§ 1498 TITLE 25—INDIANS Page 414

PRIOR PROVISIONS

A prior section 218 of Pub. L. 93–262 was renumbered

section 219 by Pub. L. 100–442 and is classified to section

1498 of this title.

§ 1498. Rules and regulations

The Secretary shall promulgate rules and regulations to carry out the provisions of this subchapter.

(Pub. L. 93–262, title II, §219, formerly §218, Apr.

12, 1974, 88 Stat. 82; renumbered §219, Pub. L.

100–442, §5(a), Sept. 22, 1988, 102 Stat. 1764.)

§ 1499. Limitation on guarantee of debt issues;

approval of bond issue sale

(a) The Secretary may guarantee not to exceed 90 percent of the unpaid principal and interest due on an issue of bonds, debentures, or

similar obligations issued by an organization

satisfactory to the Secretary. Such an issue

shall be deemed a loan for purposes of sections

1482, 1483, 1484, 1485, 1486, 1489, 1490, 1491, 1493,

1494, 1495, 1496, and 1497 of this title.

(b) The method by which an issue of bonds

guaranteed under this section may be sold shall

be subject to approval by the Secretary.

(Pub. L. 93–262, title II, §220, as added Pub. L.

100–442, §6, Sept. 22, 1988, 102 Stat. 1764.)

SUBCHAPTER III—INTEREST SUBSIDIES

AND ADMINISTRATIVE EXPENSES

§ 1511. Interest subsidies; rules and regulations

The Secretary is authorized under such rules

and regulations as he may prescribe to pay as an

interest subsidy on loans which are guaranteed

or insured under the provisions of subchapter II

of this chapter amounts which are necessary to

reduce the rate payable by the borrower to the

rate determined under section 1464 of this title.

(Pub. L. 93–262, title III, §301, Apr. 12, 1974, 88

Stat. 82.)

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1461 of this title.

§ 1512. Authorization of appropriations for interest payments

There are authorized to be appropriated for

fiscal year 1985, and for each fiscal year thereafter, an amount which does not exceed

$5,500,000 for purposes of making interest payments authorized under this subchapter. Sums

appropriated under this section, shall remain

available until expended.

(Pub. L. 93–262, title III, §302, Apr. 12, 1974, 88

Stat. 82; Pub. L. 98–449, §8, Oct. 4, 1984, 98 Stat.

1725.)

AMENDMENTS

1984—Pub. L. 98–449 amended section generally, substituting provisions authorizing appropriations for payment of interest under this subchapter for provisions

authorizing appropriations for the Indian Loan Guarantee and Insurance Fund, interest subsidies and administrative expenses.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1543 of this title.

SUBCHAPTER IV—INDIAN BUSINESS

GRANTS

SUBCHAPTER REFERRED TO IN OTHER SECTIONS

This subchapter is referred to in section 1541 of this

title.

§ 1521. Indian Business Development Program;

establishment; statement of purpose

There is established within the Department of

the Interior the Indian Business Development

Program whose purpose is to stimulate and increase Indian entrepreneurship and employment

by providing equity capital through nonreimbursable grants made by the Secretary of the Interior to Indians and Indian tribes to establish

and expand profit-making Indian-owned economic enterprises on or near reservations.

(Pub. L. 93–262, title IV, §401, Apr. 12, 1974, 88

Stat. 82.)

§ 1522. Conditions

(a) Limitation of amount

No grant in excess of $100,000 in the case of an

Indian and $250,000 in the case of an Indian tribe,

or such lower amount as the Secretary may determine to be appropriate, may be made under

this subchapter.

(b) Financing from other sources; inability to obtain funds; applicant’s financial resources

A grant may be made only to an applicant

who, in the opinion of the Secretary, is unable

to obtain adequate financing for its economic

enterprise from other sources: Provided, That

prior to making any grant under this subchapter, the Secretary shall assure that, where

practical, the applicant has reasonably made

available for the economic enterprise funds from

the applicant’s own financial resources.

(c) Percentage requirement

No grant may be made to an applicant who is

unable to obtain at least 60 per centum of the

necessary funds for the economic enterprise

from other sources.

(Pub. L. 93–262, title IV, §402, Apr. 12, 1974, 88

Stat. 83; Pub. L. 98–449, §9, Oct. 4, 1984, 98 Stat.

1725.)

AMENDMENTS

1984—Subsec. (a). Pub. L. 98–449 amended subsec. (a)

generally, substituting provisions setting forth different levels of maximum grant amounts in cases of Indians and Indian tribes for provisions providing a maximum of $50,000 in cases of both Indians and Indian

tribes.

§ 1523. Authorization of appropriations

There are authorized to be appropriated not to

exceed the sum of $10,000,000 per year for fiscal

year 1986 and each fiscal year thereafter for the

purposes of this subchapter.

(Pub. L. 93–262, title IV, §403, Apr. 12, 1974, 88

Stat. 83; Pub. L. 95–68, July 20, 1977, 91 Stat. 272;

Pub. L. 98–449, §10, Oct. 4, 1984, 98 Stat. 1726.)

AMENDMENTS

1984—Pub. L. 98–449 amended section generally, substituting ‘‘$10,000,000’’ for ‘‘$14,000,000’’ and ‘‘1986 and

each fiscal year thereafter’’ for ‘‘1978 and 1979’’.