PRIA, Government Policy, Made Personal

Summary

$20,000,000 from Treasury funds not otherwise appropriated is set up as a revolving fund. The Secretary of the Interior, under the Secretary's rules, can lend it to Indian chartered corporations to help tribal economic development and pay loan administration; repayments return to the fund for the same purposes.

Title 25, §5113

Indians, Source: USLM XML via OLRC

There is authorized to be appropriated, out of any funds in the Treasury not otherwise appropriated, the sum of $20,000,000 to be established as a revolving fund from which the Secretary of the Interior, under such rules and regulations as he may prescribe, may make loans to Indian chartered corporations for the purpose of promoting the economic development of such tribes and of their members, and may defray the expenses of administering such loans. Repayment of amounts loaned under this authorization shall be credited to the revolving fund and shall be available for the purposes for which the fund is established.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was formerly classified to section 470 of this title prior to editorial reclassification and renumbering as this section.

Amendments

1961—Pub. L. 87–250 substituted “$20,000,000” for “$10,000,000”. 1960—Pub. L. 86–533 repealed provisions which required a report to be made annually to the Congress of transactions under the authorization.

Statutory Notes and Related Subsidiaries

Administration of FundFunds from diverse sources to be administered as a single Indian Revolving Loan Fund after Apr. 12, 1974, see section 1461 of this title.

§5113 Revolving Fund; Appropriation for Loans