Indian Development Finance Corporation Act

Summary

Indian Development Finance Corporation Act - Title I: Establishment of Corporation - Establishes the Indian Development Finance Corporation. Requires the Corporation to provide development capital and technical and managerial assistance for new and existing Indian businesses and to encourage Indian tribes to participate in the Corporation by owning its equity securities. Authorizes the Corporation to make loans to, or purchase, insure, or discount obligations of, Indian businesses if they meet specified financial conditions. Directs the Corporation to provide the credit needed by Indian businesses at the lowest reasonable cost, taking into account the Corporation's cost of money, necessary reserve, and expenses. Authorizes the Corporation to guarantee all or any part of the principal and interest of any loan made to an Indian business by a State or federally chartered lending institution on terms permissible for Corporation loans. Authorizes the Corporation to purchase all or any portion of the ownership interest in an Indian business and to supervise or participate in the management of such business. Sets forth administrative provisions concerning the Corporation. Requires the Corporation's Board of Directors to submit annual reports to the Congress on its capital, operations, and financial condition as well as a five-year organizational development plan at the close of the first calendar year following enactment of this Act. Establishes an advisory council to the Corporation. Title II: Capitalization - Authorizes the Corporation to issue stock which may be held by Indian tribes and the Government only. Sets forth provisions governing the purchase of such stock by the Secretary of the Interior. Authorizes the Corporation to issue bonds and notes. Sets forth a formula for limiting the aggregate amount of obligations issued under this Act. Title III: Authorization of Appropriations - Authorizes appropriations for FY 1989 through 1993.

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1 official file

• Introduced in House

  summary · EN · 23 March 1988

  Open at official source

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