Page:United States Statutes at Large Volume 122.djvu/4356

 12 2 STA T .43 33 PUBLIC LA W 11 0– 411 —O CT. 14 , 200 8saleof la nd o r re h a bi li t ated p ropert y, e xc ept that the sec u- rity m ay not include any g rant amounts recei v ed or for w hich the issuer may be eligible under title I.‘ ‘ (2)FUL L FAITH A NDCRE DIT. — ‘‘( A )IN G ENERAL.— T he full faith and credit of the U nited S tates is pledged to the payment of all guarantees made under this section. ‘‘( B ) TREAT M ENT O F GUARANTEE S .— ‘‘(i) IN GENERAL.—Any guarantee made by the Sec- retary under this section shall be conclusive evidence of the eligibility of the obligations for the guarantee with respect to principal and interest. ‘‘(ii) INCONTESTA B LE NATURE.—The validity of any such a guarantee shall be incontestable in the hands of a holder of the guaranteed obligations. ‘‘(g) TRAINING AND INFORMATION.—The Secretary, in coopera- tion with Indian tribes and tribally designated housing entities, may carry out training and information activities with respect to the guarantee program under this section. ‘‘(h) L IMITATIONS ON AMOUNT OF G UARANTEES.— ‘‘( 1 ) AGGREGATE FISCAL Y EAR LIMITATION.— N otwith- standing any other provision of law, sub j ect only to the absence of q ualified applicants or proposed activities and to the authority provided in this section, and to the extent approved or provided for in appropriations Acts, the Secretary may enter into commitments to guarantee notes and obligations under this section with an aggregate principal amount not to exceed $ 2 0 0,000,000 for each of fiscal years 200 9 through 201 3 . ‘‘(2) AUTHORI Z ATION OF A P PROPRIATIONS FOR CREDIT SUB- SIDY.—There are authori z ed to be appropriated to cover the costs (as defined in section 5 02 of the C ongressional Budget Act of 19 74 (2 U.S.C. 6 61a)) of guarantees under this section $1,000,000 for each of fiscal years 2009 through 2013. ‘‘(3) AGGREGATE OUTSTANDING LIMITATION.—The total amount of outstanding obligations guaranteed on a cumulative basis by the Secretary pursuant to this section shall not at any time exceed $1,000,000,000 or such higher amount as may be authorized to be appropriated for this section for any fiscal year. ‘‘(4) FISCAL YEAR LIMITATIONS ON INDIAN TRIBES.— ‘‘(A) IN GENERAL.—The Secretary shall monitor the use of guarantees under this section by Indian tribes. ‘‘(B) M ODIFICATIONS.—If the Secretary determines that 50 percent of the aggregate guarantee authority under paragraph (3) has been committed, the Secretary may— ‘‘(i) impose limitations on the amount of guarantees pursuant to this section that any single Indian tribe may receive in any fiscal year of $25,000,000 or ‘‘(ii) request the enactment of legislation increasing the aggregate outstanding limitation on guarantees under this section. ‘‘(i) R EPORT.—Not later than 4 years after the date of enactment of this section, the Secretary shall submit to Congress a report describing the use of the authority under this section by Indian tribes and tribally designated housing entities, including—

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