Indian School Construction Act

Summary

Indian School Construction Act - Directs the Secretary of the Interior to establish a pilot program under which eligible Indian tribes have the authority to issue tribal school modernization bonds to provide funding for the improvement, repair, and new construction of tribal schools. Permits a tribe to use amounts received through the issuance of a bond to: (1) enter into contracts with architects, engineers, and construction firms to determine the needs of the tribal school and for the design and engineering of the school; and (2) enter into contracts with financial advisors, underwriters, attorneys, trustees, and other professionals who would be able to provide assistance to the tribe in issuing bonds. Makes any tribal construction bond issued by a tribe subject to a trust agreement between the tribe and a trustee. Requires payment of the principal portion of such bonds to be guaranteed by amounts deposited in the tribal school modernization escrow account. Authorizes the Secretary to deposit not more than $30 million of unobligated funds into such account beginning in FY 2001. Requires the Secretary to use any amounts deposited or invested to make payments to holders of such bonds. Prohibits: (1) a tribe that issues such a bond from being obligated to repay the principal on the bond; and (2) any land or facilities purchased or improved with amounts derived from such bonds from being mortgaged or used as collateral for such bonds. Amends the Internal Revenue Code of 1986 to allow a tax credit to individuals who hold such bonds. Sets forth requirements, limitations, and a special rule for issuance and redemption. Provides for the carryover of any excess credit. Requires that if any bond that is held by a regulated investment company, such credit be allowed to such company's shareholders under procedures described by the Secretary. Permits a separation (including at issuance) of the ownership of such a bond and the entitlement to the credit with respect to such bond. Provides that nothing in any law or rule of law shall be construed to limit the transferability of such credit through sale and repurchase agreements.

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Documents

6 official files

• Reported to Senate (text)

  Reported to Senate · EN · 11 October 2000

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• Reported to Senate (PDF)

  Reported to Senate · EN · 11 October 2000

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• Reported to Senate with amendment(s)

  summary · EN · 11 October 2000

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• Introduced in Senate (text)

  Introduced in Senate · EN · 17 May 2000

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 May 2000

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• Introduced in Senate

  summary · EN · 17 May 2000

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