</header>
<subsection display-inline="no-display-inline" id="HC86925F5AE7649E4B7980206908C4ED2"><enum>(a)</enum><header>Annual
reports</header>
<paragraph display-inline="no-display-inline" id="idFED3B1F5F674479AB26633BC10FFB324"><enum>(1)</enum><header>In
general</header><text>Not later than 1 year after the date of enactment of this
Act and annually thereafter, the Board shall submit to the appropriate
committees of Congress a report describing—</text>
<subparagraph display-inline="no-display-inline" id="id7FE0D3BCB8FE48D0B5EA7C60EB661E80"><enum>(A)</enum><text>the activities of
the Corporation during the preceding calendar year; and</text>
</subparagraph><subparagraph display-inline="no-display-inline" id="idAC9F6C437AB6422698ADB1547C05EF9D"><enum>(B)</enum><text>the capital and
financial condition of the Corporation as in effect on the date of submission
of the report.</text>
</subparagraph></paragraph><paragraph display-inline="no-display-inline" id="id6E5671D00EAF47588C22B473941204C6"><enum>(2)</enum><header>Inclusion</header><text>Each
report under paragraph (1) shall include recommendations for legislation to
improve the services of the Corporation.</text>
</paragraph></subsection><subsection id="HA69F0305CEE64B6A90E5A800B4F17983"><enum>(b)</enum><header>Development
plan</header><text>Not later than 1 year after the date of enactment of this
Act, the Corporation shall submit to Congress a comprehensive, 5-year
organizational development plan that includes—</text>
<paragraph id="H20DED4F500224B7BA0CAD300E218D1DB"><enum>(1)</enum><text>financial
projections for the Corporation;</text>
</paragraph><paragraph id="H7446BB8D539F4C23B81E714259ECE100"><enum>(2)</enum><text>a
description of the corporate structure and locations of the Corporation;
and</text>
</paragraph><paragraph id="HAA401A98B7D948DB92966EE743FEAAD7"><enum>(3)</enum><text>operational
guidelines for the Corporation, particularly regarding 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><enum>II</enum><header>Capitalization</header>
<section id="idB43CE33449AB433BA37230CDD2CB7E79"><enum>201.</enum><header>Issuance of
stock</header>
<subsection id="id0D2B84F017FA4C70A9304235C7406DB4"><enum>(a)</enum><header>Issuance</header>
<paragraph id="idF931484BE9E94CCB969D445AEC5DBD45"><enum>(1)</enum><header>In
general</header><text>The Corporation may issue shares of stock in the
Corporation, in such quantity and of such class as the Board determines to be
appropriate, in accordance with this section.</text>
</paragraph><paragraph id="idEE2D4ABC7BCC4253A3DFCCED583A5841"><enum>(2)</enum><header>Requirement</header><text>A
share of stock under paragraph (1) may be issued to, and held by, only—</text>
<subparagraph id="idE5FA3A5A3D17454BB9B4E4B92487C512"><enum>(A)</enum><text>an Indian tribe;
or</text>
</subparagraph><subparagraph id="id0566A44026C94AD0B40FC3921E3E3395"><enum>(B)</enum><text>the Federal
Government.</text>
</subparagraph></paragraph><paragraph id="id4B7C731E7908414080E7A9E836DB8777"><enum>(3)</enum><header>Redemption and
repurchase</header><text>The Corporation may redeem or repurchase a share of
stock issued pursuant to paragraph (1) at a price to be determined by the
Board.</text>
</paragraph></subsection><subsection id="idF6E00581FB054AE19645698ACCEE11F1"><enum>(b)</enum><header>Initial
offering of common stock</header>
<paragraph id="idD7D7F656F8A944AD8577EC234502FA9A"><enum>(1)</enum><header>In
general</header><text>The Corporation shall make an initial offering of common
stock of the Corporation to Indian tribes under this section—</text>
<subparagraph id="id2901E987FB0D4E9A8745439BDC694DF0"><enum>(A)</enum><text>in a quantity of
not less than 500,000 shares; and</text>
</subparagraph><subparagraph id="id3811BBCFAA7343B497D0A65AB795EEA2"><enum>(B)</enum><text>at a price of not
less than $50 per share.</text>
</subparagraph></paragraph><paragraph id="idD44DCE003D4F4BD1B4E8C10C16AEA525"><enum>(2)</enum><header>Form of
payment</header><text>Of the price paid by an Indian tribe for a share of stock
of the Corporation under this subsection—</text>
<subparagraph id="id605EEA1B2E524DF3B4D1A64572A54D79"><enum>(A)</enum><text>20 percent shall
be provided in cash or cash-equivalent securities; and</text>
</subparagraph><subparagraph id="id57D1FC1C15594429A814BA8322584353"><enum>(B)</enum><text>80 percent shall
provided in the form of a legally binding financial commitment that is—</text>
<clause id="id55FC6C5D453946C8B29E65C7DDFABBBF"><enum>(i)</enum><text>available at the
request of the Board to meet the obligations of the Corporation; but</text>
</clause><clause id="id06C22A344D444F2C90CAABB017E8A04A"><enum>(ii)</enum><text>not available
for any lending activity or administrative expenses of the Corporation.</text>
</clause></subparagraph></paragraph></subsection><subsection id="id18C391B3853B4A3884A5F937D80056EC"><enum>(c)</enum><header>Subscription by
Secretary for shares of capital stock</header>
<paragraph id="id407C46501EF8494381B7CA085B0EF7E8"><enum>(1)</enum><header>In
general</header><text>The Secretary may subscribe for not more than 2,000,000
shares of capital stock of the Corporation.</text>
</paragraph><paragraph id="idC0440C7A97044E4FB4E55B9AE73292DF"><enum>(2)</enum><header>Payments</header>
<subparagraph id="id1FC4E7D6CB624F909639AE0FDA1B3719"><enum>(A)</enum><header>Initial
period</header><text>Not later than 2 years after the date of enactment of this
Act, the Secretary shall pay to the Corporation for subscription for capital
stock under paragraph (1) not less than $20,000,000.</text>
</subparagraph><subparagraph id="idD25364A512874005938C3F348163E974"><enum>(B)</enum><header>Subsequent
period</header>
<clause id="id472A0714ADD945C5A162825467D75975"><enum>(i)</enum><header>In
general</header><text>Beginning in fiscal year 2012, the Secretary shall pay to
the Corporation for subscription for capital stock under paragraph (1)—</text>
<subclause id="id338AB36E718A447BBC4A45E0ABB0376C"><enum>(I)</enum><text>$80,000,000;
or</text>
</subclause><subclause id="idD88D27A80CE34BBCB3AB528311320566"><enum>(II)</enum><text>such lesser
amount as the Board may request, in accordance with clause (ii).</text>
</subclause></clause><clause id="id1D55CB703B01486CA18E2C9D7C40C9CB"><enum>(ii)</enum><header>Requests by
Board</header><text>The amount of a request by the Board under clause (i)(II)
shall be determined jointly by the Secretary and the Board based on an
assessment of the need of the Corporation, taking into consideration a risk
analysis of the investment and credit policies and practices of the
Corporation.</text>
</clause><clause id="id5690E218EE114E59B6BBE8F86A9A09D1"><enum>(iii)</enum><header>Limitations</header><text>A
payment under this subparagraph—</text>
<subclause id="idC269C8E88579461AAE92C8F0D575D940"><enum>(I)</enum><text>shall be subject
to the availability of appropriations;</text>
</subclause><subclause id="idF72E19635D53405A82B72ED5EC6479A8"><enum>(II)</enum><text>shall be
provided only as needed to meet the obligations of the Corporation; and</text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="id4DD45842AB2544939B306575FE3B71AE"><enum>(III)</enum><text>shall not be
available for any lending activity or administrative expenses of the
Corporation.</text>
</subclause></clause></subparagraph></paragraph><paragraph id="idF92FF7CE02E246929607C3AF2903D98F"><enum>(3)</enum><header>Requirements</header><text>A
share of capital stock subscribed for by the Secretary under this
subsection—</text>
<subparagraph id="id37C6E6E076AF464BBAD0203F575E596E"><enum>(A)</enum><text>shall be valued
at not less than $50 per share;</text>
</subparagraph><subparagraph id="id1D5803A133FA48129D0E95AF86F71512"><enum>(B)</enum><text>shall be
nonvoting stock;</text>
</subparagraph><subparagraph id="id0C22BF673F2943AE96C2C4C8D8A02EBF"><enum>(C)</enum><text>shall not accrue
dividends; and</text>
</subparagraph><subparagraph id="id019BC5A627324F79AD2C542A9AA33211"><enum>(D)</enum><text>shall not be
transferred to any individual or entity other than the Corporation.</text>
</subparagraph></paragraph></subsection><subsection id="id939FCED1D3DE4824B765C2B954E60293"><enum>(d)</enum><header>Exempted
securities</header><text>A share of stock, and any other security or
instrument, issued by the Corporation shall be considered to be an exempted
security for purposes of the laws (including regulations) administered by the
Securities and Exchange Commission.</text>
</subsection></section><section id="idEABB54032D0F4C63822134335A81A6F3"><enum>202.</enum><header>Borrowing
authority</header>
<subsection id="id2EB0F999A60F46D2AB3E17E9B586A695"><enum>(a)</enum><header>Issuance of
obligations</header><text>The Corporation may issue such bonds, notes, and
other obligations at such times, bearing interest at such rates, and containing
such terms and conditions as the Board, in consultation with the Secretary of
the Treasury, determines to be appropriate.</text>
</subsection><subsection id="idE63B185A8A3E4A7987EDB268BDE4D2E1"><enum>(b)</enum><header>Amount of
obligations</header><text>The aggregate amount of the obligations issued
pursuant to subsection (a) shall not exceed an amount equal to the sum
of—</text>
<paragraph id="id2E06F300DA28453A8FC2E3B835799B13"><enum>(1)</enum><text>the product
obtained by multiplying—</text>
<subparagraph id="id60A1C3DCFEB743E1A36818B5773446A2"><enum>(A)</enum><text>the sum
of—</text>
<clause id="idD512498557F24B67B87E9FAFFE2FA09B"><enum>(i)</enum><text>the
paid-in capital of the Corporation; and</text>
</clause><clause id="idDED39EE3EEDA4ACBB0DFA690968E808D"><enum>(ii)</enum><text>the retained
earnings and profits of the Corporation; and</text>
</clause></subparagraph><subparagraph id="idB9436134BCC148AFA0296D791CB59F60"><enum>(B)</enum><text>10; and</text>
</subparagraph></paragraph><paragraph id="id98EF93845DC34174AAAC3E6FB4FDCD26"><enum>(2)</enum><text>the sum of the
book values of—</text>
<subparagraph id="idFC5AA2DFA56C41E5B95B3C3FE9C08318"><enum>(A)</enum><text>the capital
subject to request of the Board represented by the total commitments of Indian
tribal shareholders under section 201(b)(2)(B); and</text>
</subparagraph><subparagraph id="id0248F8E0413D43FE83785DB615EE2B59"><enum>(B)</enum><text>the amount paid
by the Secretary under section 201(c)(2).</text>
</subparagraph></paragraph></subsection><subsection id="idADD2D35F29074417BAF7D39203FA060B"><enum>(c)</enum><header>Sale of
obligations</header><text>An obligation of the Corporation under subsection (a)
may be—</text>
<paragraph id="idFB3AD540BD8A406CA2BF51261B3270D0"><enum>(1)</enum><text>issued through an
agent by negotiation, offer, bid, syndicate sale, or otherwise; and</text>
</paragraph><paragraph id="id77991778EB2248A682C4811111A087EB"><enum>(2)</enum><text>completed by book
entry, wire transfer, or any other appropriate method.</text>
</paragraph></subsection></section><enum>III</enum><header>Authorization
of appropriations</header>
<section id="id6104B92191C64F11B44B9F0299B2A722"><enum>301.</enum><header>Authorization
of appropriations</header>
<subsection id="id84074DDCDB9B47F4A0882E4C7E13D644"><enum>(a)</enum><header>General
operational expenses</header><text>There are authorized to be
appropriated—</text>
<paragraph id="id75111E26E9974CF5866F2AE437B35AE0"><enum>(1)</enum><text>$2,000,000 for
fiscal year 2009 to carry out this Act;</text>
</paragraph><paragraph id="idAB1C404A29984EF8BE370F81DB337DBD"><enum>(2)</enum><text>$2,500,000 for
each of fiscal years 2010 through 2014 to carry out project development
activities under this Act; and</text>
</paragraph><paragraph id="idD6B0E099F51C4112983DCF5ED1B91B8A"><enum>(3)</enum><text>such sums as are
necessary to carry out this Act (other than subparagraphs (A) and (B) of
section 201(c)(2)) for each of fiscal years 2010 through 2014.</text>
</paragraph></subsection><subsection id="id505479C678C7445787AC93ABAC8D7292"><enum>(b)</enum><header>Paid-In capital
stock</header><text>There are authorized to be appropriated—</text>
<paragraph id="id7974B3510D9947B689768D238D4E9394"><enum>(1)</enum><text>for each of
fiscal years 2010 and 2011, $10,000,000 to carry out section 201(c)(2)(A);
and</text>
</paragraph><paragraph id="id652A18BF2DA645859D79B21135FFEA9C"><enum>(2)</enum><text>for fiscal year
2011 and each fiscal year thereafter, $80,000,000 to carry out section
201(c)(2)(B).</text>
</paragraph></subsection></section>