(Pub. L. 85–699, title V, § 504, as added Pub. L. 99–272, title XVIII, § 18008(a),Apr. 7, 1986, 100 Stat. 366; amended Pub. L. 100–72, § 2July 11, 1987, 101 Stat. 477; Pub. L. 100–590, title I, § 112(a),Nov. 3, 1988, 102 Stat. 2996.)
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
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
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).
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) ofPub. L. 99–272
, set out as a note under section
of this title.
Pilot Program Report
Section 18008(b) ofPub. 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.”