National Development Act

Summary

National Development Act - Title I: National Development Act - Makes provisions for the establishment of a national development bank. Names the Board of Directors of the bank to be chaired by the Secretary of the Treasury and provides for the appointment of the President and officers of the bank. States that the bank shall have capital stock of $2,000,000,000 subscribed to by the United States. Empowers the Bank to issue notes, debentures, bonds, and other evidences of indebtedness in such amounts and on such terms and conditions as its Board of Directors may determine subject to the limitations prescribed in this Act. States that the bank may make or guarantee loans to provide funds for: (1) the purchase of real and personal property and for working capital necessary for the location of new business and industry or the improvement of existing business and industry in depressed urban and rural areas; (2) financing capital expenditures for public works and community facilities; and (3) making loans to appropriate public agencies, nonprofit cooperatives and corporations, developers, and other persons to provide construction loans for low- and moderate-income housing loan programs of the Department of Housing and Urban Development, the Veterans' Administration, and the Farmers Home Administration of the Department of Agriculture. Authorizes the bank to guarantee the payment of obligations of political subdivisions or agencies of States for the following purposes: (1) to enable such entity to continue to provide essential services and facilities; and (2) to prevent or mitigate the effects of a default in the payment of obligations of such entities upon the decision of the bank that a serious adverse effect on the marketability of State and local government obligations in general would result. Title II: Amendment to the Internal Revenue Code of 1954 - Removes the tax exclusion of interest on governmental obligations guaranteed by the National Development Bank.

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1 official file

• Introduced in House

  summary · EN · 16 June 1977

  Open at official source

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