Page:United States Statutes at Large Volume 103 Part 1.djvu/402

 103 STAT. 374 PUBLIC LAW 101-73—AUG. 9, 1989 necessary to implement the strategic plan established by the Oversight Board under subsection (a)(14). The Corpora- tion may issue such rules, regulations, standards, policies, procedures, guidelines, and statements as the Corporation considers necessary or appropriate to carry out this section. "(B) REVIEW, ETC.—Such rules, regulations, standards, policies, procedures, guidelines, and statements— "(i) shall be provided by the Corporation to the Over- sight Board promptly or prior to publication or announcement to the extent practicable; "(ii) shall be subject to the review of the Oversight > Board as provided in subsection (a)(6)(C); and "(iii) shall be promulgated pursuant to subchapter II of chapter 5 of title 5, United States Code. " (C) PREPARATION AND MAINTENANCE OF RECORDS RELAT- ING TO SOUCITATION AND ACCEPTANCE OF OFFERS.— The Cor- poration shall— "(i) document decisions made in the solicitation and selection process and the reasons for the decisions; and "(ii) maintain such documentation in the offices of the Corporation, as well as any other documentation relating to the solicitation and selection process. Real property. "(D) DISTRESSED AREAS.— "(i) IN GENERAL.— In developing its implementing policies, the Corporation shall take the action described in clause (ii) to avoid adverse economic impact for those real estate markets that are distressed. "(ii) VALUATION AND DISPOSITION.— The Corporation shall establish an appraisal or other valuation method for determining the market value of real property. With respect to a real property asset with a market vedue in excess of a certain dollar limit (such limit to be determined by the Board of Directors of the (Corpora- tion), consideration shall be given to the volume of assets above such limit and the potential impact of sales in such distressed areas. The (Corporation shall not sell a real property asset located in a distressed area without obtaining at least the minimum disposi- tion price, unless a determination has been made that such a transaction furthers the objectives set forth in paragraph (3)(C). "(iii) EXCEPTION.—The provisions of this subpara- graph shall not apply to any property as long as such property is subject to the requirements of subsection (0. "(E) DEFINITIONS.—For the purposes of this subsection— "(i) The term 'minimum disposition price' means 95 percent of the market value established by the (Corpora- tion. The Board of Directors, in its discretion, may change the percentage set forth in this definition from time to time if the Board of Directors determines that such change does not adversely impact the objectives set forth in paragraph (3)(C). "(ii) The term 'sell a real property asset' means to convey all title and interest in a piece of tangible real property in which the Corporation has a fee simple or equivalent interest. The term 'real property' does not

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