Page:United States Statutes at Large Volume 104 Part 5.djvu/665

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3987 description of the areas to be served, as the Board shall prescribe under paragraph (1), and the Board shall consider each such application based on the requirements of this chapter. (3) ELIGIBLE ENTITY. — (A) MATCHING FUNDS OR LETTERS OF INTENT.— In order for an application to be considered for approval by the Board for a line of credit, each eligible entity that submits an application shall— (i) certify in writing that the entity shall use such funds as part of a revolving fund to invest in, and make or guarantee loans to, local businesses in accordance with this chapter; and (iiXD agree to provide matching funds (Federed funds shall not be used to satisfy such matching requirement) in amounts that are at least equal to the amount of the line of credit to be provided by the Board, that shall be in the form of— (aa) cash or cash equivalents; or (bb) letters of credit in favor of the eligible entity issued or submitted by depository institutions (as defined in section 3(c)(l) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)(1)), insurance companies, similar Federally regulated financial institutions. State owned banks, local or State government or private philanthrophic foundations, as determined appropriate and acceptable by the Board; or (II) demonstrate, through procedures determined appropriate and acceptable by the Board, that depository institutions (as so defined) or community development credit unions described in section 2312(a) of this Act, are prepared to participate with the eligible entity in a loan, guarantee, or investment program for the benefit of local businesses, and that the total financial commitment demonstrated by the letters of intent or other documents is at least equal to the vsilue of the line of credit for which the eligible entity is applying. (B) EXCEPTION FOR CERTAIN ELIGIBLE ENTITIES. — (i) Low PER CAPITA INCOME AREAS. —If the average per capita income level of the identified rural areas served by an eligible entity is less than 70 percent of the national average per capita income for the most recent year for which such information is available, such eligible entity shall only be required to match 50 percent of the funds provided by the Board in the same manner as described in subclause (I) or (II) of subparagraph (A)(ii). A list of the average per capita income Federal and population of each county in the United States that Register, contains rureil areas, and the national average per Publication. capita income for such year, shall be published in the Federal Register and otherwise made available by the Board to the public, (ii) INDIAN TRIBAL COUNCIL PARTICIPATION. — (I) IN GENERAL. —Community or tribal development corporations operated by Federally recognized tribal councils that desire to administer a local revolving fund may participate in the pro-

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