Page:United States Statutes at Large Volume 106 Part 2.djvu/138

 106 STAT. 1018 PUBLIC LAW 102-366—SEPT. 4, 1992 Federal Renter, publication. Regulations. 15 USC 661 note. SEC. 411. INTEREST RATE CEILING. Section 305 of the Small Business Investment Act of 1958 (15 U.S.C. 685) is amended by striking the period at the end of subsection (c) and by inserting in lieu thereof the following: ": Provided, That the Administration also shall permit those companies which have issued debentures pursuant to this Act to charge a maximum rate of interest based upon the coupon rate of interest on the outstanding debentures, determined on an annual basis, plus such other expenses of the company as may be approved by the Administration.". SEC. 412. PREFERRED PARTNERSHIP INTERESTS. Section 303(c) of the Small Business Investment Act of 1958 (15 U.S.C. 683(c)) is amended— (1) by striking from the first sentence the word "preferred"; (2) by inserting after the second sentence the following: "As used in this subsection, the term 'securities' means shares of nonvoting stock or other corporate securities or limited partnership interests which have similar characteristics."; and (3) by striking from paragraph (1) "shares of nonvoting stock (or other corporate securities having similar characteristics)" and inserting in lieu thereof "such securities". SEC. 413. INDIRECT FUNDS FROM STATE OR LOCAL GOVERNMENTS. Section 303(e) of the Small Business Investment Act of 1958 (15 U.S.C. 683(e)) is amended— (1) by inserting after the word "company" the following: "Ucensed under section 301(d) and notwithstanding section 103(9)"; and (2) by striking "prior" and all that follows through the period at the end and inserting "to November 21, 1989: Provided, That such companies may include in private capital for any purpose funds indirectly obtained from State or local governments. As used in this subsection, the term 'capital indirectly obtained' includes income^ generated by a State financing authority or similar State institution or agency or from the investment of State or local money or amounts originally provided to nonprofit institutions or corporations which such institutions or corporations, in their discretion, determine to invest in a company Ucensed under section 301(d).". SEC. 414. SBIC APPROVALS. Section 20 of the Small Business Act (15 U.S.C. 631 note) is amended by adding the following at the end of subsection (a)(2): "Subject tb approval in appropriations Acts, amounts authorized for prefm-ed securities, debentures or participating securities under title III of the Small Business Investment Act of 1958 may be obligated in one fiscal year and disbursed or guaranteed in the following fiscal year.". SEC. 415. IMPLEMENTATION. Notwithstanding any law, rule, regulation or administrative moratorium, except as otherwise expressly provided in this Act, the Small Business Administration shall— (1) within 90 days after the date of enactment of this Act, publish in Uie Federal Register proposed rules and regulations implementing this Act and the amendments made by this Act; and

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