110 STAT. 154 PUBLIC LAW 104-104—FEB. 8, 1996 SEC. 707. TELECOMMUNICATIONS DEVELOPMENT FUND. (a) DEPOSIT AND USE OF AUCTION ESCROW ACCOUNTS.— Section 309(j)(8) (47 U.S.C. 309(j)(8)) is amended by adding at the end the following new subparagraph: "(C) DEPOSIT AND USE OF AUCTION ESCROW ACCOUNTS. —Any deposits the Commission may require for the qualification of any person to bid in a system of competitive bidding pursuant to this subsection shall be deposited in an interest bearing account at a financial institution designated for purposes of this subsection by the Commission (after consultation with the Secretary of the Treasury). Within 45 days following the conclusion of the competitive bidding— "(i) the deposits of successful bidders shall be paid to the Treasury; "(ii) the deposits of unsuccessful bidders shall be returned to such bidders; and "(iii) the interest accrued to the account shall be transferred to the Telecommunications Development Fund established pursuant to section 714 of this Act.". (b) ESTABLISHMENT AND OPERATION OF FUND. — Title VII is amended by inserting after section 713 (as added by section 305) the following new section: 47 USC 614. " SEC. 714. TELECOMMUNICATIONS DEVELOPMENT FUND. "(a) PURPOSE OF SECTION. —It is the purpose of this section— "(1) to promote access to capital for small businesses in order to enhance competition in the telecommunications industry; "(2) to stimulate new technology development, and promote employment and training; and "(3) to support universal service and promote delivery of telecommunications services to underserved rural and urban areas. "(b) ESTABLISHMENT OF FUND. — There is hereby established a body corporate to be known as the Telecommunications Development Fund, which shall have succession until dissolved. The Fund shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue and jurisdiction in civil actions, to be a resident and citizen thereof. "(c) BOARD OF DIRECTORS.— "(1) COMPOSITION OF BOARD; CHAIRMAN.—The Fund shall have a Board of Directors which shall consist of 7 persons appointed by the Chairman of the Commission. Four of such directors shall be representative of the private sector and three of such directors shall be representative of the Commission, the Small Business Administration, and the Department of the Treasury, respectively. The Chairman of the Commission shall appoint one of the representatives of the private sector to serve as chairman of the Fund within 30 days after the date of enactment of this section, in order to facilitate rapid creation and implementation of the Fund. The directors shall include members with experience in a number of the following areas: finance, investment banking, government banking, communications law and administrative practice, and public policy.
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