§4195 — Title 25 Indians | U.S. Code

Summary

The Secretary may guarantee notes and obligations up to $400,000,000 in principal for each fiscal year 2009 through 2013, but only if Congress provides the money and there are qualified applicants and eligible projects. Congress can also appropriate whatever sums are needed to cover the cost of those guarantees for each of those years. At no time may the total outstanding guaranteed obligations exceed $2,000,000,000 unless Congress approves a higher limit. The Secretary must watch how tribes use the guarantees. If half of the total limit is committed, the Secretary may cap any one tribe at $50,000,000 per fiscal year or ask Congress to raise the overall limit.

Title 25, §4195

Indians — Source: USLM XML via OLRC

(a)Notwithstanding any other provision of law and subject only to the absence of qualified applicants or proposed activities and to the authority provided in this subchapter, to the extent approved or provided in appropriations Acts, the Secretary may enter into commitments to guarantee notes and obligations under this subchapter with an aggregate principal amount not to exceed $400,000,000 for each of fiscal years 2009 through 2013.

(b)There are authorized to be appropriated to cover the costs (as such term is defined in section 661a of title 2) of guarantees under this subchapter such sums as may be necessary for each of fiscal years 2009 through 2013.

(c)The total amount of outstanding obligations guaranteed on a cumulative basis by the Secretary pursuant to this subchapter shall not at any time exceed $2,000,000,000 or such higher amount as may be authorized to be appropriated for this subchapter for any fiscal year.

(d)The Secretary shall monitor the use of guarantees under this subchapter by Indian tribes. If the Secretary finds that 50 percent of the aggregate guarantee authority under subsection (c) has been committed, the Secretary may—

(1)impose limitations on the amount of guarantees any one Indian tribe may receive in any fiscal year of $50,000,000; or

(2)request the enactment of legislation increasing the aggregate outstanding limitation on guarantees under this subchapter.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2008—Subsecs. (a), (b). Pub. L. 110–411 substituted “2009 through 2013” for “1997 through 2007”. 2002—Subsecs. (a), (b). Pub. L. 107–292 substituted “1997 through 2007” for “1997, 1998, 1999, 2000, and 2001”.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective Oct. 26, 1996, see section 606 of Pub. L. 104–330, set out as a note under section 4191 of this title.

§4195 Limitations on Amount of Guarantees