§1066d Authority of Secretary

Summary

The Secretary must publish a notice in the Federal Register within 120 days of August 14, 2008 asking private for-profit groups to apply to be the program’s designated bonding authority. The notice must say how and when to apply and what financial and management information is needed to judge applicants. The selection must be competitive and open. The Secretary must review the bonding authority’s performance after the third year of its insurance agreement and, after consulting the Advisory Board under section 1066f, start a new competitive selection if needed. The Secretary must make the first capital project loans authorized under section 1066b no later than March 31, 1994. The Secretary may provide technical help, directly or by grant or contract, to eligible institutions to help them qualify for and keep a capital improvement loan. Not later than 120 days after August 14, 2008, the Secretary must report to the authorizing committees on progress implementing the Government Accountability Office’s October 2006 recommendations. The Secretary may sue and be sued in state courts of general jurisdiction or in U.S. district courts, and those courts have authority over such cases regardless of the amount involved; actions continue even if the Secretary’s office changes hands. The Secretary may foreclose on, buy, manage, remodel, lease, sell, or otherwise deal with property tied to loans assigned to the Department. Doing so does not block other efforts to recover any loan shortfall and does not remove state or local legal jurisdiction over the property or affect residents’ civil rights. The Secretary may also sell, exchange, or lease property and securities and include necessary terms in contracts to carry out the program.