Sec. 5. Authorization to establish qualified Indian school construction bond escrow account
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/bill/115/s/2012/is/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Part B of title II of the Indian Self-Determination and Education Assistance Act ( 25 U.S.C. 5351 ) is amended by adding at the end the following: In this section: The term Federal escrow account means the qualified Indian school construction bond escrow account established under subsection (b). The term qualified Indian school construction bond means a bond for which the Secretary of the Interior has provided an allocation pursuant to the authority provided to the Secretary under section 54F(d)(4) of the Internal Revenue Code.
The term Secretary means the Secretary of the Interior. Pursuant to the authority granted under section 54F(d)(4) of the Internal Revenue Code of 1986, the Secretary shall establish a Federal qualified Indian school construction bond escrow account for the purpose of implementing such section. The Secretary shall use amounts available under the Federal escrow account to carry out a qualified Indian school construction bond program for schools funded by the Bureau of Indian Affairs, through which— the Secretary shall approve qualified school construction bonds to the extent that amounts are available in the Federal escrow account to support the bonds pursuant to paragraph (2); upon the Secretary's approval of a request for a qualified school construction bond, the Secretary shall deposit, from amounts available in the Federal escrow account, the amount described in paragraph
(4)in an individual bond escrow account that shall be managed for such qualified school construction bond; the funds for the individual bond escrow account shall be held by the Federal Government or in an insured depository institution, as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ), and shall be invested in appropriate Treasury securities; and the amount of the funds provided for the individual bond escrow account shall be an amount sufficient to repay the face value of the bond in a 15-year period, based on the investment required under paragraph (3). The Secretary shall deposit in the Federal escrow account such sums as are made available to implement this section and section 54F(d)(4) of the Internal Revenue Code of 1986. The Secretary may accept and deposit in the Federal escrow account amounts received to carry out this section from any other source, including Federal agencies, non-Federal public agencies, Indian Tribes, nonprofit organizations, and private sector entities. . Section 204 of the Indian Self-Determination and Education Assistance Act ( 25 U.S.C. 5351 ) is amended by striking this part B each place the term appears and inserting this section . Section 54F(d)(4) of the Internal Revenue Code of 1986 is amended by striking Affairs. and inserting Affairs, which may include paying the reasonable and necessary predevelopment costs directly associated with such construction, rehabilitation, or repair. .
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Sec. 5
Authorization to establish qualified Indian school construction bond escrow account
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