National Rebuilding and Development Bank Act

Summary

National Rebuilding and Development Bank Act - Title I: The National Rebuilding and Development Bank - Establishes the National Rebuilding and Development Bank which shall make and guarantee loans by other financial institutions for the National Rebuilding and Development Programs established by this Act. Authorizes the Bank to make commitments to purchase, and to purchase, service, or sell any State or local government bonds. Authorizes the Bank to issue obligations. Requires the Bank to transmit to Congress a statement of its intent to issue any additional obligations not less than 60 days prior to such issuance. Deems such issuance approved if neither House of Congress adopts a resolution of disapproval within that time. Authorizes the Secretary of the Treasury to make annual payments to the Bank for the difference between the amount of interest paid by the Bank on account of its obligations and the amount of interest received by the Bank on its loans made under this Act. Exempts the Bank from Federal, State, and local taxes with specified exceptions. Authorizes the Bank to provide technical assistance to State and local governments in the preparation of comprehensive development projects and programs. Provides for audits of the financial transactions of the Bank and an annual audit report to Congress. Requires the Bank to send the President and the Congress an annual report on its operations and activities. Title II: National Rebuilding and Development Program - Authorizes the Bank to make loans and loans guarantees for the construction of housing and community facilities and to obtain, sell, or lease property on such terms as will effectuate the purposes of this Act. Permits the Governor of any State and the highest elected official of any local government to deposit with the Bank a written request that loans or guarantees for construction in the State or locality under this title be withheld. Permits the revocation of such request at any time. Declares that it is the intent of this Act that the private sector be involved in efforts to further the objectives of this Act to the maximum possible extent. Requires the Bank, in exercising its powers under this Act, to consult citizens in the areas to be affected and afford them maximum feasible participation in decisions affecting them. Requires the Board of Directors of the Bank to establish an environmental advisory panel to consider the environmental aspects of all construction to be financed or assisted in whole or in part under this Act.

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1 official file

• Introduced in House

  summary · EN · 14 July 1983

  Open at official source

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