124 STAT. 2573 PUBLIC LAW 111–240—SEPT. 27, 2010 SEC. 3004. APPROVING STATES FOR PARTICIPATION. (a) APPLICATION.—Any State may apply to the Secretary for approval to be a participating State under the Program and to be eligible for an allocation of Federal funds under the Program. (b) GENERAL APPROVAL CRITERIA.—The Secretary shall approve a State to be a participating State, if— (1) a specific department, agency, or political subdivision of the State has been designated to implement a State program and participate in the Program; (2) all legal actions necessary to enable such designated department, agency, or political subdivision to implement a State program and participate in the Program have been accom- plished; (3) the State has filed an application with the Secretary for approval of a State capital access program under section 3005 or approval as a State other credit support program under section 3006, in each case within the time period provided in the respective section; and (4) the State and the Secretary have executed an allocation agreement that— (A) conforms to the requirements of this title; (B) ensures that the State program complies with such national standards as are established by the Secretary under section 3009(a)(2); (C) sets forth internal control, compliance, and reporting requirements as established by the Secretary, and such other terms and conditions necessary to carry out the purposes of this title, including an agreement by the State to allow the Secretary to audit State programs; (D) requires that the State program be fully positioned, within 90 days of the State’s execution of the allocation agreement with the Secretary, to act on providing the kind of credit support that the State program was estab- lished to provide; and (E) includes an agreement by the State to deliver to the Secretary, and update annually, a schedule describing how the State intends to apportion among its State pro- grams the Federal funds allocated to the State. (c) CONTRACTUAL ARRANGEMENTS FOR IMPLEMENTATION OF STATE PROGRAMS.—A State may be approved to be a participating State, and be eligible for an allocation of Federal funds under the Program, if the State has contractual arrangements for the implementation and administration of its State program with— (1) an existing, approved State program administered by another State; or (2) an authorized agent of, or entity supervised by, the State, including for-profit and not-for-profit entities. (d) SPECIAL PERMISSION.— (1) CIRCUMSTANCES WHEN A MUNICIPALITY MAY APPLY DIRECTLY.—If a State does not, within 60 days after the date of enactment of this Act, file with the Secretary a notice of its intent to apply for approval by the Secretary of a State program or within 9 months after the date of enactment of this Act, file with the Secretary a complete application for approval of a State program, the Secretary may grant to munici- palities of that State a special permission that will allow them Deadlines. Notice. Deadline. Contracts. 12 USC 5703.
