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United States · Bill · S

S. 2580 (106th)

Indian School Construction Act

openUnited States· United States Congress· EN

Introduced

17 May 2000

Last action

18 October 2000 · Floor

Status

Star Print ordered on the report .

Sponsors

Sen. Johnson, Tim [D-SD], Sen. Bingaman, Jeff [D-NM], Sen. Daschle, Thomas A. [D-SD], Sen. Inouye, Daniel K. [D-HI], Sen. Cochran, Thad [R-MS], Sen. Campbell, Ben Nighthorse [R-CO], Sen. Baucus, Max [D-MT], Sen. Reid, Harry [D-NV], Sen. Akaka, Daniel K. [D-HI]

Subjects

Rule of law, Taxation, Education

Source updated

20 June 2025

Rule of law · Taxation · Education

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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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 17 May 2000

    Introduced

    Read twice and referred to the Committee on Indian Affairs. (text of measure as introduced: CR S4107-4108)

    Source: IntroReferral

  2. 17 May 2000

    Introduced

    Sponsor introductory remarks on measure. (CR S4106-4107)

    Source: IntroReferral

  3. 17 May 2000

    Introduced

    Introduced in Senate

    Source: IntroReferral

  4. 6 September 2000

    Committee

    Committee on Indian Affairs. Hearings held. Hearings printed: S.Hrg. 106-779.

    Source: Committee

  5. 27 September 2000

    Reported

    Committee on Indian Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

    Source: Committee

  6. 11 October 2000

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 947.

    Source: Calendars

  7. 11 October 2000

    Reported

    Committee on Indian Affairs. Reported by Senator Campbell with an amendment in the nature of a substitute. With written report No. 106-497.

    Source: Committee

  8. 11 October 2000

    Reported

    Committee on Indian Affairs. Reported by Senator Campbell with an amendment in the nature of a substitute. With written report No. 106-497.

    Source: Committee

  9. 18 October 2000

    Floor

    Star Print ordered on the report .

    Source: Floor

Votes

No vote records are attached yet.

Versions

Documents

6 official files

Reported to Senate (text)

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  • 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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Sponsors

Related records

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Sources

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