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S. 2581 (is) To provide for the preservation and restoration of historic buildings at historically women's public colleges or universities. [Introduced in Senate] ...


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                                                       Calendar No. 947
106th CONGRESS
  2d Session
                                S. 2580

                          [Report No. 106-497]

    To provide for the issuance of bonds to provide funding for the 
    construction of schools of the Bureau of Indian Affairs of the 
          Department of the Interior, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 17, 2000

 Mr. Johnson (for himself, Mr. Bingaman, Mr. Daschle, Mr. Inouye, Mr. 
Cochran, Mr. Campbell, Mr. Baucus, Mr. Reid, and Mr. Akaka) introduced 
the following bill; which was read twice and referred to the Committee 
                           on Indian Affairs

            October 11 (legislative day, September 22), 2000

              Reported by Mr. Campbell, with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL


 
    To provide for the issuance of bonds to provide funding for the 
    construction of schools of the Bureau of Indian Affairs of the 
          Department of the Interior, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Indian School Construction 
Act''.</DELETED>

<DELETED>SEC. 2. DEFINITIONS.</DELETED>

<DELETED>    In this Act:</DELETED>
        <DELETED>    (1) Bureau.--The term ``Bureau'' means the Bureau 
        of Indian Affairs of the Department of the Interior.</DELETED>
        <DELETED>    (2) Indian.--The term ``Indian'' means any 
        individual who is a member of a tribe.</DELETED>
        <DELETED>    (3) Secretary.--The term ``Secretary'' means the 
        Secretary of the Interior.</DELETED>
        <DELETED>    (4) Tribal school.--The term ``tribal school'' 
        means an elementary school, secondary school, or dormitory that 
        is operated by a tribal organization for the education of 
        Indian children and that receives financial assistance for its 
        operation under a contract, grant, or agreement with the Bureau 
        under section 102, 103(a), or 208 of the Indian Self-
        Determination and Education Assistance Act (25 U.S.C. 450f, 
        450h(a), and 458d).</DELETED>
        <DELETED>    (5) Tribe.--The term ``tribe'' means any Indian 
        tribe, band, nation, or other organized group or community, 
        including a Native village, Regional Corporation, or Village 
        Corporation (as defined in or established pursuant to the 
        Alaska Native Claims Settlement Act), that is recognized as 
        eligible for the special programs and services provided by the 
        United States to Indians because of their status as 
        Indians.</DELETED>

<DELETED>SEC. 3. ISSUANCE OF BONDS.</DELETED>

<DELETED>    (a) In General.--The Secretary shall establish a pilot 
program under which eligible tribes have the authority to issue tribal 
school modernization bonds to provide funding for the improvement, 
repair, and new construction of tribal schools.</DELETED>
<DELETED>    (b) Eligibility.--</DELETED>
        <DELETED>    (1) In general.--To be eligible to issue bonds 
        under the program under subsection (a), a tribe shall prepare 
        and submit to the Secretary a plan of construction that meets 
        the requirements of paragraph (2).</DELETED>
        <DELETED>    (2) Plan of construction.--A plan of construction 
        meets the requirements of this paragraph if such plan--
        </DELETED>
                <DELETED>    (A) contains a description of the 
                improvements, repairs, or new construction to be 
                undertaken with funding provided under the 
                bond;</DELETED>
                <DELETED>    (B) demonstrates that a comprehensive 
                survey has been undertaken concerning the construction 
                or renovation needs of the tribal school 
                involved;</DELETED>
                <DELETED>    (C) contains assurances that funding under 
                the bond will be used only for the activities described 
                in the plan; and</DELETED>
                <DELETED>    (D) contains any other reasonable and 
                related information determined appropriate by the 
                Secretary.</DELETED>
        <DELETED>    (3) Priority.--In determining whether a tribe is 
        eligible to participate in the program under this section, the 
        Secretary shall give priority to tribes that, as demonstrated 
        by the relevant plans of construction, will fund projects 
        described in the Replacement School Construction priority list 
        of the Bureau of Indian Affairs, as maintained under the Indian 
        Self-Determination and Education Assistance Act.</DELETED>
        <DELETED>    (4) Approval.--Except as provided in paragraph 
        (3), the Secretary shall approve the issuance of qualified 
        tribal school modernization bonds by tribes with approved plans 
        of construction on the basis of the order in which such plans 
        were received by the Secretary. Such approval shall not be 
        unreasonably withheld.</DELETED>
<DELETED>    (c) Permissible Activities.--In addition to the use of 
funds permitted under subsection (a), a tribe may use amounts received 
through the issuance of a bond to--</DELETED>
        <DELETED>    (1) enter into contracts with architects, 
        engineers, and construction firms in order to determine the 
        needs of the tribal school and for the design and engineering 
        of the school;</DELETED>
        <DELETED>    (2) enter into contracts with financial advisors, 
        underwriters, attorneys, trustees, and other professionals who 
        would be able to provide assistance to the tribe in issuing 
        bonds; and</DELETED>
        <DELETED>    (3) carry out other activities determined 
        appropriate by the Secretary.</DELETED>
<DELETED>    (d) Bond Trustee.--</DELETED>
        <DELETED>    (1) In general.--Notwithstanding any other 
        provision of law, any tribal school construction bond issued by 
        a tribe under this section shall be subject to a trust 
        agreement between the tribe and a trustee.</DELETED>
        <DELETED>    (2) Trustee.--Any bank or trust company that meets 
        requirements established by the Secretary by regulation may be 
        designated as a trustee under paragraph (1).</DELETED>
        <DELETED>    (3) Content of trust agreement.--A trust agreement 
        entered into by a tribe under this subsection shall specify 
        that the trustee, with respect to bonds issued under this 
        section shall--</DELETED>
                <DELETED>    (A) act as a repository for the proceeds 
                of the bond;</DELETED>
                <DELETED>    (B) make payments to 
                bondholders;</DELETED>
                <DELETED>    (C) from any amounts in excess of the 
                amounts necessary to make payments to bondholders, in 
                accordance with the requirements of paragraph (4), make 
                direct payments to contractors with the governing body 
                of the tribe for facility improvement, repair, or new 
                construction pursuant to this section; and</DELETED>
                <DELETED>    (D) invest in the tribal school 
                modernization escrow account established under 
                subsection (f)(2) such amounts of the proceeds as the 
                trustee determines not to be necessary to make payments 
                under subparagraphs (B) and (C).</DELETED>
        <DELETED>    (4) Requirements for making direct payments.--
        </DELETED>
                <DELETED>    (A) In general.--Notwithstanding any other 
                provision of law, only the trustee shall make the 
                direct payments referred to in paragraph (3)(C) in 
                accordance with requirements that the tribe shall 
                prescribe in the agreement entered into under paragraph 
                (3). The tribe shall require the trustee, prior to 
                making a payment to a contractor under paragraph 
                (3)(C), to inspect the project that is the subject of 
                the contract, or provide for an inspection of that 
                project by a local financial institution, to ensure the 
                completion of the project.</DELETED>
                <DELETED>    (B) Contracts.--Each contract referred to 
                in paragraph (3)(C) shall specify, or be renegotiated 
                to specify, that payments under the contract shall be 
                made in accordance with this subsection.</DELETED>
<DELETED>    (e) Payments of Principal and Interest.--</DELETED>
        <DELETED>    (1) Principal.--Qualified tribal school 
        modernization bonds shall be issued under this section as 
        interest only for a period of 15 years from the date of 
        issuance. Upon the expiration of such 15-year period, the 
        entire outstanding principal under the bond shall become due 
        and payable.</DELETED>
        <DELETED>    (2) Interest.--Interest on a qualified tribal 
        school modernization bond shall be in the form of a tax credit 
        under section 1400F of the Internal Revenue Code of 
        1986.</DELETED>
<DELETED>    (f) Bond Guarantees.--</DELETED>
        <DELETED>    (1) In general.--Payment of the principal portion 
        of a qualified tribal school modernization bond issued under 
        this section shall be guaranteed by amounts deposited in the 
        tribal school modernization escrow account established under 
        paragraph (2).</DELETED>
        <DELETED>    (2) Establishment of account.--</DELETED>
                <DELETED>    (A) In general.--Notwithstanding any other 
                provision of law, subject to the availability of 
                amounts made available under an appropriations Act, 
                beginning in fiscal year 2001, the Secretary may 
                deposit not more than $30,000,000 of unobligated funds 
                into a tribal school modernization escrow 
                account.</DELETED>
                <DELETED>    (B) Payments.--The Secretary shall use any 
                amounts deposited in the escrow account under 
                subparagraph (A) and subsection (d)(3)(D) to make 
                payments to holders of qualified tribal school 
                modernization bonds issued under this 
                section.</DELETED>
<DELETED>    (g) Limitations.--</DELETED>
        <DELETED>    (1) Obligation of tribes.--Notwithstanding any 
        other provision of law, a tribe that issues a qualified tribal 
        school modernization bond under this section shall not be 
        obligated to repay the principal on the bond.</DELETED>
        <DELETED>    (2) Land and facilities.--Any land or facilities 
        purchased or improved with amounts derived from qualified 
        tribal school modernization bonds issued under this section 
        shall not be mortgaged or used as collateral for such 
        bonds.</DELETED>

<DELETED>SEC. 4. EXPANSION OF INCENTIVES FOR TRIBAL SCHOOLS.</DELETED>

<DELETED>    Chapter 1 of the Internal Revenue Code of 1986 is amended 
by adding at the end the following new subchapter:</DELETED>

         <DELETED>``Subchapter X--Tribal School Modernization 
                          Provisions</DELETED>

<DELETED>``Sec. 1400F. Credit to holders of qualified tribal school 
                            modernization bonds.

<DELETED>``SEC. 1400F. CREDIT TO HOLDERS OF QUALIFIED TRIBAL SCHOOL 
              MODERNIZATION BONDS.</DELETED>

<DELETED>    ``(a) Allowance of Credit.--In the case of a taxpayer who 
holds a qualified tribal school modernization bond on a credit 
allowance date of such bond which occurs during the taxable year, there 
shall be allowed as a credit against the tax imposed by this chapter 
for such taxable year an amount equal to the sum of the credits 
determined under subsection (b) with respect to credit allowance dates 
during such year on which the taxpayer holds such bond.</DELETED>
<DELETED>    ``(b) Amount of Credit.--</DELETED>
        <DELETED>    ``(1) In general.--The amount of the credit 
        determined under this subsection with respect to any credit 
        allowance date for a qualified tribal school modernization bond 
        is 25 percent of the annual credit determined with respect to 
        such bond.</DELETED>
        <DELETED>    ``(2) Annual credit.--The annual credit determined 
        with respect to any qualified tribal school modernization bond 
        is the product of--</DELETED>
                <DELETED>    ``(A) the applicable credit rate, 
                multiplied by</DELETED>
                <DELETED>    ``(B) the outstanding face amount of the 
                bond.</DELETED>
        <DELETED>    ``(3) Applicable credit rate.--For purposes of 
        paragraph (1), the applicable credit rate with respect to an 
        issue is the rate equal to an average market yield (as of the 
        day before the date of issuance of the issue) on outstanding 
        long-term corporate debt obligations (determined under 
        regulations prescribed by the Secretary).</DELETED>
        <DELETED>    ``(4) Special rule for issuance and redemption.--
        In the case of a bond which is issued during the 3-month period 
        ending on a credit allowance date, the amount of the credit 
        determined under this subsection with respect to such credit 
        allowance date shall be a ratable portion of the credit 
        otherwise determined based on the portion of the 3-month period 
        during which the bond is outstanding. A similar rule shall 
        apply when the bond is redeemed.</DELETED>
<DELETED>    ``(c) Limitation Based on Amount of Tax.--</DELETED>
        <DELETED>    ``(1) In general.--The credit allowed under 
        subsection (a) for any taxable year shall not exceed the excess 
        of--</DELETED>
                <DELETED>    ``(A) the sum of the regular tax liability 
                (as defined in section 26(b)) plus the tax imposed by 
                section 55, over</DELETED>
                <DELETED>    ``(B) the sum of the credits allowable 
                under part IV of subchapter A (other than subpart C 
                thereof, relating to refundable credits).</DELETED>
        <DELETED>    ``(2) Carryover of unused credit.--If the credit 
        allowable under subsection (a) exceeds the limitation imposed 
        by paragraph (1) for such taxable year, such excess shall be 
        carried to the succeeding taxable year and added to the credit 
        allowable under subsection (a) for such taxable year.</DELETED>
<DELETED>    ``(d) Qualified Tribal School Modernization Bond; Other 
Definitions.--For purposes of this section--</DELETED>
        <DELETED>    ``(1) Qualified tribal school modernization 
        bond.--</DELETED>
                <DELETED>    ``(A) In general.--The term `qualified 
                school modernization bond' means, subject to 
                subparagraph (B), any bond issued as part of an issue 
                under section 3 of the Indian School Construction Act 
                if--</DELETED>
                        <DELETED>    ``(i) 95 percent or more of the 
                        proceeds of such issue are to be used for the 
                        construction, rehabilitation, or repair of a 
                        tribal school facility or for the acquisition 
                        of land on which such a facility is to be 
                        constructed with part of the proceeds of such 
                        issue,</DELETED>
                        <DELETED>    ``(ii) the bond is issued by an 

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