instruction:
In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
question:
SECTION 1. CONVEYANCE OF PROPERTY TO CLARK COUNTY, NEVADA.

(a) Findings.--Congress finds that--
(1) the Las Vegas Valley in the State of Nevada is the
fastest growing community in the United States;
(2) helicopter tour operations are conflicting with the
needs of long-established residential communities in the
Valley; and
(3) the designation of a public heliport in the Valley that
would reduce conflicts between helicopter tour operators and
residential communities is in the public interest.
(b) Purpose.--The purpose of this Act is to provide a suitable
location for the establishment of a commercial service heliport
facility to serve the Las Vegas Valley in the State of Nevada while
minimizing and mitigating the impact of air tours on the Sloan Canyon
National Conservation Area and North McCullough Mountains Wilderness.
(c) Definitions.--In this Act:
(1) Conservation area.--The term ''Conservation Area''
means the Sloan Canyon National Conservation Area established
by section 604(a) of the Clark County Conservation of Public
Land and Natural Resources Act of 2002 (116 Stat. 2010).
(2) County.--The term ''County'' means Clark County,
Nevada.
(3) Helicopter tour.--
(A) In general.--The term ''helicopter tour'' means
a commercial helicopter tour operated for profit.
(B) Exclusion.--The term ''helicopter tour'' does
not include a helicopter tour that is carried out to
assist a Federal, State, or local agency.
(4) Secretary.--The term ''Secretary'' means the Secretary
of the Interior.
(5) Wilderness.--The term ''Wilderness'' means the North
McCullough Mountains Wilderness established by section
202(a)(13) of the Clark County Conservation of Public Land and
Natural Resources Act of 2002 (116 Stat. 2000).
(d) Conveyance.--As soon as practicable after the date of enactment
of this Act, the Secretary shall convey to the County, subject to valid
existing rights, for no consideration, all right, title, and interest
of the United States in and to the parcel of land described in
subsection (e).
(e) Description of Land.--The parcel of land to be conveyed under
subsection (d) is the parcel of approximately 229 acres of land
depicted as tract A on the map entitled ''Clark County Public Heliport
Facility'' and dated May 3, 2004.
(f) Use of Land.--
(1) In general.--The parcel of land conveyed under
subsection (d)--
(A) shall be used by the County for the operation
of a heliport facility under the conditions stated in
paragraphs (2) and (3); and
(B) shall not be disposed of by the County.
(2) Imposition of fees.--
(A) In general.--Any operator of a helicopter tour
originating from or concluding at the parcel of land
described in subsection (e) shall pay to the Clark
County Department of Aviation a $3 conservation fee for
each passenger on the helicopter tour if any portion of
the helicopter tour occurs over the Conservation Area.
(B) Disposition of funds.--Any amounts collected
under subparagraph (A) shall be deposited in a special
account in the Treasury of the United States, which
shall be available to the Secretary, without further
appropriation, for the management of cultural,
wildlife, and wilderness resources on public land in
the State of Nevada.
(3) Flight path.--Except for safety reasons, any helicopter
tour originating or concluding at the parcel of land described
in subsection (e) that flies over the Conservation Area shall
not fly--
(A) over any area in the Conservation Area except
the area that is between 3 and 5 miles north of the
latitude of the southernmost boundary of the
Conservation Area;
(B) lower than 1,000 feet over the eastern segments
of the boundary of the Conservation Area; or
(C) lower than 500 feet over the western segments
of the boundary of the Conservation Area.
(4) Reversion.--If the County ceases to use any of the land
described in subsection (d) for the purpose described in
paragraph (1)(A) and under the conditions stated in paragraphs
(2) and (3)--
(A) title to the parcel shall revert to the United
States, at the option of the United States; and
(B) the County shall be responsible for any
reclamation necessary to revert the parcel to the
United States.
(g) Administrative Costs.--The Secretary shall require, as a
condition of the conveyance under subsection (d), that the County pay
the administrative costs of the conveyance, including survey costs and
any other costs associated with the transfer of title.
answer:
Requires the Secretary of the Interior to convey a specified parcel of Federal land to Clark County, Nevada, for operation of a commercial heliport facility. Prohibits the disposal of such conveyed land by the County.

Establishes a conservation fee for, and restricts the flight path of, helicopter tours originating from or concluding at the conveyed land which fly over the Sloan Canyon National Conservation Area. Requires collected fees to be deposited into a special account in the Treasury for use by the Secretary for cultural, wildlife, and wilderness resources management on public lands in Nevada.

Provides that title to the conveyed land shall revert to the United States if the County ceases to use the land for the purpose described in this Act. Makes the County responsible for any reclamation necessary for reversion.

Directs the Secretary to require the County to pay the administrative costs of conveying the land.

question:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Soledad Canyon Mine Act''.

SEC. 2. FINDING AND PURPOSES.

(a) Findings.--The Congress finds the following:
(1) Transit Mix Concrete Corporation holds two valid
Federal contracts, numbered CA-20139 and CA-22901, issued under
the Materials Act of 1947, for the extraction of approximately
56,000,000 tons of sand and gravel from the Federal mineral
estate in lands located in Soledad Canyon adjacent to the city
of Santa Clarita, California.
(2) It is in the best interest of the citizens of
California and the Federal Government to cancel the Contracts
and prohibit future mining in the Soledad Canyon area of
California.
(3) TMC should receive as just compensation for such
cancellation the fair market value of the Contracts and all
costs, fees, and covered liabilities incurred by TMC in good
faith in its efforts to develop the Contracts.
(4) A site-specific solution that is fair to TMC and that
seeks to protect the environment and minimize impacts on local
transportation systems is in the best interest of the Nation.
(5) Considerable sums of money have been expended by TMC
and the city of Santa Clarita on legal and other services in
trying to ensure their interests are protected with respect to
Contracts CA-20139 and CA-22901.
(b) Purposes.--The purposes of this Act are the following:
(1) To provide to the Bureau of Land Management the
authority to cancel contracts CA-20139 and CA-22901 and
prohibit future mining in the Soledad Canyon.
(2) To provide a means for TMC to recover as just
compensation for the cancellation of the Contracts the fair
market value of, and TMC's expenditures and covered liabilities
pursuing the development of, the Contracts.
(3) To provide the Bureau of Land Management tools to
verify expenses incurred by TMC and provide relief.
(4) To provide timelines for the verification of costs
incurred by TMC and the determination of just compensation, and
to provide a dispute resolution process.

SEC. 3. DEFINITIONS.

In this Act:
(1) Contracts.--The term ''Contracts'' means Bureau of Land
Management mineral contracts numbered CA-20139 and CA-22901.
(2) Covered liabilities.--The term ''covered liabilities''
includes any court-ordered or court-approved payment,
settlement, or other liability on the part of TMC for damages,
costs, compensation, or reimbursement to any third party for
agreements entered into by TMC in good faith prior to January
1, 2008, in order to exercise rights under the Contracts.
(3) Materials act of 1947.--The term ''Materials Act of
1947'' means the Act of July 31, 1947, (chapter 406; 61 Stat.
681; 30 U.S.C. 601-604).
(4) Secretary.--The term ''Secretary'' means the Secretary
of the Interior.
(5) TMC.--The term ''TMC'' means the Transit Mixed Concrete
Corporation and its successors in interest, including CEMEX
USA.

SEC. 4. CANCELLATION OF THE CONTRACTS.

(a) Contract Cancellations.--The Secretary shall cancel Bureau of
Land Management mineral contracts CA-20139 and CA-22901 and withdraw
those areas that were subject to the Contracts from further mineral
entry under all mineral leasing and sales authorities available to the
Secretary, effective on the date of the enactment of this Act.
(b) Compensation.--
(1) In general.--As compensation for the cancellation of
the Contracts, TMC shall receive fair market value of the
Contracts and TMC's expenditures and covered liabilities in
trying to bring the Contracts into commercial production. As
such compensation, the Secretary shall provide to TMC surface
and mineral interests and additional value in accordance with
subsection (d) having a total value equal to the amount
described in paragraph (3). All such expenditures must have
been incurred by TMC in good faith in connection with its
efforts to bring the Contracts into commercial production:
Provided, however, that compensation for covered liabilities
may be paid to TMC under this section for up to 15 years
following the effective date of this Act.
(2) Increase in adjusted basis of contract upon
cancellation.--For purposes of the Internal Revenue Code of
1986, the adjusted basis of any contract to which section 4(a)
applies shall be increased (immediately before the cancellation
of such contract under such section) by the excess (if any)
of--
(A) the fair market value of such contract
(determined immediately before such cancellation), over
(B) the adjusted basis of such contract (as
determined immediately before the application of this
section).
(3) Value described.--The compensation provided for in
paragraph (1) is equal to the sum of the following:
(A) All amounts paid to the United States by TMC
with respect to the Contracts as bonus bids or other
prepayments.
(B) Interest on amounts referred to in subparagraph
(A), from the date of payment of such amounts to the
United States, at a rate determined by the Secretary.
(C) Amounts expended by TMC in securing the
contracts and trying to bring them into production,
including--
(i) all actual costs, including fees,
associated with the engineering and
environmental studies, and permitting
proceedings, that were incurred in good faith
in TMC's efforts to exercise the rights granted
under the Contract terms; and
(ii) all actual legal costs, including fees
and covered liabilities, incurred in good faith
in TMC's efforts to exercise the rights granted
in the Contracts, including all fees and costs
associated with securing permits and
entitlements, litigation to compel, secure, or
defend permits or entitlements, and litigation
in connection with disputes relating to mineral
and surface estate rights to the property that
is the subject of the Contracts.
(D) The fair market value of the Contracts.
(4) Determination of fair market value.--The Secretary
shall, within six months after the date of enactment of this
Act, determine by mineral appraisal the fair market value of
the contracts at the time of such determination for purposes of
paragraph (3)(D), determine by mineral appraisal or other
generally accepted applicable appraisal techniques the fair
market value of the surface and mineral estate identified in
the map referred to in subsection (d), and notify TMC of those
determinations. In determining the fair market value of the
Contracts, the Secretary shall assume that--
(A) TMC has obtained all permits and entitlements
necessary to mine, produce, process, and sell sand and
gravel from the Contracts;
(B) mining operations under the Contracts have
commenced at the time of the determination, with
maximum annual production volumes that--
(i) are based on the projected supply and
demand outlook at the time of determination;
and
(ii) reflect depletion of the reserves of
the Contracts within the effective periods of
the Contract;
(C) the fair market value of the Contracts includes
the present value of expected future net cash flows to
be derived from the mining, producing, processing, and
sale of the sand and gravel contained in the Contracts
over the minimum time necessary to mine, produce,
process, and sell such sand and gravel, taking into
consideration--
(i) the material deposit contained in the
contract sites and its quality, volume,
minability, and reclamation requirements;
(ii) the proximity of the contract sites to
markets;
(iii) the type of market that could be
served from the contract sites, including
future supply, demand, and probable price
increases based upon construction material data
developed by the State of California;
(iv) the cost of mining, producing,
processing, and selling the material reserved
in the contract sites;
(v) the types and costs of transportation
for such production from the contract sites to
markets;
(vi) royalties, taxes, and fees to mine and
sell the production from the contract sites;
(vii) similar market sales of materials the
area or region of the contract sites; and
(viii) the net present values of expected
future cash flows from proposed mining
operations of the Contract sites taking into
consideration, at a minimum, the matters
referred to in clauses (i) through (viii).
(c) Submission of Expenses Incurred.--
(1) In general.--To assist in the verification of the
amounts expended referred to in subsection (b)(3)(C), TMC shall
submit to the Secretary within 60 days after the date of
enactment of this Act an itemized list of such amounts, with
enough detail and supporting documentation so the Secretary can
determine that the expenses are associated with the Contracts.
(2) Arbitration.--The Secretary shall issue the
determination of the amounts expended referred to in subsection
(b)(3)(C) within 60 days after receipt of the itemized list
required under paragraph (1). If the Secretary disapproves such
list, the Secretary shall, upon request of TMC, determine the
economic value invested for purposes of subsection (b)(3)
through arbitration in accordance with subchapter IV of chapter
5 of title 5, United States Code.
(d) Return of Value Opportunities for TMC.--
(1) In general.--Within six months after the completion of
the requirements of subsections (b) and (c), the Secretary
shall provide to TMC the following:
(A) Surface and mineral estate interests and
additional value under subsection (b)(1) using the
surface and mineral estate as described and delineated
as Area A on the map entitled ''Cemex USA and City of
Victorville, California Land Disposal and Acquisition
Agreement'' and on file with the Secretary, consisting
of approximately 5,000 acres.
(B) If the fair market value of the surface and
mineral estate used under subparagraph (A) is less than
the sum described in subsection (b)(3), additional
mineral or surface estate under subsection (b)(1) using
the surface and mineral estate as described and
delineated as Area B on the map entitled ''Cemex USA
and City of Victorville, California Land Disposal and
Acquisition Agreement'' and on file with the Secretary,
consisting of approximately 3,000 acres as is necessary
so that the sum of the values provided under
subparagraph (A) and this subparagraph does not exceed
the sum described in subsection (b)(3).
(C) If the sum of the fair market values of the
surface and mineral estates and additional value
provided under subparagraphs (A) and (B) is less that
the sum described in subsection (b)(3), additional
value as is necessary so that the sum of the values
provided under subparagraphs (A) and (B) and this
subparagraph does not exceed the sum described in
subsection (b)(3), in the form of one or more of the
following that are mutually agreed to by the Secretary
and TMC:
(i) Credits that may be applied against
future royalties, bonus bids, or rental fees
for Federal lands administered by the Secretary
and located within the State of California,
including leases for all submerged lands of the
outer Continental Shelf.
(ii) Interest in the mineral estate in
Federal lands in the State of California that
are available for sale under the Mineral
Leasing Act (30 U.S.C. 181 et seq.) or other
law administered by the Secretary.
(iii) Interests in the surface estate in
Federal lands in the State of California that
are under the administrative jurisdiction of
the Secretary and that are available for
disposal.
(e) Treatment of Credits.--
(1) Term.--Credits provided under subsection (d) shall
expire at the end of the 10-year period beginning on the date
the credits are issued by the Secretary.
(2) Assignment.--TMC may assign credits provided to TMC
under subsection (d) to any person who satisfies the same
requirements to hold the Contracts as those that applied to TMC
under the Materials Act of 1947.
(f) Referral to Court of Claims.--
(1) Referral.--If within 12 months after the date of
enactment of this Act, the Secretary and TMC do not reach
agreement under subsections (b), (c), and (d) regarding the
financial and mineral production opportunities to be provided
by the Secretary to TMC under subsection (b)(1), or, if within
3 months after TMC receives notice in accordance with
subsection (b)(4) of the fair market value determined by the
Secretary of the surface and mineral estate identified in the
maps referred to in subsection (d) TMC or the city of
Victorville, California, notifies the Secretary that it
disagrees with the Secretary's determination, the Secretary
shall refer the issues upon which TMC, or the city of
Victorville, California, and the Secretary are not in agreement
with respect to such an agreement or fair market value to the
United States Court of Federal Claims for resolution
(2) Resolution by court.--In any referral under this
subsection, the court shall--
(A) determine de novo the values described in
subsection (b) and (d), including the fair market
values of the surface and mineral estates as described
and delineated on the maps referred to in subsection
(d)(1); and
(B) determine and order the Secretary to provide
financial and mineral production opportunities
consistent with subparagraph (A), for purposes of
subsections (b)(1) and (d).

SEC. 5. LIMITATIONS ON FUTURE LEASING FOR LAND OR MINERAL ESTATE IN THE
VICTOR VALLEY AREA OF CALIFORNIA.

Notwithstanding anything in this Act to the contrary, prior to any
lease, transfer, or other disposition of land or any mineral or surface
estate for any area that is located in the city of Victorville,
California, the city of Victorville's sphere of influence, or the city
of Victorville's proposed sphere of influence, all as delineated on the
map entitled ''Cemex USA and City of Victorville, California Land
Disposal and Acquisition Agreement'' and on file with the Secretary,
the Secretary shall--
(1) consult with the city of Victorville, California, and
surface owners in that area; and
(2) prohibit mining in that area.
answer:
Soledad Canyon Mine Act - Instructs the Secretary of the Interior to cancel Bureau of Land Management mineral contracts CA-20139 and CA-22901 and withdraw from further mineral entry the areas subject to them, which are located in Soledad Canyon adjacent to Santa Clarita, California.

Requires Transit Mixed Concrete Corporation to receive, as compensation for cancellation of the contracts, their fair market value and its expenditures and covered liabilities in trying to bring the contracts into commercial production.

Increases the adjusted basis of the contracts upon cancellation for federal tax purposes.

Directs the Secretary, before any disposition of land, mineral or surface estate for any area located in the city of Victorville, California, to: (1) consult with the city and surface owners; and (2) prohibit mining in such area.

question:
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ''Community
Development Financial Institutions Fund Amendments Act of 1998''.
(b) Table of Contents.--The table of contents for this Act follows:

Sec. 1. Short title; table of contents.
Sec. 2. Technical corrections to reflect status of the Fund within
Treasury Department; miscellaneous
technical corrections.
Sec. 3. Amendments to programs administered by the Fund.
Sec. 4. Extension of authorization.
Sec. 5. Amendments to Small Business Capital Enhancement Program.

SEC. 2. TECHNICAL CORRECTIONS TO REFLECT STATUS OF THE FUND WITHIN
TREASURY DEPARTMENT; MISCELLANEOUS TECHNICAL CORRECTIONS.

(a) Purpose.--Section 102(b) of the Community Development Banking
and Financial Institutions Act of 1994 (12 U.S.C. 4701(b)) is amended
to read as follows:
''(b) Purpose.--The purpose of this subtitle is to create a
Community Development Financial Institutions Fund to promote economic
revitalization and community development through investment in and
assistance to community development financial institutions, including
enhancing the liquidity of community development financial
institutions, and through incentives to insured depository institutions
that increase lending and other assistance and investment in both
economically distressed communities and community development financial
institutions.''.
(b) Definitions.--
(1) Section 103 of the Community Development Banking and
Financial Institutions Act of 1994 is amended--
(A) by striking paragraph (1); and
(B) by redesignating paragraphs (2) through (21) as
paragraphs (1) through (20), respectively.
(2) The Community Development Banking and Financial
Institutions Act of 1994 (12 U.S.C. 4701 et seq.) is amended
(other than in section 118) by striking ''Administrator'' each
place it appears and inserting instead ''Secretary of the
Treasury''.
(c) Establishment of Fund Within Treasury Department.--
(1) In general.--Section 104(a) of the Community
Development Banking and Financial Institutions Act of 1994 (12
U.S.C. 4703(a)) is amended to read as follows:
''(a) Establishment.--
''(1) In general.--There is established in the Department
of the Treasury a Community Development Financial Institutions
Fund that shall have the functions specified by this subtitle
and subtitle B of Title II. The offices of the Fund shall be in
Washington, D.C. The Fund shall not be affiliated with any
other agency or department of the Federal Government.
''(2) Wholly owned government corporation.--The Fund shall
be a wholly owned government corporation within the Department
of the Treasury and shall be treated in all respects as an
agency of the United States, except as otherwise provided in
this subtitle.''.
(2) Authority of the secretary of the treasury.--Section
104(b) of the Community Development Banking and Financial
Institutions Act of 1994 (12 U.S.C. 4703(b)) is amended to read
as follows:
''(b) Management of Fund.--
''(1) Authority of secretary of the treasury.--All
functions of the Fund shall be performed by or under the
supervision of the Secretary of the Treasury.
''(2) Appointment of officers and employees.--The Secretary
of the Treasury may appoint such officers and employees of the
Fund, including a Director, as the Secretary deems necessary or
appropriate.''.
(3) Inspector general.--
(A) In general.--Section 118 of the Community
Development Banking and Financial Institutions Act of
1994 is amended to read as follows:

''SEC. 118. INSPECTOR GENERAL.

''The Inspector General of the Department of the Treasury shall be
the Inspector General of the Fund.''.
(B) Technical and conforming amendment.--Section 11
of the Inspector General Act of 1978 (5 U.S.C. App. 3)
is amended--
(i) in paragraph (1), by striking ''; the
Administrator of the Community Development
Financial Institutions Fund;''; and
(ii) in paragraph (2), by striking ''the
Community Development Financial Institutions
Fund,''.
(4) Technical correction to rulemaking authority.--Section
119(a)(1) of the Community Development Banking and Financial
Institutions Act of 1994 (12 U.S.C. 4717(a)(1)) is amended to
read as follows:
''(1) In general.--The Secretary of the Treasury may
promulgate such regulations and procedures as may be necessary
to carry out this subtitle.''.

SEC. 3. AMENDMENTS TO PROGRAMS ADMINISTERED BY THE FUND.

(a) Amendments to Community Development Financial Institutions
Program.--
(1) Form of assistance provided.--Section 108(a)(1)(B)(iii)
of the Community Development Banking and Financial Institutions
Act of 1994 (12 U.S.C. 4707(a)(1)(B)(iii)) is amended by
inserting ''through cooperative agreements or'' before ''by
contracting''.
(2) Training programs.--Section 109(d) of the Community
Development Banking and Financial Institutions Act of 1994 (12
U.S.C. 4708(d)) is amended to read as follows:
''(d) Form.--The Fund may offer the training program described in
this section directly, through grants, contracts, or cooperative
agreements with other organizations. The Fund may provide the training
through grants, contracts, or cooperative agreements with organizations
that possess special expertise in community development, without regard
to whether the organizations receive or are eligible to receive
assistance under this subtitle.''.
(b) Amendments to the Bank Enterprise Act Awards Program.--
(1) Awards for assistance to community development
financial institutions.--Section 233(a)(2) of the Bank
Enterprise Act (12 U.S.C. 1834a(a)(2)) is amended--
(A) by striking ''for for'' in the text preceding
subparagraph (A) and inserting ''for'';
(B) in subparagraph (A), by striking ''for low- and
moderate-income persons'' and inserting ''to community
development financial institutions, low- and moderate-
income persons''; and
(C) in subparagraph (B)--
(i) by inserting ''of the increase'' after
''the amount''; and
(ii) by striking ''financial'' each place
such term appears.
(2) Increase in award amounts for certain activities.--
Section 114(b)(2) of the Community Development Banking and
Financial Institutions Act of 1994 (12 U.S.C. 4713(b)(2)) is
amended by amending the substitute text used to apply section
233(a)(3) of the Bank Enterprise Act of 1991--
(A) in subparagraph (A), by inserting ''and
(2)(B)'' after ''paragraph (2)(A)'';
(B) in subparagraph (A)(i), by inserting ''each''
before ''such subparagraph''; and
(C) in subparagraph (A)(ii), by inserting ''each''
before ''such subparagraph''.
(3) Awarding credit for additional qualified activities.--
Section 233(a)(4) of the Bank Enterprise Act (12 U.S.C.
1834a(a)(4)) is amended--
(A) in the text preceding subparagraph (A), by
inserting ''and (2)(B)'' after ''paragraph (2)(A)'';
and
(B) by adding at the end the following new
subparagraph:
''(P) Other forms of assistance that the Board
deems appropriate.
(4) Evaluation of technical assistance provided.--Section
233(a)(7) of the Bank Enterprise Act (12 U.S.C. 1834a(a)(7)) is
amended--
(A) by inserting ''and other'' after ''technical'';
and
(B) by striking ''and (O)'' and inserting instead
''(O), and (P)''.
(5) Establishing alternative criteria in defining certain
distressed communities.--Section 233(b)(4)(C) of the Bank
Enterprise Act (12 U.S.C. 1834a(b)(4)(C)) is amended by
inserting ''or alternative'' before ''eligibility
requirements''.

SEC. 4. EXTENSION OF AUTHORIZATION.

Section 121(a)(1) of the Community Development Banking and
Financial Institutions Act of 1994 (12 U.S.C. 4718(a)(1)) is amended to
read as follows:
''(1) In general.--There are authorized to be appropriated
to the Fund, to remain available until expended, such funds as
may be necessary to carry out this subtitle and subtitle B of
title II.''.

SEC. 5. AMENDMENTS TO SMALL BUSINESS CAPITAL ENHANCEMENT PROGRAM.

(a) Definition of Financial Institution.--Section 252(5) of the
Riegle Community Development and Regulatory Improvement Act of 1994 (12
U.S.C. 4742(5)) is amended by inserting ''any community development
financial institution (as defined in section 103(5) of this Act) and,''
before ''any federally chartered''.
(b) Elimination of Threshold Appropriation.--Section 253 of the
Riegle Community Development and Regulatory Improvement Act of 1994 (12
U.S.C. 4743) is amended by striking subsection (d) and redesignating
subsection (e) as subsection (d).
(c) Conforming Amendment.--Section 254(a) of the Riegle Community
Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4744(a))
is amended by inserting ''(if any)'' after ''appropriate Federal
banking agency''.
(d) Amendments to Reimbursement Authority.--Section 257(a) of the
Riegle Community Development and Regulatory Improvement Act of 1994 (12
U.S.C. 4747(a)) is amended to read as follows--
''(a) Reimbursements.--The Fund shall reimburse participating
States according to criteria established by the Fund. Such criteria may
include whether a participating State is creating a new program, is
expanding in scope or scale an existing State program, the need for
Fund reimbursement, the availability of Fund resources, and other
criteria established by the Fund. Not later than 30 calendar days after
receiving a report filed in compliance with section 256, the Fund shall
reimburse a participating State meeting such criteria in an amount
equal to up to 50 percent of the amount of contributions by the
participating State to the reserve funds that are subject to
reimbursement by the Fund pursuant to section 256 and this section,
until such sums made available by the Fund for this purpose are
expended.''.
(e) Conforming Amendment.--Section 260 of the Riegle Community
Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4750) is
repealed.
answer:
Community Development Financial Institutions Fund Amendments Act of 1998 - Modifies the Community Development Banking and Financial Institutions Act of 1994 to expand its purposes to include promotion of economic revitalization and community development through incentives to insured depository institutions that increase lending and other assistance and investment in both economically distressed communities and community development financial institutions.
(Sec. 2) Places the Community Development Financial Institutions Fund in the Department of the Treasury, and all Fund functions under the supervision of the Secretary of the Treasury.
(Sec. 3) Authorizes the Fund to offer community development finance activity training programs through grants or cooperative agreements with other organizations (as well as directly or through contracts).
Authorizes an insured depository institution to apply for any community enterprise assessment credit for any semiannual period for the amount of new originations of qualified loans and other assistance provided to community development financial institutions in distressed communities. Allows application for credit for the amount of the increase (currently, the amount) of deposits accepted from persons domiciled in the distressed community. Allows credits for assistance other than financial.
Revises the formula for determining the amount of an assessment credit for all such activities with respect to new lifeline accounts.
Expands the scope of assistance that the Community Enterprise Assessment Credit Board may take into account for purposes of community enterprise assessment credits. Permits the Board to: (1) establish guidelines for analyzing other than technical assistance by an institution to residents of a qualified distressed community; and (2) employ alternative criteria for defining distressed communities.
(Sec. 4) Amends the Act to extend the authorization of appropriations for the Act and for small business capital enhancement.
(Sec. 5) Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to redefine a financial institution to include a community development financial institution.
Repeals the prior appropriations prerequisite to State participation in the Small Business Capital Enhancement Program.
Revises reimbursement guidelines to declare that participating States shall be reimbursed according to criteria established by the Fund, which may include: (1) whether a participating State is creating a new program, or is expanding in scope or scale an existing State program; (2) the need for Fund reimbursement; and (3) the availability of Fund resources.