Page:United States Statutes at Large Volume 105 Part 2.djvu/901

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PUBLIC LAW 102-237—DEC. 13, 1991 105 STAT. 1853 requirements of this chapter, the Secretary shall report the failure to the Committee on Agriculture of the House of Representatives and to the Committee on Agriculture, Nutrition, and Forestry of the Senate, shall fully investigate the matter, may decline to provide additional Federal guarantees or interest subsidies to the State trust fund, and shall take other steps as may be appropriate to prevent the use of Federal assistance in a manner not consistent with this chapter. "SEC. 1468. APPLICATIONS AND ADMINISTRATION. "(a) APPLICATIONS.— In applying for assistance under this chapter an eligible State described in section 1465(c)(3)(B) shall— "(1) prepare and submit, to the Secretary, an application at such time, in such manner, and containing such information as the Secretary shall require; "(2) agree that the State trust fund will use any funds provided, or guaranteed, by the Secretary under this chapter in a manner that is consistent with the chapter and the regulations promulgated by the Secretary; and "(3) agree to comply with any other requirements set forth in agreements with the Secretary or as the Secretary may prescribe by regulation. "(b) ANNUAL APPLICATIONS.— El i g ible States described in section 1465(c)(3)(B) may apply for Federal assistance under this chapter on an annual basis. The Secretary shall approve or disapprove each application for assistance, and notify the applicant of the action not later than 30 days after receipt of a complete application. "(c) MATCH AND MAXIMUM AMOUNT.— "(1) IN GENERAL.—The total amount of any guarantees provided by the Secretary under this program for each eligible State shall equal an amount that is equal to double the amount that is, or shall be, made available to the trust fund (including matching funds described in paragraphs (2) through (4)) in each such eligible State by the State, political subdivisions thereof, charitable organizations, private persons, or any other entity, for acquiring interests in land to protect and preserve important farmlands for future agricultural use but in no event shall the total Federal share exceed $10,000,000 in any fiscal year for any given State. "(2) EARNINGS. —Earnings of the State trust fund and funds expended by the State or the State trust fund prior to loan closing for purposes consistent with this chapter, and in the same fiscal year, may be considered as matching funds. "(3) OBLIGATIONS.— Proceeds from the sale of tax-exempt general obligation bonds, or other obligations, of the State or State trust fund shall be an allowable source of matching funds under this chapter for the same fiscal year. "(4) LAND. —The fair market value of any donation of an interest in land to the State trust fund, or a charitable organization working with the State trust fund, may be considered as matching funds, for the same fiscal year, if— "(i) the fair market value is based on an appraisal determined to be adequate by the State trust fund; and "(ii) the donation is consistent with the State farmland preservation plan.