§ 697a. — Private debenture sales.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC697a]
TITLE 15--COMMERCE AND TRADE
CHAPTER 14B--SMALL BUSINESS INVESTMENT PROGRAM
SUBCHAPTER V--LOANS TO STATE AND LOCAL DEVELOPMENT COMPANIES
Sec. 697a. Private debenture sales
(a) Notwithstanding any other law, rule, or regulation, the
Administration shall sell to investors, either publicly or by private
placement, debentures pursuant to section 697 of this title as follows:
(1) Of the program levels otherwise authorized by law for fiscal
year 1986, an amount not to exceed $200,000,000.
(2) Of the program levels otherwise authorized by law for each
of fiscal years 1987 and 1988, an amount not to exceed $425,000,000.
(3) All of the program levels authorized for fiscal year 1989
and subsequent fiscal years.
(b) Nothing in any provision of law shall be construed to authorize
the Federal Financing Bank to acquire--
(1) any obligation the payment of principal or interest on which
at any time has been guaranteed in whole or in part under section
697 of this title and which is being sold pursuant to the provisions
of the program authorized in this section;
(2) any obligation which is an interest in any obligation
described in paragraph (1); or
(3) any obligation which is secured by, or substantially all of
the value of which is attributable to, any obligation described in
paragraph (1) or (2).
(Pub. L. 85-699, title V, Sec. 504, as added Pub. L. 99-272, title
XVIII, Sec. 18008(a), Apr. 7, 1986, 100 Stat. 366; amended Pub. L. 100-
72, Sec. 2 July 11, 1987, 101 Stat. 477; Pub. L. 100-590, title I,
Sec. 112(a), Nov. 3, 1988, 102 Stat. 2996.)
Amendments
1988--Pub. L. 100-590 inserted ``Private debenture sales'' as
section catchline and amended text generally. Prior to amendment, text
read as follows:
``(a) Notwithstanding any other law, rule, or regulation, the
Administration shall conduct a pilot program involving the sale to
investors, either publicly or by private placement, of debentures
guaranteed pursuant to section 697 of this title as follows--
``(1) of the program levels otherwise authorized by law for
fiscal year 1986, an amount not to exceed $200,000,000;
``(2) of the program levels otherwise authorized by law for
fiscal year 1987, an amount not to exceed $425,000,000; and
``(3) of the program levels otherwise authorized by law for
fiscal year 1988, an amount not to exceed $425,000,000.
``(b) Nothing in any provision of law shall be construed to
authorize the Federal Financing Bank to acquire--
``(1) any obligation the payment of principal or interest on
which at any time has been guaranteed in whole or in part under
section 697 of this title and which is being sold pursuant to the
provisions of the pilot program authorized in this section,
``(2) any obligation which is an interest in any obligation
described in paragraph (1), or
``(3) any obligation which is secured by, or substantially all
of the value of which is attributable to, any obligation described
in paragraph (1) or (2).''
1987--Subsec. (a). Pub. L. 100-72 struck out ``and'' at end of par.
(1), substituted ``$425,000,000; and'' for ``$295,000,000.'' in par.
(2), and added par. (3).
Regulations
Small Business Administration to promulgate final rules and
regulations to implement this section within 60 days of Apr. 7, 1986,
see section 18008(d)(2) of Pub. L. 99-272, set out as a note under
section 697b of this title.
Pilot Program Report
Section 18008(b) of Pub. L. 99-272 provided that: ``The
Administration shall report to the President and the Congress on the
conduct of the pilot program established under subsection (a) [enacting
this section] not later than 90 days after the date on which the last
sale is made pursuant to such subsection in each fiscal year, and unless
a report has been made not later than October 1 of 1986 and 1987, the
Administration shall make an interim report by such dates.''
Section Referred to in Other Sections
This section is referred to in sections 636, 697, 697d, 697e, 697f
of this title.
