(e) Effect on pending proceedings and parties to such proceedings (1) Nonabatement of actions This section does not abate any proceeding commenced (A) by or against any entity any function of which is transferred by this section; or (B) by or against any officer of any entity referred to in subparagraph (A) in the official capacity of such individual as such an officer. (2) Effect on parties If an officer of the Farmers Home Administration, in the official capacity of such officer, is a party to a proceeding pending on November 28, 1990, and under this section the officer or any function of the officer is transferred to the Rural Development Administration, Department of Agriculture, then such action shall be continued with the Secretary or the Administrator, Rural Development Administration, or other appropriate officer of the Department substituted or added as a party. (3) Transfer of certain rights of Farmers Home Administration to Rural Development Administra tion The rights, interests, obligations, and duties of the Farmers Home Administration arising before November 28, 1990, from any loan made, insured, or guaranteed, or any grant or contract made, by the Farmers Home Administration in the exercise of its functions shall (A) with respect to any function to be exercised on or after such date by the Farmers Home Administration under subsection (b) of this section, continue to be vested in the Farmers Home Administration; and (B) with respect to any function to be exercised on or after such date by the Rural Development Administration under subsection (c) of this section, be vested in the Rural Development Administration. (f) Compensation of Administrator The Administrator of the Rural Development Administration shall be compensated in accordance with subchapter VIII of chapter 53 of title VII, § 701(d), Dec. 13, 1991, 105 Stat. 1879; Pub. L. 103-129, § 4, Nov. 1, 1993, 107 Stat. 1366.) REFERENCES IN TEXT This Act, referred to in subsec. (b), refers to the Ag ricultural Act of 1961, Pub. L. 87-128, Aug. 8, 1961, 75 Stat. 294, as amended. For classification of this Act to the Code, see Short Title note set out under section 1911 of this title and Tables. However, the reference was probably intended to be "this title" meaning the Consolidated Farm and Rural Development Act, title III of Pub. L. 87-128, as amended, which is classified principally to this chapter. For classification of this title to the Code, see Short Title note set out under section 1921 of this title and Tables. Section 1323 of the Food Security Act of 1985 (Pub. L. 99-1981, referred to in subsec. (c), is set out as a note under section 1932 of this title. The Rural Development Act of 1972, referred to in subsec. (c), is Pub. L. 92-419, Aug. 30, 1972, 86 Stat 657, as amended. Title VI of the Act enacted sections 2204a and 2212a of this title, amended sections 10068. 2201, 2204, 2204b of this title, section 5315 of Title 5. Government Organization and Employees, sections 590g, 590h, and 5900 of Title 16, Conservation, and see tion 3122 of Title 42, The Public Health and Welfare For complete classification of this Act to the Code, see Short Title of 1972 Amendment note set out under section 1921 of this title and Tables. The Rural Electrification Act of 1936, referred to in subsec. (g)(1), is act May 20, 1936, ch. 432, 49 Stat. 1363, as amended, which is classified generally to chapter 31 (§ 901 et seq.) of this title. For complete classification of this Act to the Code, see section 901 of this title and Tables. AMENDMENTS 1993-Subsec. (g). Pub. L. 103-129 added subsec. (g). 1991-Subsec. (e)(2). Pub. L. 102-237, §701(dx1), substituted "November 28, 1990" for "the date of enactment of this section". Subsec. (e)(3). Pub. L. 102-237, § 701(d)(2), substitut ed "November 28, 1990," for "the date of enactment of this section". EFFECTIVE DATE OF 1991 AMENDMENT Amendment by Pub. L. 102-237 effective as if includ ed in the provision of the Food, Agriculture, Conserva tion, and Trade Act of 1990, Pub. L. 101-624, to which the amendment relates, see section 1101(b)(6) of Pub L. 102-237, set out as a note under section 1421 of this title. REGULATIONS Except as provided in sections 902(b) and 2008e of this title, not later than 45 days after Nov. 1, 1993, interim final regulations to be issued by Rural Develop ment Administration to carry out amendments made by Pub. L. 103-129 to programs administered by Ad ministrator, and by Secretary of Agriculture to carry out amendments made by Pub. L. 103-129 to programs administered by Farmers Home Administration, see section 6 of Pub. L. 103-129, set out as a note under section 901 of this title. TRANSFER OF FUNCTIONS Section 2302(b) of Pub. L. 101-624, as amended by Pub. L. 102-237, title VII, § 702(a), Dec. 13, 1991, 105 Stat. 1880, provided that: "(1) Notwithstanding the provisions of section 331 of the Consolidated Farm and Rural Development Act (? U.S.C. 19811, as soon as practicable, but in no case later than 180 days after November 28, 1990, the Ser retary shall transfer to the Rural Development Administration the powers, duties, and assets of the agencies, offices, and other entities in the Department of Agriculture, or elements thereof, related to the per formance of rural development functions, including, "(2) INCIDENTAL TRANSFERS.-The Secretary shall "(3) EFFECTIVE AND EFFICIENT TRANSFER OF AUTHOR- OPERATION OF REGIONAL OFFICES AFTER APRIL 1, 1994 Pub. L. 103-111, title VII, § 722, Oct. 21, 1993, 107 ESTABLISHMENT OF RURAL DEVELOPMENT Pub. L. 102-237, title X, § 1010, Dec. 13, 1991, 105 § 2007. General provisions (a) Application for participation If a State desires to participate in the pro- (b) Selection of States (1) Rural investment partnerships The Secretary shall select not more than 5 (2) Rural economic development review panels The Secretary shall select not more than 5 (c) Duration of projects (1) Rural investment partnerships Sections 2007a to 2007e of this title shall (2) Rural economic development review panels Chapter 3 shall apply to any State selected (d) Effective date Sections 2007a to 2007e of this title and sec- REFERENCES IN TEXT Chapter 3, referred to in subsec. (c)(2), is chapter 3 CODIFICATION Section was enacted as part of the Rural Economic PRESERVATION OF ELIGIBILITY FOR CREDIT ASSISTANCE Section 2395 of title XXIII of Pub. L. 101-624 pro- REGULATIONS Section 2396 of title XXIII of Pub. L. 101-624 pro- SECTION REFERRED TO IN OTHER SECTIONS § 2007a. Definitions As used in sections 2007a to 2007e of this title: (1) Approved local business The term "approved local business" means a local business that is approved to receive assistance from the revolving fund of an eligible entity as provided under the provisions of sections 2007a to 2007e of this title. (2) Eligible entity The term "eligible entity" means an entity (A) that is (i) a nonprofit private corporation or a public entity that is (I) the governing body of each public regional organization (such as the governing body of an economic development district) that is chartered or otherwise organized under State law for the purpose of promoting economic development; (II) the agency of each State that is primarily responsible for rural economic development programs within the State; (III) the governing body of a county or other political subdivision of a State; (IV) the governing body of a town or township within a State; or (V) an incorporated public organization or a nonprofit private community development corporation, or similar nonprofit private organization, that is chartered or otherwise organized under State law for the purpose of promoting economic development; or (ii) an Indian tribe (as defined in section 450b(e) of title 25), an Indian organization or entity chartered under the Act of June 18, 1934 [25 U.S.C. 461 et seq.], commonly known as the "Indian Reorganization Act", or any tribal organization (as defined in section 450b(l) of title 25); and (B) that (i) possesses the powers reasonably necessary to perform the functions and activities described in sections 2007a to 2007e of this title; (ii) has a professional staff and management ability (including adequate accounting, legal, and business servicing abilities or experience); and (iii) meets any other requirements established by the Board to carry out sections 2007a to 2007e of this title. (3) Investment Board apart from records and accounts not relat ed to that business concern; and (ii) is independently or cooperatively (not including borrowers under the Rural Electrification Act of 1936 [7 U.S.C. 901 et seq.]) owned and operated as defined by the Board; or (B) an individual who plans to organize and operate an entity of the type described in subparagraph (A), that meets any additional requirements that are established by the Board to carry out the intent of sections 2007a to 2007e of this title. (5) Rural area The term "rural area” means all territory of a State that is not within the outer boundary of any city or town having a population of 20,000 or more based on the latest decennial census of the United States, and any neighboring urbanized area as defined by the Board. (6) Rural Fund The terms "Rural Fund" and "Fund" mean the Rural Business Investment Fund estab lished under section 2007c(a) of this title. (7) Secretary The term "Secretary" means the Secretary of Agriculture, unless otherwise specified in sections 2007a to 2007e of this title. (8) State The term "State" means any State to which the Secretary has made sections 2007a to 2007e of this title applicable under section 2007(b)(1) of this title. (Pub. L. 101-624, title XXIII, § 2311, Nov. 28, 1990, 104 Stat. 3982; Pub. L. 102-237, title VII, § 702(b), Dec. 13, 1991, 105 Stat. 1880.) REFERENCES IN TEXT Act of June 18, 1934, referred to in par. (2XAXii), is act June 18, 1934, ch. 576, 48 Stat. 984, as amended, popularly known as the Indian Reorganization Act, which enacted sections 461, 462, 463, 464, 465, 466 to 470, 471, 472, 473, 474, 475, 476 to 478, and 479 of Title 25, Indians. For complete classification of this Act to the Code, see Short Title note set out under section 461 of Title 25 and Tables. The Rural Electrification Act of 1936, referred to par. (4)(A)(ii), is act May 20, 1936, ch. 432, 49 Stat. 1363, as amended, which is classified generally to chapter 31 (§ 901 et seq.) of this title. For complete classification of this Act to the Code, see section 901 of this title and Tables. CODIFICATION Section was enacted as part of the Rural Economic Development Act of 1990, and also as part of the Food Agriculture, Conservation, and Trade Act of 1990, and not as part of the Consolidated Farm and Rural Development Act which comprises this chapter. AMENDMENTS 1991-Par. (2)(A)(ii), Pub. L. 102-237, § 702(bx1), substituted "section 450b(e) of title 25" for "section 450b(b) of title 25" and "section 450b(l) of title 25" for "the section 450b(c) of title 25". Par. (4). Pub. L. 102-237, § 702(b)(2), substituted "sections 2007a to 2007e of this title" for "this Act" in concluding provisions. EFFECTIVE DATE OF 1991 AMENDMENT Amendment by Pub. L. 102-237 effective as if included in provision of Pub. L. 101-624 to which it relates, see section 1101(b)(7) of Pub. L. 102-237, set out as a note under section 1421 of this title. EFFECTIVE DATE Section effective Oct. 1, 1991, see section 2007(d) of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 2007, 2007b, 2007c, 2007d, 2007e of this title. § 2007b. Rural Partnerships Investment Board (a) Establishment There is established a "Rural Partnerships Investment Board" to provide lines of credit to eligible entities to enable such entities to establish, maintain, or expand revolving funds that are used to make or guarantee loans, or to make capital investments in new or expanding local businesses in conjunction with loans or investments made by depository institutions (as defined in section 1813(c)(1) of title 12,1 State owned banks whose deposits are backed by the full faith and credit of the State, or community development credit unions chartered by the National Credit Union Administration under the Federal Credit Union Act (12 U.S.C. 1751 et seq.). (b) Board of Directors (1) In general The Board of Directors of the Investment Board shall consist of (A) the Administrator of the Rural Electrification Administration; (B) the Administrator of the Rural Development Administration; (C) the Administrator of the Extension Service of the Department of Agriculture; and (D) two members who shall be (i) experienced in rural development and related matters; (ii) appointed by the President with the advice and consent of the Senate; and (iii) from different political parties. (2) Chairperson The Chairperson of the Board shall be the Administrator of the Rural Development Administration. (3) Vacancies Vacancies on the Board shall be filled in the same manner as the vacant position was previously filled. (4) Chief executive officer A chief executive officer shall be selected by the Board and shall serve at the pleasure of the Board. (5) Quorum A quorum shall consist of three members of the Board. All decisions made by the Board shall require an affirmative vote of a majority of the members. 'So in original. A closing parenthesis probably should precede the comma. (6) Compensation Members of the Board (A) specified under subparagraphs (A), (B), and (C) of paragraph (1) shall receive reasonable allowances for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Investment Board, as set forth in the bylaws issued by the Board of Directors, except that such level shall not exceed the maximum fixed by subchapter 12 of chapter 57 of title 5 for officers and employees of the United States; and (B) appointed under subparagraph (D) of paragraph (1) shall receive compensation for the time devoted to meetings and other activities at a daily rate not to exceed the daily rate of compensation prescribed for level III of the Executive Schedule under section 5314 of title 5, and reasonable allowances for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Investment Board, as set forth in the bylaws issued by the Board of Directors, except that such level shall not exceed the maximum fixed by subchapter 12 of chapter 57 of title 5 for officers and employees of the United States. (7) Rules and records The Board shall adopt such rules and procedures as it may consider appropriate for the transaction of the business of the Investment Board, and shall keep permanent and accurate records and minutes of its acts and proceedings. (c) Powers of Investment Board The Investment Board shall be a body corporate that shall have the power to (1) operate under the direction of its Board; (2) adopt, alter, and use a corporate seal, which shall be judicially noted; (3) provide for one or more officers, employees, and agents, as may be necessary, define their duties, and require surety bonds or make other provisions against losses occasioned by acts of such persons; (4) hire, promote, compensate, and discharge officers and employees of the Investment Board, without regard to title 5, except that no such officer or employee shall receive an annual rate of basic pay in excess of the rate prescribed for level III of the Executive Schedule under section 5314 of title 5; (5) prescribe by its Board its bylaws, that shall be consistent with law, and that shall provide for the manner in which (A) its officers, employees, and agents are to be selected; (B) its property is to be acquired, held, and transferred; (C) its general operations are to be conducted; and (D) the privileges granted by law are to be exercised and enjoyed; 2 So in original. Probably should be subchapter "I". (6) with the consent of any executive department or independent agency, use the information, services, staff, and facilities of such in carrying out sections 2007a to 2007e of this title; (7) enter into contracts and make advance, progress, or other payments with respect to such contracts; (8) sue and be sued in its corporate name, and complain and defend in courts of competent jurisdiction; (9) acquire, hold, lease, mortgage, or dispose of, at public or private sale, real and personal property, and otherwise exercise all the usual incidents of ownership of property necessary and convenient to its operations; (10) modify or consent to the modification of any contract or agreement to which it is a party or in which it has an interest under sections 2007a to 2007e of this title; (11) make such rules and regulations as the Board determines necessary and appropriate to carry out the authority vested in the Board under sections 2007a to 2007e of this title; (12) procure the temporary (not in excess of 2 years) or intermittent services of experts or consultants or organizations thereof, without regard to the civil service and classification laws and without regard to section 5 of title 41, at rates not to exceed the daily equivalent of the highest rate payable under section 5332 of title 5, including traveltime, and while such individual is away from the home or regular place of business of such individual, travel expenses as authorized under section 5703 of title 5; and § 2007c. Establishment of investment fund (a) Establishment (1) In general There is established in the Treasury of the United States a fund for the use of the Board in carrying out the provisions of sections 2007a to 2007e of this title, that shall be known as the "Rural Business Investment Fund". (2) Availability The Rural Business Investment Fund shall be available to the Board to provide lines of credit for revolving funds to be operated by approved eligible entities to serve local businesses in rural areas. (b) Use (1) Lines of credit Amounts in the Rural Business Investment Fund shall be used by the Board to provide lines of credit in amounts determined appropriate by the Board, but in no event shall any such line of credit exceed $750,000 annually (up to a total amount of $2,250,000) to an approved eligible entity. Each line of credit shall be made available over a period of time established by the Board for each such entity, but in no event shall any such period of time extend beyond the date on which the Investment Board is terminated under section 2007d(n) of this title. (2) Exception Notwithstanding paragraph (1), if the approved eligible entity is the agency of any State that is primarily responsible for the rural economic development programs within such State, the Board may provide a line of credit to such agency in an amount that shall not exceed $1,250,000 annually (up to a total amount of $3,750,000) in the manner described in paragraph (1). (3) Amounts drawn from line Amounts drawn from each line of credit by each approved eligible entity shall be used solely as provided under sections 2007a to 2007e of this title and shall be drawn only as needed to provide loans, investments, or to carry out a guarantee. |
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