Page:United States Statutes at Large Volume 108 Part 3.djvu/426

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.

108 STAT. 2178 PUBLIC LAW 103-325—SEPT. 23, 1994 comparable to current market yields on outstanding marketable obligations of the United States of similar maturities. (c) AVAILABILITY. —Amounts deposited into the account and interest earned on such amounts pursuant to this section shall be available to the Fund until expended. 12 USC 4712. SEC. 113. CAPITALIZATION ASSISTANCE TO ENHANCE UQUIDITY. (a) ASSISTANCE.— (1) IN GENERAL. — The Fund may provide assistance for the purpose of providing capital to organizations to purchase loans or otherwise enhance the liquidity of community development financial institutions, if— (A) the primary purpose of such organizations is to promote community development; and (B) any assistance received is matched with funds— (i) from sources other than the Federal Government; (ii) on the basis of not less than one dollar for each dollar provided by the Fund; and (iii) that are comparable in form and value to the assistance provided by the Fund. (2) LIMITATION ON OTHER ASSISTANCE. — An organization that receives assistance under this section may not receive other financial or technical assistance under this subtitle. (3) CONSTRUCTION OF FEDERAL GOVERNMENT FUNDS. —For purposes of this subsection, notwithstanding section 105(a)(9) of the Housing and Community Development Act of 1974, funds provided pursuant to such Act shall be considered to be Federal Government funds. (b) SELECTION.— The selection of organizations to receive assistance under this section shall be at the discretion of the Fund and in accordance with criteria established by the Fund. In establishing such criteria, the Fund shall take into account the criteria contained in sections 105(b) and 107, as appropriate. (c) AMOUNT OF ASSISTANCE.—The Fund may provide a total of not more than $5,000,000 of assistance to an organization or its subsidiaries or affiliates under this section during any 3-year period. Assistance may be provided in a lump sum or over a period of time, as determined by the Fund. (d) AUDIT AND REPORT REQUIREMENTS. —Organizations that receive assistance from the Fund in accordance with this section shall— (1) submit to the Fund, not less than once in every 18- month period, financial statements audited by an independent certified public accountant, as part of the report required by paragraph (2); (2) submit an annual report on its activities; and Records. (3) keep such records as may be necessary to disclose the manner in which any assistance under this section is used. (e) LIMITATIONS ON LIABILITY. — (1) LIABILITY OF FUND.— The liability of the Fund and the United States Government arising out of the provision of assistance to any organization in accordance with this section shall be limited to the amount of such assistance. The Fund shall be exempt from any assessments and any other liabilities that may be imposed on controlling or principal shareholders by any Federal law or the law of any State, or territory. Nothing