dreamproit/uscode huggingface dataset:
7 U.S.C. § 2009bb–8 (AGRICULTURE)
§ 2009bb–8. Approval of development plans and projects
(a) In general
A State or regional development plan or any multistate subregional plan that is proposed for development under this subchapter shall be reviewed by the Authority.
(b) Evaluation by State member
An application for a grant or any other assistance for a project under this subchapter shall be made through and evaluated for approval by the State member of the Authority representing the applicant.
(c) Certification
An application for a grant or other assistance for a project shall be approved only on certification by the State member that the application for the project—
(1) describes ways in which the project complies with any applicable State development plan;
(2) meets applicable criteria under section 2009bb–7 of this title;
(3) provides adequate assurance that the proposed project will be properly administered, operated, and maintained; and
(4) otherwise meets the requirements of this subchapter.
(d) Votes for decisions
On certification by a State member of the Authority of an application for a grant or other assistance for a specific project under this section, an affirmative vote of the Authority under section 2009bb–1(c) of this title shall be required for approval of the application.
(Pub. L. 87–128, title III, § 383J, formerly § 383I, as added Pub. L. 107–171, title VI, § 6028, May 13, 2002, 116 Stat. 386; renumbered § 383J and amended Pub. L. 110–234, title VI, § 6026(c)(1)(A), (2)(E), May 22, 2008, 122 Stat. 1178, 1179, and Pub. L. 110–246, § 4(a), title VI, § 6026(c)(1)(A), (2)(E), June 18, 2008, 122 Stat. 1664, 1940, 1941.)
heading: Codification
text: Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
heading: Prior Provisions
text: A prior section 383J of Pub. L. 87–128, title III, was renumbered section 383K and is classified to section 2009bb–9 of this title.
heading: Amendments
text: 2008—Subsec. (c)(2). Pub. L. 110–246, § 6026(c)(2)(E), made technical amendment to reference in original act which appears in text as reference to section 2009bb–7 of this title.
heading: Effective Date of 2008 Amendment
text: Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
7 U.S.C. § 2009bb–9 (AGRICULTURE)
§ 2009bb–9. Consent of States
Nothing in this subchapter requires any State to engage in or accept any program under this subchapter without the consent of the State.
(Pub. L. 87–128, title III, § 383K, formerly § 383J, as added Pub. L. 107–171, title VI, § 6028, May 13, 2002, 116 Stat. 386; renumbered § 383K, Pub. L. 110–234, title VI, § 6026(c)(1)(A), May 22, 2008, 122 Stat. 1178, and Pub. L. 110–246, § 4(a), title VI, § 6026(c)(1)(A), June 18, 2008, 122 Stat. 1664, 1940.)
heading: Codification
text: Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
heading: Prior Provisions
text: A prior section 383K of Pub. L. 87–128, title III, was renumbered section 383L and is classified to section 2009bb–10 of this title.
7 U.S.C. § 2009bb–10 (AGRICULTURE)
§ 2009bb–10. Records
(a) Records of the Authority
(1) In general
The Authority shall maintain accurate and complete records of all transactions and activities of the Authority.
(2) Availability
All records of the Authority shall be available for audit and examination by the Comptroller General of the United States and the Inspector General of the Department of Agriculture (including authorized representatives of the Comptroller General and the Inspector General of the Department of Agriculture).
(b) Records of recipients of Federal assistance
(1) In general
A recipient of Federal funds under this subchapter shall, as required by the Authority, maintain accurate and complete records of transactions and activities financed with Federal funds and report to the Authority on the transactions and activities to the Authority.
(2) Availability
All records required under paragraph (1) shall be available for audit by the Comptroller General of the United States, the Inspector General of the Department of Agriculture, and the Authority (including authorized representatives of the Comptroller General, the Inspector General of the Department of Agriculture, and the Authority).
(c) Annual audit
The Inspector General of the Department of Agriculture shall audit the activities, transactions, and records of the Authority on an annual basis.
(Pub. L. 87–128, title III, § 383L, formerly § 383K, as added Pub. L. 107–171, title VI, § 6028, May 13, 2002, 116 Stat. 386; renumbered § 383L, Pub. L. 110–234, title VI, § 6026(c)(1)(A), May 22, 2008, 122 Stat. 1178, and Pub. L. 110–246, § 4(a), title VI, § 6026(c)(1)(A), June 18, 2008, 122 Stat. 1664, 1940.)
heading: Codification
text: Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
heading: Prior Provisions
text: A prior section 383L of Pub. L. 87–128, title III, was renumbered section 383M and is classified to section 2009bb–11 of this title.
7 U.S.C. § 2009bb–11 (AGRICULTURE)
§ 2009bb–11. Annual report
Not later than 180 days after the end of each fiscal year, the Authority shall submit to the President and to Congress a report describing the activities carried out under this subchapter.
(Pub. L. 87–128, title III, § 383M, formerly § 383L, as added Pub. L. 107–171, title VI, § 6028, May 13, 2002, 116 Stat. 387; renumbered § 383M, Pub. L. 110–234, title VI, § 6026(c)(1)(A), May 22, 2008, 122 Stat. 1178, and Pub. L. 110–246, § 4(a), title VI, § 6026(c)(1)(A), June 18, 2008, 122 Stat. 1664, 1940.)
heading: Codification
text: Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
heading: Prior Provisions
text: A prior section 383M of Pub. L. 87–128, title III, was renumbered section 383N and is classified to section 2009bb–12 of this title.
7 U.S.C. § 2009bb–12 (AGRICULTURE)
§ 2009bb–12. Authorization of appropriations
(a) In general
There is authorized to be appropriated to the Authority to carry out this subchapter $30,000,000 for each of fiscal years 2008 through 2012, to remain available until expended.
(b) Administrative expenses
Not more than 5 percent of the amount appropriated under subsection (a) of this section for a fiscal year shall be used for administrative expenses of the Authority.
(c) Minimum State share of grants
Notwithstanding any other provision of this subchapter, for any fiscal year, the aggregate amount of grants received by a State and all persons or entities in the State under this subchapter shall be not less than ⅓ of the product obtained by multiplying—
(1) the aggregate amount of grants under this subchapter for the fiscal year; and
(2) the ratio that—
(A) the population of the State (as determined by the Secretary of Commerce based on the most recent decennial census for which data are available); bears to
(B) the population of the region (as so determined).
(Pub. L. 87–128, title III, § 383N, formerly § 383M, as added Pub. L. 107–171, title VI, § 6028, May 13, 2002, 116 Stat. 387; renumbered § 383N and amended Pub. L. 110–234, title VI, § 6026(c)(1)(A), (j), May 22, 2008, 122 Stat. 1178, 1182, and Pub. L. 110–246, § 4(a), title VI, § 6026(c)(1)(A), (j), June 18, 2008, 122 Stat. 1664, 1940, 1943.)
heading: Codification
text: Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
heading: Prior Provisions
text: A prior section 383N of Pub. L. 87–128, title III, was renumbered section 383O and is classified to section 2009bb–13 of this title.
heading: Amendments
text: 2008—Subsec. (a). Pub. L. 110–246, § 6026(j), substituted “2008 through 2012” for “2002 through 2007”.
heading: Effective Date of 2008 Amendment
text: Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
7 U.S.C. § 2009bb–13 (AGRICULTURE)
§ 2009bb–13. Termination of authority
The authority provided by this subchapter terminates effective October 1, 2012.
(Pub. L. 87–128, title III, § 383O, formerly § 383N, as added Pub. L. 107–171, title VI, § 6028, May 13, 2002, 116 Stat. 387; renumbered § 383O and amended Pub. L. 110–234, title VI, § 6026(c)(1)(A), (k), May 22, 2008, 122 Stat. 1178, 1182, and Pub. L. 110–246, § 4(a), title VI, § 6026(c)(1)(A), (k), June 18, 2008, 122 Stat. 1664, 1940, 1943.)
heading: Codification
text: Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
heading: Amendments
text: 2008—Pub. L. 110–246, § 6026(k), substituted “2012” for “2007”.
heading: Effective Date of 2008 Amendment
text: Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
7 U.S.C. § 2009cc–1 (AGRICULTURE)
§ 2009cc–1. Purposes
The purposes of the Rural Business Investment Program established under this subchapter are—
(1) to promote economic development and the creation of wealth and job opportunities in rural areas and among individuals living in those areas by encouraging developmental venture capital investments in smaller enterprises primarily located in rural areas; and
(2) to establish a developmental venture capital program, with the mission of addressing the unmet equity investment needs of small enterprises located in rural areas, by authorizing the Secretary—
(A) to enter into participation agreements with rural business investment companies;
(B) to guarantee debentures of rural business investment companies to enable each rural business investment company to make developmental venture capital investments in smaller enterprises in rural areas; and
(C) to make grants to rural business investment companies, and to other entities, for the purpose of providing operational assistance to smaller enterprises financed, or expected to be financed, by rural business investment companies.
(Pub. L. 87–128, title III, § 384B, as added Pub. L. 107–171, title VI, § 6029, May 13, 2002, 116 Stat. 391.)
7 U.S.C. § 2009cc–2 (AGRICULTURE)
§ 2009cc–2. Establishment
In accordance with this subchapter, the Secretary shall establish a Rural Business Investment Program, under which the Secretary may—
(1) enter into participation agreements with companies granted final approval under section 2009cc–3(e) of this title for the purposes set forth in section 2009cc–1 of this title;
(2) guarantee the debentures issued by rural business investment companies as provided in section 2009cc–4 of this title; and
(3) make grants to rural business investment companies, and to other entities, under section 2009cc–7 of this title.
(Pub. L. 87–128, title III, § 384C, as added Pub. L. 107–171, title VI, § 6029, May 13, 2002, 116 Stat. 391.)
7 U.S.C. § 2009cc–4 (AGRICULTURE)
§ 2009cc–4. Debentures
(a) In general
The Secretary may guarantee the timely payment of principal and interest, as scheduled, on debentures issued by any rural business investment company.
(b) Terms and conditions
The Secretary may make guarantees under this section on such terms and conditions as the Secretary considers appropriate, except that the term of any debenture guaranteed under this section shall not exceed 15 years.
(c) Full faith and credit of the United States
Section 2009g(i) of this title shall apply to any guarantee under this section.
(d) Maximum guarantee
Under this section, the Secretary may—
(1) guarantee the debentures issued by a rural business investment company only to the extent that the total face amount of outstanding guaranteed debentures of the rural business investment company does not exceed the lesser of—
(A) 300 percent of the private capital of the rural business investment company; or
(B) $105,000,000; and
(2) provide for the use of discounted debentures.
(Pub. L. 87–128, title III, § 384E, as added Pub. L. 107–171, title VI, § 6029, May 13, 2002, 116 Stat. 393.)
7 U.S.C. § 2009cc–6 (AGRICULTURE)
§ 2009cc–6. Fees
(a) In general
The Secretary may charge a fee that does not exceed $500 with respect to any guarantee or grant issued under this subchapter.
(b) Trust certificate
Notwithstanding subsection (a) of this section, the Secretary shall not collect a fee for any guarantee of a trust certificate under section 2009cc–5 of this title, except that any agent of the Secretary may collect a fee that does not exceed $500 for the functions described in section 2009cc–5(e)(2) of this title.
(c) License
(1) In general
Except as provided in paragraph (3), the Secretary may prescribe fees to be paid by each applicant for a license to operate as a rural business investment company under this subchapter.
(2) Use of amounts
Fees collected under this subsection—
(A) shall be deposited in the account for salaries and expenses of the Secretary;
(B) are authorized to be appropriated solely to cover the costs of licensing examinations; and
(C) shall not exceed $500 for any fee collected under this subsection.
(3) Prohibition on collection of certain fees
In the case of a license described in paragraph (1) that was approved before July 1, 2007, the Secretary shall not collect any fees due on or after the date of enactment of this paragraph.
(Pub. L. 87–128, title III, § 384G, as added Pub. L. 107–171, title VI, § 6029, May 13, 2002, 116 Stat. 395; amended Pub. L. 110–234, title VI, § 6027(b), May 22, 2008, 122 Stat. 1182; Pub. L. 110–246, § 4(a), title VI, § 6027(b), June 18, 2008, 122 Stat. 1664, 1943.)
heading: References in Text
text: The date of enactment of this paragraph, referred to in subsec. (c)(3), is the date of enactment of Pub. L. 110–246, which was approved June 18, 2008.
heading: Codification
text: Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
heading: Amendments
text: 2008—Subsec. (a). Pub. L. 110–246, § 6027(b)(1), substituted “a fee that does not exceed $500” for “such fees as the Secretary considers appropriate”.
Subsec. (b). Pub. L. 110–246, § 6027(b)(2), substituted “that does not exceed $500” for “approved by the Secretary”.
Subsec. (c)(1). Pub. L. 110–246, § 6027(b)(3)(A), substituted “Except as provided in paragraph (3), the” for “The”.
Subsec. (c)(2)(C). Pub. L. 110–246, § 6027(b)(3)(B), added subpar. (C).
Subsec. (c)(3). Pub. L. 110–246, § 6027(b)(3)(C), added par. (3).
heading: Effective Date of 2008 Amendment
text: Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
7 U.S.C. § 2009cc–7 (AGRICULTURE)
§ 2009cc–7. Operational assistance grants
(a) In general
In accordance with this section, the Secretary may make grants to rural business investment companies and to other entities, as authorized by this subchapter, to provide operational assistance to smaller enterprises financed, or expected to be financed, by the entities.
(b) Terms
Grants made under this section shall be made over a multiyear period (not to exceed 10 years) under such terms as the Secretary may require.
(c) Use of funds
The proceeds of a grant made under this section may be used by the rural business investment company receiving the grant only to provide operational assistance in connection with an equity or prospective equity investment in a business located in a rural area.
(d) Submission of plans
A rural business investment company shall be eligible for a grant under this section only if the rural business investment company submits to the Secretary, in such form and manner as the Secretary may require, a plan for use of the grant.
(e) Grant amount
(1) Rural business investment companies
The amount of a grant made under this section to a rural business investment company shall be equal to the lesser of—
(A) 10 percent of the private capital raised by the rural business investment company; or
(B) $1,000,000.
(2) Other entities
The amount of a grant made under this section to any entity other than a rural business investment company shall be equal to the resources (in cash or in kind) raised by the entity in accordance with the requirements applicable to rural business investment companies under this subchapter.
(Pub. L. 87–128, title III, § 384H, as added Pub. L. 107–171, title VI, § 6029, May 13, 2002, 116 Stat. 395.)
7 U.S.C. § 2009cc–11 (AGRICULTURE)
§ 2009cc–11. Examinations
(a) In general
Each rural business investment company that participates in the program established under this subchapter shall be subject to examinations made at the direction of the Secretary in accordance with this section.
(b) Assistance of private sector entities
An examination under this section may be conducted with the assistance of a private sector entity that has the qualifications and the expertise necessary to conduct such an examination.
(c) Costs
(1) In general
The Secretary may assess the cost of an examination under this section, including compensation of the examiners, against the rural business investment company examined.
(2) Payment
Any rural business investment company against which the Secretary assesses costs under this paragraph shall pay the costs.
(d) Deposit of funds
Funds collected under this section shall—
(1) be deposited in the account that incurred the costs for carrying out this section;
(2) be made available to the Secretary to carry out this section, without further appropriation; and
(3) remain available until expended.
(Pub. L. 87–128, title III, § 384L, as added Pub. L. 107–171, title VI, § 6029, May 13, 2002, 116 Stat. 399.)
7 U.S.C. § 2009cc–12 (AGRICULTURE)
§ 2009cc–12. Injunctions and other orders
(a) In general
(1) Application by Secretary
Whenever, in the judgment of the Secretary, a rural business investment company or any other person has engaged or is about to engage in any act or practice that constitutes or will constitute a violation of a provision of this subchapter (including any rule, regulation, order, or participation agreement under this subchapter), the Secretary may apply to the appropriate district court of the United States for an order enjoining the act or practice, or for an order enforcing compliance with the provision, rule, regulation, order, or participation agreement.
(2) Jurisdiction; relief
The court shall have jurisdiction over the action and, on a showing by the Secretary that the rural business investment company or other person has engaged or is about to engage in an act or practice described in paragraph (1), a permanent or temporary injunction, restraining order, or other order, shall be granted without bond.
(b) Jurisdiction
(1) In general
In any proceeding under subsection (a) of this section, the court as a court of equity may, to such extent as the court considers necessary, take exclusive jurisdiction over the rural business investment company and the assets of the rural business investment company, wherever located.
(2) Trustee or receiver
The court shall have jurisdiction in any proceeding described in paragraph (1) to appoint a trustee or receiver to hold or administer the assets.
(c) Secretary as trustee or receiver
(1) Authority
The Secretary may act as trustee or receiver of a rural business investment company.
(2) Appointment
On the request of the Secretary, the court shall appoint the Secretary to act as a trustee or receiver of a rural business investment company unless the court considers the appointment inequitable or otherwise inappropriate by reason of any special circumstances involved.
(Pub. L. 87–128, title III, § 384M, as added Pub. L. 107–171, title VI, § 6029, May 13, 2002, 116 Stat. 399.)
7 U.S.C. § 2009cc–13 (AGRICULTURE)
§ 2009cc–13. Additional penalties for noncompliance
(a) In general
With respect to any rural business investment company that violates or fails to comply with this subchapter (including any rule, regulation, order, or participation agreement under this subchapter), the Secretary may, in accordance with this section—
(1) void the participation agreement between the Secretary and the rural business investment company; and
(2) cause the rural business investment company to forfeit all of the rights and privileges derived by the rural business investment company under this subchapter.
(b) Adjudication of noncompliance
(1) In general
Before the Secretary may cause a rural business investment company to forfeit rights or privileges under subsection (a) of this section, a court of the United States of competent jurisdiction must find that the rural business investment company committed a violation, or failed to comply, in a cause of action brought for that purpose in the district, territory, or other place subject to the jurisdiction of the United States, in which the principal office of the rural business investment company is located.
(2) Parties authorized to file causes of action
Each cause of action brought by the United States under this subsection shall be brought by the Secretary or by the Attorney General.
(Pub. L. 87–128, title III, § 384N, as added Pub. L. 107–171, title VI, § 6029, May 13, 2002, 116 Stat. 400.)