12 2 STA T . 11 8 8 PUBLIC LA W 11 0– 2 34—M A Y 22 , 2008 ‘ ‘ (A)unitsofl o ca l g o ver n m ent an dI ndian tri b es described in sub p aragrap h s(A)and( D ) of paragraph ( 3 )
‘‘( B ) nonprofit communit y and economic development organi z ations and institutions of higher education described in subparagraphs (B) and ( G ) of paragraph (3); or ‘‘( C ) private business (including chambers of commerce and cooperatives) and agricultural , natural resource, and other asset - based related industries described in subpara- graphs (C) and ( F ) of paragraph (3); ‘‘( 6 ) has a membership that may include an officer or employee of a Federal agency, serving as an e x -officio, nonvoting member of the R egional Board to represent the agency; and ‘‘( 7 ) has organizational documents that demonstrate that the Regional Board w ill — ‘‘(A) create a collaborative public-private strategy process; ‘‘(B) develop, and submit to the S ecretary for approval, a regional investment strategy that meets the re q uirements of section 3 85E , with benchmar k s— ‘‘(i) to promote investment in rural areas through the use of grants made available under this subtitle; and ‘‘(ii) to provide financial and technical assistance to promote a broad-based regional development pro- gram aimed at increasing and diversifying economic growth, improved community facilities, and improved quality of life; ‘‘(C) implement the approved regional investment strategy; ‘‘(D) provide annual reports to the Secretary and the N ational Board on progress made in achieving the bench- marks of the regional investment strategy, including an annual financial statement; and ‘‘(E) select a non-Federal organization (such as a regional development organization) in the local area served by the Regional Board that has previous experience in the management of Federal funds to serve as fiscal man- ager of any funds of the Regional Board . ‘‘(b) URBAN AR E A S .—A resident of an urban area may serve as an ex-officio member of a Regional Board. ‘‘(c) D UTI ES.—A Regional Board shall— ‘‘( 1 ) create a collaborative planning process for public-pri- vate investment within a region; ‘‘( 2 ) develop, and submit to the Secretary for approval, a regional investment strategy; ‘‘(3) develop approaches that will create permanent resources for philanthropic giving in the region, to the max- imum extent practicable; ‘‘( 4 ) implement an approved strategy; and ‘‘(5) provide annual reports to the Secretary and the National Board on progress made in achieving the strategy, including an annual financial statement. Reports.
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