Page:United States Statutes at Large Volume 104 Part 5.djvu/669

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3991 percent, of the funds appropriated under subsection (d) shall be issued to eligible entities that will serve— (I) local businesses located in very distressed rural areas, as defined by the Board, that may include areas with special needs arising from actual or threatened severe unemployment which results from economic dislocation; and (II) local businesses that provide beneficial services to rural residents such as improved medical, hospital, or health care, licensed day care facilities or centers, improved services for the handicapped, the disabled, the elderly or other needy individuals, improved educational opportunities, improved public transportation services for needy individuals, or other related services as determined. appropriate by the Board. (d) LIMITATION ON AUTHORIZATION OF APPROPRIATIONS. — To carry out this chapter, there are authorized to be appropriated to the Rural Fund and the Board $10,000,000 for fiscal year 1992, $8,600,000 for fiscal year 1993, $6,700,000 for fiscal year 1994, and $4,700,000 for each of fiscal years 1995 and 1996. Amounts appropriated under this subsection shall remain available until expended or until the Board is terminated. (e) RELOCATION AND REFINANCING.—The Board shall establish Regulations. rules and procedures to prohibit eligible entities from using the assistance received under this chapter for loans and investments, or for issuing guarantees, that would— (1) facilitate the relocation of a local business from one community to another; (2) refinance the existing debt of a local business, except that such refinancing may be undertaken with such assistance if it is undertaken in conjunction with a substantial expansion effort by the local business; or (3) significantly reduce the viability of a then existing business engaged in substantially the same business activities in the same community. SEC. 2314. LOCAL REVOLVING FUNDS. (a) ESTABLISHMENT.— (1) IN GENERAL. — Each eligible entity approved by the Board to participate in the program established under this chapter shall establish a local revolving fund account in which to deposit— (A)(i) amounts received from the Fund under this chapter; (ii) any local matching funds described in section 2313(c)(3)(A); and (iii) any profits or income, repayments of loans, proceeds from the sale of equity investments, or other gains or returns on investments or loans, derived from the activities of the revolving fund established under this subsection; less (B) reasonable operating expenses or losses incurred in administering such fund. (2) PLACE OF ESTABLISHMENT. — Each local revolving fund established under this subsection may be established in one or more member banks of the Federal Reserve System, any Federally insured State nonmember bank (as defined in section 3(b) of Business and industry. Credit. 7 USC 2007d.

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