
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 25USC4192]

 
                            TITLE 25--INDIANS
 
  CHAPTER 43--NATIVE AMERICAN HOUSING ASSISTANCE AND SELF-DETERMINATION
 
   SUBCHAPTER VI--FEDERAL GUARANTEES FOR FINANCING FOR TRIBAL HOUSING 
                               ACTIVITIES
 
Sec. 4192. Security and repayment


(a) Requirements on issuer

    To assure the repayment of notes or other obligations and charges 
incurred under this subchapter and as a condition for receiving such 
guarantees, the Secretary shall require the Indian tribe or housing 
entity issuing such notes or obligations to--
        (1) enter into a contract, in a form acceptable to the 
    Secretary, for repayment of notes or other obligations guaranteed 
    under this subchapter;
        (2) pledge any grant for which the issuer may become eligible 
    under this chapter;
        (3) demonstrate that the extent of such issuance and guarantee 
    under this subchapter is within the financial capacity of the tribe 
    and is not likely to impair the ability to use grant amounts under 
    subchapter I of this chapter, taking into consideration the 
    requirements under section 4133(b) of this title; and
        (4) furnish, at the discretion of the Secretary, such other 
    security as may be deemed appropriate by the Secretary in making 
    such guarantees, including increments in local tax receipts 
    generated by the activities assisted under this chapter or 
    disposition proceeds from the sale of land or rehabilitated 
    property.

(b) Repayment from grant amounts

    Notwithstanding any other provision of this chapter--
        (1) the Secretary may apply grants pledged pursuant to 
    subsection (a)(2) of this section to any repayments due the United 
    States as a result of such guarantees; and
        (2) grants allocated under this chapter for an Indian tribe or 
    housing entity (including program income derived therefrom) may be 
    used to pay principal and interest due (including such servicing, 
    underwriting, and other costs as may be specified in regulations 
    issued by the Secretary) on notes or other obligations guaranteed 
    pursuant to this subchapter.

(c) Full faith and credit

    The full faith and credit of the United States is pledged to the 
payment of all guarantees made under this subchapter. Any such guarantee 
made by the Secretary shall be conclusive evidence of the eligibility of 
the obligations for such guarantee with respect to principal and 
interest, and the validity of any such guarantee so made shall be 
incontestable in the hands of a holder of the guaranteed obligations.

(Pub. L. 104-330, title VI, Sec. 602, Oct. 26, 1996, 110 Stat. 4046.)

                       References in Text

    This chapter, referred to in subsecs. (a) and (b), was in the 
original ``this Act'', meaning Pub. L. 104-330, Oct. 26, 1996, 110 Stat. 
4016, as amended, known as the Native American Housing Assistance and 
Self-Determination Act of 1996. For complete classification of this Act 
to the Code, see Short Title note set out under section 4101 of this 
title and Tables.


                             Effective Date

    Section effective Oct. 26, 1996, see section 606 of Pub. L. 104-330, 
set out as a note under section 4191 of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 4191 of this title.
