92 STAT. 464 31 USC 1524. PUBLIC LAW 95-339-AUG. 8, 1978 such city indebtedness, except for fraud or material misrepresentation on the part of such holder. The Secretary is authorized to determine the manner in which such guarantees will be issued and, in addition to the terms and conditions required by this section, to require from, or agree to with, the city, a financing agent, the holders of the city indebtedness guaranteed, and any other party in interest such other terms and conditions as he may deem appropriate, including provision of security for the repayment of amounts paid pursuant to any guarantee under this title. Any such other term or condition may be modified, amended, or waived in the discretion of the Secretary. LIMITATIONS ON GUARANTEE AUTHORITY SEC. 104. (a) (1) The authority of the Secretary to extend guarantees under this title shall not at any time exceed $1,650,000,000 in the aggregate principal amount outstanding. (2) During the fiscal year beginning on July 1, 1978, not to exceed $750,000,000 shall be available for the guarantee of city indebtedness— (A) of which not to exceed $500,000,000 shall be available for the guarantee of city indebtedness maturing more than one year after its date of issuance, and (B) of which not to exceed $325,000,000 shall be available for the guarantee of city indebtedness maturing in one year or less after its date of issuance, but only to the extent authorized by the provisions of subsection (b). (3) During the fiscal year beginning on July 1, 1979, not to exceed the sum of (A) $250,000,000, and (B) $750,000,000 reduced by the principal amount of city indebtedness guaranteed prior to July 1, 1979, and outstanding on the date on which the guarantees are made under this paragraph, shall be available for the guarantee of city indebtedness maturing more than one year after its date of issuance, except that no guarantees may be made under this paragraph if prior to July 1, 1979, either the Senate or the House of Representatives agrees to a resolution stating in substance that it disapproves such guarantees. (4) During the fiscal year beginning on July 1, 1980, not to exceed the sum of (A) $325,000,000, and (B) $1,000,000,000 reduced by the sum of (i) the principal amount of city indebtedness guaranteed under paragraphs (2) (A) and (3) and outstanding on the date on which the guarantees are made under this paragraph, and (ii) the amount, if any, covered by a resolution agreed to by the Senate or the House of Representatives pursuant to paragraph (3), shall be available for the guarantee of city indebtedness maturing more than one year after its date of issuance, except that no guarantees may be made under this paragraph if prior to July 1, 1980, either the Senate or the House of Representatives agrees to a resolution stating in substance that it disapproves such guarantees. (5) During the fiscal year beginning on July 1, 1981, not to exceed the sum of (A) $325,000,000, if the Secretary determines, in accordance with generally accepted accounting principles, that the city has presented a balanced budget, and PUBLIC LAW 95–339–AUG. 8, 1978 (B) $1,325,000,000 reduced by the sum of (i) the principal amount of city indebtedness guaranteed under paragraphs (2) (A), (3), and (4) and outstanding on the date on which the guarantees are made under this paragraph, and (ii) the sum of the amounts, if any, covered by resolutions agreed to by the Senate or the House of Representatives pursuant to paragraphs (3) and (4), shall be available for the guarantee of city indebtedness maturing more than one year after its date of issuance. 92 STAT. 465 (b) The Secretary may guarantee the payment of principal or interest, or both, on city indebtedness issued prior to January 1, 1979, and maturing prior to July 1, 1979, but only to the extent that the Secretary determines, after taking into account any commitments the employee pension funds of the city have made with respect to the purchase of city indebtedness maturing more than one year from its issuance, that the employee pension funds of the city are not able to provide sufficient amounts of seasonal financing as required under section 103(4) of this title without being considered to have failed to meet the requirements of section 401 (a) of the Internal Revenue Code of 1954 (as such requirements apply to such pension funds) or being 26 USC 401. considered to have engaged in a prohibited transaction described in section 503(b) of the Internal Revenue Code of-1954. REMEDIES 26 USC 503. SEC. 105. (a) The Secretary shall take such action as may be 31 USC 1525. appropriate to enforce any right accruing to the United States or any officer or agency thereof as a result of the issuance of guarantees under this title. Any sums recovered pursuant to this section shall be paid into the general fund of the Treasury. (b) The Secretary shall be entitled to recover from the borrower, or any other person líable therefor, the amount of any payment made pursuant to any guarantee agreement entered into under this title, and upon making any such payment, the Secretary shall be subrogated to all the rights of the recipient thereof. (c) Notwithstanding any other provision of law, the Secretary shall provide for the withholding of any payment from the United States to the city or State which may be or may become due pursuant to any law and offset the amount of such withheld payment against any claim the Secretary may have against the city or State pursuant to this title. (d) The remedies prescribed in this title shall be cumulative and not in limitation of or substitution for any other remedies available to the Secretary or the United States. (e) With respect to any debt of the United States arising under this "Person." title, for the purposes of section 3466 of the Revised Statutes (31 U.S.C. 191), the term "person" includes the city and any financing agent. Notwithstanding the provisions of such section, the Secretary Waiver. is authorized to waive, wholly or partially, the priority for the United States established thereunder with respect to any indebtedness of the city or the financing agent issued after the effective date of this title (other than any indebtedness the proceeds of which are applied to the repayment prior to the stated maturity thereof of indebtedness outstanding on or before the effective date of this title owed to the lender of such proceeds) if, in his judgment such waiver is necessary to facilitate the ability of the city to meet its financing needs. No waiver under the preceding sentence shall by its terms subordinate the claims of the 92 STAT. 466 Civil action. Jurisdiction. 31 USC 1526. 31 USC 1527. Report to 31 USC 1528. 31 USC 1529. 31 USC 1530. PUBLIC LAW 95–339–AUG. 8, 1978 United States to those of any creditor of the city or any financing agent. (f) The Secretary may bring a civil action in any United States district court or any other appropriate court to enforce compliance with the provisions of this title, any agreement related thereto, or any provision of State law related thereto, by the city, the State, the financing agent, the independent fiscal monitor, or any official of any of the foregoing, or any other party to any such agreement, and such court shall have jurisdiction to enforce such compliance and enter such orders as may be appropriate. INSPECTION OF DOCUMENTS SEC. 106. At any time a request for a guarantee is pending or indebtedness guaranteed under this title is outstanding, the Secretary is authorized to inspect and copy all accounts, books, records, memorandums, correspondence, and other documents of the city or any financing agent relating to the city's financial affairs. GENERAL ACCOUNTING OFFICE AUDITS SEC. 107. The General Accounting Office is authorized to make such audits as may be deemed appropriate by the Comptroller General of all accounts, books, records, and transactions of the city and any financing agent. No guarantee may be made under this title unless and until the city and any financing agent agree, in writing, to allow the General Accounting Office to make such audits. The General Accounting Office shall report the results of any such audit to the Congress. REPORTS TO CONGRESS SEC. 108. Within three months after the date of enactment of this title, and at six-month intervals until June 30, 1982, and thereafter at twelve-month intervals, the Secretary shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives a report containing a detailed statement of his activities under this title. SEVERABILITY SEC. 109. If any provision of this title is held to be invalid, or the application of such provision to any person or circumstance, is held to be invalid by a court of competent jurisdiction, the remainder of this title, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby. TERMINATION SEC. 110. The authority of the Secretary to make guarantees under this title terminates on June 30, 1982. Such termination does not affect the carrying out of any contract, guarantee, or other obligation entered into pursuant to this title, or the taking of any action necessary to preserve or protect the interests of the United States arising hereunder, except that no commitment to guarantee the payment of principal or interest on city indebtedness under this title shall be effective after such date. PUBLIC LAW 95-339-AUG. 8, 1978 AUTHORIZATION · 92 STAT. 467 SEC. 111. (a) There are authorized to be appropriated beginning 31 USC 1531. October 1, 1978, and to remain available without fiscal year limitation, such sums as may be necessary to carry out this title. (b) Any other provision of this title to the contrary notwithstanding, the authority of the Secretary to make any guarantee under this title shall be limited to such extent or amounts as are provided in advance in appropriation Acts. TITLE II-AMENDMENTS TO THE INTERNAL REVENUE SEC. 201. TAXABILITY OF CERTAIN FEDERALLY GUARANTEED OBLI GATIONS. (a) CERTAIN FEDERALLY GUARANTEED OBLIGATIONS.-Section 103 of the Internal Revenue Code of 1954 (relating to interest on certain 26 USC 103. governmental obligations) is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection: "(f) CERTAIN FEDERALLY GUARANTEED OBLIGATIONS. Any obligation the payment of interest or principal (or both) of which is guaranteed in whole or in part under title I of the New York City Loan Guarantee Act of 1978 shall, with respect to interest accrued during the period for which such guarantee is in effect, be treated as an obligation not described in subsection (a).". (b) OBLIGATIONS MAY NOT BE ACQUIRED BY FEDERAL FINANCING 12 USC 2285a. BANK.-Nothing in any provision of law shall be construed to authorize the Federal Financing Bank to acquire any obligation the payment of interest or principal of which has at any time been guaranteed in whole or in part under title I of the New York City Loan Guarantee Act of 1978. (c) EFFECTIVE DATE.-The amendments made by subsection (a) 26 USC 103 note. shall apply to taxable years ending after the date of the enactment of this Act. Approved August 8, 1978. LEGISLATIVE HISTORY: HOUSE REPORTS: No. 95-1129, Pt. 1 (Comm. on Banking, Finance and Urban SENATE REPORT No. 95-952 (Comm. on Banking, Housing, and Urban Affairs). June 6-8, considered and passed House. June 29, considered and passed Senate, amended. July 25, House agreed to conference report. July 27, Senate agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 14, No. 32: Aug. 8, Presidential statement. PUBLIC LAW 95-471-OCT. 17, 1978 92 STAT. 1325 Public Law 95-471 95th Congress An Act To provide for grants to tribally controlled community colleges, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Tribally Controlled Community College Assistance Act of 1978". DEFINITIONS (1) "Indian" means a person who is a member of an Indian tribe and is eligible to receive services from the Secretary of the Interior; (2) "Indian tribe" means any Indian tribe, band, nation, or other organized group or community, including any Alaskan Native village or regional or village corporation as defined in or established pursuant to the Alaskan Native Claims Settlement Act, which is recognized as eligible for the special programs and services provided by the United States to Indians because of their status as Indians; (3) "Secretary", unless otherwise designated, means the Secretary of the Interior; (4) "tribally controlled community college" means an institution of higher education which is formally controlled, or has been formally sanctioned, or chartered, by the governing body of an Indian tribe or tribes, except that no more than one such institution shall be recognized with respect to any such tribe; (5) "institution of higher education" means an institution of higher education as defined by section 1201 (a) of the Higher Edu- 20 USC 1141. cation Act of 1965, except that clause (2) of such section shall not be applicable; (6) "national Indian organization" means an organization which the Secretary finds is nationally based, represents a substantial Indian constituency, and has expertise in the field of Indian education; and (7) "full-time equivalent Indian student" means the number of Indians enrolled full-time, and the full-time equivalent of the number of Indians enrolled part-time (determined on the basis of the quotient of the sum of the credit hours of all part-time students divided by twelve) in each tribally controlled community college, calculated on the basis of registrations as in effect at the conclusion of the sixth week of an academic term. TITLE I-TRIBALLY CONTROLLED COMMUNITY COLLEGES PURPOSE SEC. 101. It is the purpose of this title to provide grants for the 25 USC 1802. operation and improvement of tribally controlled community colleges to insure continued and expanded educational opportunities for Indian students. |