Subject: [NEXTEL-1] TELECOMMUNICATIONS DEVELOPMENT FUND- Who & What Are They?

From: [email-masked]
Date: Thu, 19 Jun 2003 04:46:45 -0400

The Fund-

`SEC. 714. TELECOMMUNICATIONS DEVELOPMENT FUND.
`
(a) PURPOSE OF SECTION- It is the purpose of this section--

`(1) to promote access to capital for small businesses in order to enhance
competition in the telecommunications industry;

`(2) to stimulate new technology development, and promote employment and training;
and `(3) to support universal service and promote delivery of telecommunications
services to underserved rural and urban areas.  `

(b) ESTABLISHMENT OF FUND- There is hereby established a body corporate to be
known as the Telecommunications Development Fund, which shall have succession
until dissolved. The Fund shall maintain its principal office in the District of
Columbia and shall be deemed, for purposes of venue and jurisdiction in civil
actions, to be a resident and citizen thereof.
`
(c) BOARD OF DIRECTORS-

`(1) COMPOSITION OF BOARD; CHAIRMAN- The Fund shall have a Board of Directors
which shall consist of 7 persons appointed by the Chairman of the Commission. Four
of such directors shall be representative of the private sector and three of such
directors shall be representative of the Commission, the Small Business
Administration, and the Department of the Treasury, respectively. The Chairman of
the Commission shall appoint one of the representatives of the private sector to
serve as chairman of the Fund within 30 days after the date of enactment of this
section, in order to facilitate rapid creation and implementation of the Fund. The
directors shall include members with experience in a number of the following
areas: finance, investment banking, government banking, communications law and
administrative practice, and public policy.

`(2) TERMS OF APPOINTED AND ELECTED MEMBERS- The directors shall be eligible to
serve for terms of 5 years, except of the initial members, as designated at the
time of their appointment--

`(A) 1 shall be eligible to service for a term of 1 year;
`(B) 1 shall be eligible to service for a term of 2 years;
`(C) 1 shall be eligible to service for a term of 3 years;
`(D) 2 shall be eligible to service for a term of 4
years; and
`(E) 2 shall be eligible to service for a term of 5 years (1 of whom shall be the
Chairman).
Directors may continue to serve until their successors have been appointed and
have qualified.
`

(3) MEETINGS AND FUNCTIONS OF THE BOARD- The Board of Directors shall meet at the
call of its Chairman, but at least quarterly. The Board shall determine the
general policies which shall govern the operations of the Fund. The Chairman of
the Board shall, with the approval of the Board, select, appoint, and compensate
qualified persons to fill the offices as may be provided for in the bylaws, with
such functions, powers, and duties as may be prescribed by the bylaws or by the
Board of Directors, and such persons shall be the officers of the Fund and shall
discharge all such functions, powers, and duties.  `(d) ACCOUNTS OF THE FUND- The
Fund shall maintain its accounts at a financial institution designated for
purposes of this section by the Chairman of the Board (after consultation with the
Commission and the Secretary of the Treasury). The accounts of the Fund shall
consist of--

`(1) interest transferred pursuant to section 309(j)(8)(C) of this Act;
`(2) such sums as may be appropriated to the Commission for advances to the Fund;
`(3) any contributions or donations to the Fund that are accepted by the Fund; and 
`(4) any repayment of, or other payment made with respect to, loans, equity, or
other extensions of credit made from the Fund.  

`(e) USE OF THE FUND- All moneys deposited into the accounts of the Fund shall be
used solely for--
`
(1) the making of loans, investments, or other extensions of credits to eligible
small businesses in accordance with subsection (f);

`(2) the provision of financial advice to eligible small businesses;

`(3) expenses for the administration and management of the Fund (including
salaries, expenses, and the rental or purchase of office space for the fund);

`(4) preparation of research, studies, or financial analyses; and `(5) other
services consistent with the purposes of this section.

`(f) LENDING AND CREDIT OPERATIONS- Loans or other extensions of credit from the
Fund shall be made available in accordance with the requirements of the Federal
Credit Reform Act of 1990 (2 U.S.C. 661 et seq.) and any other applicable law to
an eligible small business on the basis of--

`(1) the analysis of the business plan of the eligible small business;

`(2) the reasonable availability of collateral to secure the loan or credit
extension;

`(3) the extent to which the loan or credit extension promotes the purposes of
this section; and `(4) other lending policies as defined by the Board.  `(g)
RETURN OF ADVANCES- Any advances appropriated pursuant to subsection (d)(2) shall
be disbursed upon such terms and conditions (including conditions relating to the
time or times of repayment) as are specified in any appropriations Act providing
such advances.  `(h) GENERAL 

CORPORATE POWERS- The Fund shall have power--

`(1) to sue and be sued, complain and defend, in its corporate name and through
its own counsel;

`(2) to adopt, alter, and use the corporate seal, which shall be judicially
noticed;

`(3) to adopt, amend, and repeal by its Board of Directors, bylaws, rules, and
regulations as may be necessary for the conduct of its business;

`(4) to conduct its business, carry on its operations, and have officers and
exercise the power granted by this section in any State without regard to any
qualification or similar statute in any State;

`(5) to lease, purchase, or otherwise acquire, own, hold, improve, use, or
otherwise deal in and with any property, real, personal, or mixed, or any interest
therein, wherever situated, for the purposes of the Fund;

`(6) to accept gifts or donations of services, or of property, real, personal, or
mixed, tangible or intangible, in aid of any of the purposes of the Fund;

`(7) to sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of
its property and assets;

`(8) to appoint such officers, attorneys, employees, and agents as may be
required, to determine their qualifications, to define their duties, to fix their
salaries, require bonds for them, and fix the penalty thereof; and `(9) to enter
into contracts, to execute instruments, to incur liabilities, to make loans and
equity investment, and to do all things as are necessary or incidental to the
proper management of its affairs and the proper conduct of its business.  `

(i) ACCOUNTING, AUDITING, AND REPORTING- The accounts of the Fund shall be audited
annually. Such audits shall be conducted in accordance with generally accepted
auditing standards by independent certified public accountants. A report of each
such audit shall be furnished to the Secretary of the Treasury and the Commission.
The representatives of the Secretary and the Commission shall have access to all
books, accounts, financial records, reports, files, and all other papers, things,
or property belonging to or in use by the Fund and necessary to facilitate the
audit.  

`(j) REPORT ON AUDITS BY TREASURY- A report of each such audit for a fiscal year
shall be made by the Secretary of the Treasury to the President and to the
Congress not later than 6 months following the close of such fiscal year. The
report shall set forth the scope of the audit and shall include a statement of
assets and liabilities, capital and surplus or deficit; a statement of surplus or
deficit analysis; a statement of income and expense; a statement of sources and
application of funds; and such comments and information as may be deemed necessary
to keep the President and the Congress informed of the operations and financial
condition of the Fund, together with such recommendations with respect thereto as
the Secretary may deem advisable.

`(k) DEFINITIONS- As used in this section:

`(1) ELIGIBLE SMALL BUSINESS- The term `eligible small business' means business
enterprises engaged in the telecommunications industry that have $50,000,000 or
less in annual revenues, on average over the past 3 years prior to submitting the
application under this section.

`(2) FUND- The term `Fund' means the Telecommunications Development Fund
established pursuant to this section. 

 `(3) TELECOMMUNICATIONS INDUSTRY- The term `telecommunications industry' means
communications businesses using regulated or unregulated facilities or services
and includes broadcasting, telecommunications, cable, computer, data transmission,
software, programming, advanced messaging, and electronics businesses.'.

http://www.fcc.gov/Reports/tcom1996.pdf

------------------------ Yahoo! Groups Sponsor ---------------------~-->
Wireless Video Surveillance
http://us.click.yahoo.com/jWIEhC/90OGAA/ySSFAA/61FxlB/TM
---------------------------------------------------------------------~->

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/