View all text of Subchapter VI [§ 601 - § 624]
§ 614. 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
(c) Independent Board of Directors
(d) Accounts of Fund
The Fund shall maintain its accounts at a financial institution designated for purposes of this section by the Chairman of the Board. The accounts of the Fund shall consist of—
(1) such sums as may be appropriated to the Commission for advances to the Fund;
(2) any contributions or donations to the Fund that are accepted by the Fund; and
(3) any repayment of, or other payment made with respect to, loans, equity, or other extensions of credit made from the Fund.
(e) Use of 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); 1
1 So in original. Probably should be “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 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
(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
(j) Report on audits by Treasury
(k) Definitions
As used in this section:
(1) Eligible small business
(2) Fund
(3) Telecommunications industry
(June 19, 1934, ch. 652, title VII, § 714, as added Pub. L. 104–104, title VII, § 707(b), Feb. 8, 1996, 110 Stat. 154; amended Pub. L. 108–494, title II, § 205, Dec. 23, 2004, 118 Stat. 3996; Pub. L. 112–96, title VI, § 6602, Feb. 22, 2012, 126 Stat. 245.)