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25 U.S.C. § 1522 — Conditions

submitted 52 years ago by Pub. L. 93-262 to r/title-25-INDIANS · 151 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section limits grants under the subchapter and requires applicants to seek financing from other sources. An applicant generally must provide at least 60 percent of the needed funds from other sources.

(a) No grant under this subchapter may exceed $100,000 for an Indian or $250,000 for an Indian tribe, or a lower amount the Secretary considers appropriate.

(b) A grant may be made only to an applicant whom the Secretary believes cannot get enough financing for the economic enterprise from other sources. Before making a grant, the Secretary must make sure, when practical, that the applicant has made a reasonable amount of the applicant’s own financial resources available for the enterprise.

(c) No grant may be made to an applicant who cannot obtain at least 60 percent of the needed funds from other sources.

the actual law source: uscode.house.gov ↗public domain
(a) Limitation of amount

No grant in excess of $100,000 in the case of an Indian and $250,000 in the case of an Indian tribe, or such lower amount as the Secretary may determine to be appropriate, may be made under this subchapter.

(b) Financing from other sources; inability to obtain funds; applicant’s financial resources

A grant may be made only to an applicant who, in the opinion of the Secretary, is unable to obtain adequate financing for its economic enterprise from other sources: Provided, That prior to making any grant under this subchapter, the Secretary shall assure that, where practical, the applicant has reasonably made available for the economic enterprise funds from the applicant’s own financial resources.

(c) Percentage requirement

No grant may be made to an applicant who is unable to obtain at least 60 per centum of the necessary funds for the economic enterprise from other sources.

Source credit: (Pub. L. 93–262, title IV, § 402, Apr. 12, 1974, 88 Stat. 83; Pub. L. 98–449, § 9, Oct. 4, 1984, 98 Stat. 1725.)

history & why it existsrecord from the source credit
  • 1974Enacted · Pub. L. 93-262 · 88 Stat. 83
  • 1984Amended · Pub. L. 98-449 · 98 Stat. 1725

A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-262 on 1974-04-12.

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