Indian School Construction Act

Bill: 110-hr-4243
Sponsor: Rep. Pomeroy, Earl [D-ND-At Large]
Introduced: 2007-11-15 in the House
Policy area: Native Americans
Subjects: Bonds
Construction costs
Economics and Public Finance
Education
Elementary and secondary education
Federal aid to Indians
Finance and Financial Sector
Income tax
Indian education
Maintenance and repair
Minorities
School buildings
Tax credits
Taxation

Summary:
action_date: 2007-11-15
text: 
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 funds for the construction, rehabilitation, and repair of tribal schools, including advance planning and design.

Permits a tribe to use amounts received through a bond issue to enter contracts: (1) for the design and engineering of the school; and (2) with financial advisors, underwriters, attorneys, trustees, and other professionals to provide assistance to the tribe in issuing bonds.
Makes any tribal school modernization bond issued by a tribe subject to a trust agreement. 
Authorizes the Secretary to deposit not more than $50 million into a tribal school modernization escrow account and to accept additional amounts from other federal agencies and non-federal public or private sources.
Declares that no bond shall be an obligation of, nor shall payment of the principal be guaranteed by, the United States, the tribes, or their schools. Exempts from federal income tax any earnings through the investment of funds under the control of a trustee. Amends the Internal Revenue Code to allow a tax credit to individuals who hold such bonds.

Legislative actions:
action_date: 2008-02-05
text: Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
action_date: 2007-11-15
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-11-15
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-11-15
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-11-15
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-11-15
text: Introduced in House
action_date: 2007-11-15
text: Introduced in House