25 U.S.C. § 4195: Limitations on amount of…

Summary

The Secretary may guarantee loans and similar debts up to $400,000,000 in principal for each fiscal year 2009 through 2013, but only if Congress provides the funding and there are qualified applicants. Congress may also provide whatever money is needed in those years to cover the cost of those guarantees. The total outstanding guaranteed amount cannot exceed $2,000,000,000 unless Congress raises it. If 50 percent of that cap is committed, the Secretary may limit any one tribe to $50,000,000 in a year or ask Congress to increase the cap.

Title 25, §4195

Indians, Source: USLM XML via OLRC

(a)Aggregate fiscal year limitation

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)Authorization of appropriations for credit subsidy

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)Aggregate outstanding limitation

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)Fiscal year limitations on tribes

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