S.Amdt. 2544
What it does: Inserts new text on page 181, line 25
Sen. Tim Johnson (D-SD)What it changes
1 change to H.R. 2996
Inserts new text on page 181, line 25
InsertsPrinted pageInserted: qualified school construction bonds
Inserted: Sec. 1___. (a) For purposes of the allocation and repayment of qualified school construction bonds under section 54F(d)(4) of the Internal Revenue Code of 1986, the Secretary of the Interior (in this section referred to as the "Secretary") may establish a tribal school construction escrow account into which may be deposited--
Inserted: (1) funds furnished by or on behalf of any Indian tribal government as necessary to support issuance of the bonds by such Indian tribal government (including interest earnings from the investment of the bond proceeds), and
Inserted: (2) amounts from, as the Secretary determines appropriate, other Federal departments and agencies (such as amounts made available for facility improvement and repairs) and non-Federal public or private sources for purposes of supporting such issuance.
Inserted: (b) The Secretary shall use any amounts deposited in the escrow account under subsection (a) for the repayment of the principal amount of such issued bonds.
Inserted: (c) Notwithstanding any other provision of law, the principal amount of any qualified school construction bond issued under section 54F(d)(4) of such Code shall be repaid only to the extent of any escrowed funds provided under subsection (a).
Inserted: (d) No qualified school construction bond issued under section 54F(d)(4) of such Code shall be an obligation of, and no payment of the principal of such a bond shall be guaranteed by--
Inserted: (1) the United States; or
Inserted: (2) the tribal school for which the bond was issued.
Inserted: (e) The Secretary may promulgate such regulations as necessary with regard to issuance of the qualified school construction bonds under section 54F(d)(4) of such Code.
Original wording
On page 181, after line 25, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2544. Mr. JOHNSON submitted an amendment intended to be proposed by him to the bill H.R. 2996, making appropriations for the Department of the Interior, environment, and related agencies for the fiscal year ending September 30, 2010, and for other purposes; which was ordered to lie on the table; as follows:
On page 181, after line 25, insert the following:
qualified school construction bonds
Sec. 1___. (a) For purposes of the allocation and repayment of qualified school construction bonds under section 54F(d)(4) of the Internal Revenue Code of 1986, the Secretary of the Interior (in this section referred to as the “Secretary”) may establish a tribal school construction escrow account into which may be deposited--
(1) funds furnished by or on behalf of any Indian tribal government as necessary to support issuance of the bonds by such Indian tribal government (including interest earnings from the investment of the bond proceeds), and
(2) amounts from, as the Secretary determines appropriate, other Federal departments and agencies (such as amounts made available for facility improvement and repairs) and non-Federal public or private sources for purposes of supporting such issuance.
(b) The Secretary shall use any amounts deposited in the escrow account under subsection (a) for the repayment of the principal amount of such issued bonds.
(c) Notwithstanding any other provision of law, the principal amount of any qualified school construction bond issued under section 54F(d)(4) of such Code shall be repaid only to the extent of any escrowed funds provided under subsection (a).
(d) No qualified school construction bond issued under section 54F(d)(4) of such Code shall be an obligation of, and no payment of the principal of such a bond shall be guaranteed by--
(1) the United States; or
(2) the tribal school for which the bond was issued.
(e) The Secretary may promulgate such regulations as necessary with regard to issuance of the qualified school construction bonds under section 54F(d)(4) of such Code.
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Senate amendment submitted
September 23, 2009