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OCR Page 1 of 99Crystal J. Roach
10/05/2000 04:07:02 PM
Record Type:
Record
To:
Mary L. Smith/WHO/EOP, [email protected] @ inet
CC:
Subject: FYI Please review latest proposed changes to S. 2580 - Indian School Construction Act
FYI
Forwarded by Crystal J. Roach/OMB/EOP on 10/05/2000 04:08 PM
From:
Anna M. Briatico on 10/05/2000 03:46:51 PM
Record Type:
Record
To:
[email protected] @ inet
CC:
Crystal J. Roach/OMB/EOP@EOP, Gary Ceccucci/OMB/EOP@EOP
Subject: Please review latest proposed changes to S. 2580 - Indian School Construction Act
Attached is the revised legislative language that OMB has prepared that we would like Treasury to review
asap. We have also attached responses to the questions raised by Bruce Davie.
In addition, the White House would like to make tribal consortium eligible for the bonds. Is there is a
definition of tribal consortium in the Internal Revenue Code that could be incorporated into the bill to make
them eligible? Please advise. Thanks.
PROPOSED LEGISLATIVE LANGUAGE
"
(4) ADVANCE PLANNING AND DESIGN FUND-
ING. -- A tribe may propose in its plan of construc-
tion to receive advance planning and design funding
from the tribal school modernization escrow account
established under subsection (f)(2), Before advance planning
and design funds are allocated from the escrow account,
the tribe shall agree to issue school modernization
bonds within 3 years after receipt of these funds, and agree
If, once a qualified tribal school modernization bond has been
issued by the tribe, the tribe agrees as a condition
of each bond issuance that it will deposit an amount of bond proceeds,
equal to the amount of the funding received from such escrow account,
into the account or fund managed by the trustee as described in
subsection
(d)(3)(C).
Pages 8-9: Section 3(f) BOND GUARANTEES
(1) IN GENERAL. -- Payment of the principal portion of a qualified tribal