Page:United States Statutes at Large Volume 101 Part 1.djvu/1006

 101 STAT. 976

PUBLIC LAW 100-175—NOV. 29, 1987

(1) in subsection (a) by striking "1979 through 1986" and " "" inserting "1988, 1989, 1990, and 1991", and (2) by adding at the end the following: "(c)(1) Except as provided in paragraph (2), there are authorized to be appropriated $500,000 for each of the fiscal years 1988, 1989, 1990, and 1991 for the purpose of providing financial assistance to other Native American Pacific Islanders (including American Samoan Natives) under section 803(a). "(2) No funds may be appropriated under paragraph (1) for a fiscal year unless the amount appropriated under subsection (a) for such fiscal year exceeds 105 percent of the amount appropriated under subsection (a) for the preceding fiscal year.". SEC. 506. REVOLVING LOAN FUND FOR NATIVE HAWAIIANS. (a) ESTABLISHMENT OF FUND AND AUTHORITY FOR GRANTS.—The

Native American Programs Act of 1974 (42 U.S.C. 2991 et seq.) is amended by inserting after section 803 the following: "LOAN FUND; DEMONSTRATION PROJECT

42 USC 299ib-L

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"SEC. 803A. (a)(1) In order to provide funding that is not available from private sources, the Secretary shall award grants to one agency of the State of Hawaii, or to one community-based Native Hawaiian organization whose purpose is the economic and social self-sufficiency of Native Hawaiians, which shall use such grants to establish and carry out, in the State of Hawaii, a 5-year demonstration project involving the establishment of a revolving loan fund— "(A) from which such agency or Native Hawaiian organization shall make loans to Native Hawaiian organizations and to individual Native Hawaiians for the purpose of promoting economic development in the State of Hawaii; and . > "(B) into which all payments, interest, charges, and other v amounts collected from loans made under subparagraph (A) shall be deposited notwithstanding any other provision of law. "(2) The agreement under which a grant is awarded under paragraph (1) shall contain provisions which set forth the administrative costs of the grantee that are to be paid out of the funds provided under the grant. "(h)(1) The agency or organization to which a grant is awarded under subsection (a)(1) may make loans to a borrower under subsection (a)(1)(A) only if the agency or organization determines that— "(A) the borrower is unable to obtain financing from other sources on reasonable terms and conditions; and "(B) there is a reasonable prospect that the borrower will repay the loan. O;:. ii "(2) Loans made under subsection (a)(1)(A) shall be— "(A) for a term that does not exceed 5 years; and "(B) at a rate of interest that is 2 percentage points below the average market yield on the most recent public offering of United States Treasury bills occurring before the date on which the loan is made. "(3) The agency or organization to which a grant is awarded under subsection (a)(1) may require any borrower of a loan made under subsection (a)(1)(A) to provide such collateral as the agency or organization determines to be necessary to secure the loan. "(4) Prior to making loans under subsection (a)(1)(A), the agency or organization to which a grant is awarded under subsection (a)(1)

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