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(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;

(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 bank; (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, and to require bonds for them and fix the penalty thereof; and

(9) to enter into contracts to execute instruments to incur liabilities, and to do all things necessary or incidental to the proper management of its affairs and the proper conduct of its business.

TECHNICAL ASSISTANCE

SEC. 809. (a) The bank is authorized to provide technical assistance to State and local governments in the preparation and implementation of comprehensive development projects and programs, including the evaluation of priorities and the formulation of specific project proposals. The bank may charge appropriate fees for its services under this subsection.

(b) The bank is also authorized to undertake research and information gathering activities, and to facilitate the exchange of advanced concepts and techniques relating to municipal growth and development among State and local governments.

AUDIT OF FINANCIAL TRANSACTIONS

SEC. 810. (a) The financial transactions of the bank shall be audited by the General Accounting Office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where the accounts are normally kept. The representatives of the General Accounting Office 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 bank and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents, and custodians.

(b) The expenses of any audit performed under this section shall be borne out of appropriations to the General Accounting Office, and appropriations in such sums as may be necessary are authorized. The bank shall reimburse the General Accounting Office for the full cost of such audit as billed therefor by the Comptroller General, and the General Accounting Office shall deposit the sums so reimbursed into the Treasury as miscellaneous receipts.

(c) A report of each such audit for a fiscal year shall be made by the Comptroller General to the President and to the Congress not later than six months following the close of such fiscal year. The report shall set forth the scope of the audit and shall include a statement (showing intercorporate relations) 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 Congress informed of the operations and financial condition of the bank, together with such recommendations with respect thereto as the Comptroller General may deem advisable, including a report of any impairment of capital or lack of sufficient capital noted in the audit. A copy of each report shall be furnished to the Secretary of Housing and Urban Development, to the Secretary of the Treasury, and to the bank.

TAX EXEMPTION

SEC. 811. The bank, its property, its franchise, capital, reserves, surplus, security holdings, and other funds and its income, shall be exempt from all taxation now or hereafter imposed by the United States or by any State or local taxing authority; except that (1) any real property and any tangible personal property of the bank shall be subject to Federal, State, and local taxation to the same extent according to its value as other such property is taxed, and (2) any and all obligations issued by the bank shall be subjected both as to principal and interest to Federal, State, and local taxation to the same extent as the obligations of private corporations are taxed.

OBLIGATIONS AS LAWFUL INVESTMENTS, ACCEPTANCE AS SECURITY

SEC. 812. All obligations issued by the bank shall be lawful investments (and may be accepted as security) for all fiduciary, trust, and public funds the investment or deposit of which is under the authority or control of the United States or of any officer or officers thereof. All stock and obligations issued by the bank pursuant to this title shall be deemed to be exempt securities within the meaning of laws administered by the Securities and Exchange Commission, to the same extent as securities which are direct obligations of or obligations guaranteed as to principal or interest by the United States.

PREPARATION OF OBLIGATIONS

SEC. 813. In order to furnish obligations for delivery by the bank, the Secretary of the Treasury is authorized to prepare such obligations in such form as the board of directors may approve, such obligations when prepared to be held in the Treasury subject to delivery upon order by the bank. The engraved plates, dies, bed pieces, and so forth executed in connection therewith shall remain in the custody of the Secretary of the Treasury. The bank shall reimburse the Secretary of the Treasury for any expenditures made in the preparation, custody, and delivery of such obligations.

ANNUAL REPORT

SEC. 814. The bank shall, as soon as practicable after the end of each fiscal year, transmit to the President and the Congress an annual report of its operations and activities.

AMENDMENTS RELATING TO FINANCIAL INSTITUTIONS

SEC. 815. (a) The sixth sentence of the seventh paragraph of section 5136 of the Revised Statutes, as amended (12 U.S.C 24), is amended by inserting “or obligations of the Urban Development Bank," immediately after "or obligations, participations, or other instruments of or issued by the Federal National Mortgage Association or the Government National Mortgage Association,".

(b) Section 5200 of the Revised Statutes, as amended (12 U.S.C. 84), is amended by adding at the end thereof the following new paragraph:

"(14) Obligations of the Urban Development Bank shall not be subject to any limitation based upon such capital and surplus."

(c) The first paragraph of section 5(c) of the Home Owners' Loan Act of 1933, as amended (12 U.S.C. 1464 (c)), is amended by inserting "or in obligations of the Urban Development Bank;" in the second proviso immediately after "any political subdivision thereof;"

(d) Paragraph (2) of section 14(b) of the Federal Reserve Act, as amended (12 U.S.C. 355), is further amended by inserting ", or any obligation of the Urban Development Bank" immediately before the period at the end thereof.

DEFINITIONS

SEC. 816. As used in this title

(1) the term "bank" means the Urban Development Bank created by section 802 of this Act;

(2) the term "State" means the States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Trust Territory of the Pacific Islands, or any agency or instrumentality of a State;

(3) the term "local government" means any county, municipality, or other political subdivision of a State, or any agency or instrumentality thereof, or any school or other special district created by or pursuant to State law; and (4) the term "obligation" means any bond, note, debenture, or other instrument evidencing debt.

AUTHORIZATION FOR APPROPRIATIONS

SEC. 817. There are authorized to be appropriated without fiscal year limitation, such sums as may be necessary to carry out the purposes of this title.

TITLE IX-PLANNING AND MANAGEMENT

STATEMENT OF FINDINGS AND PURPOSE

SEC. 901. (a) The Congress finds and declares

(1) that the ability of our system of government to respond effectively to the needs of all citizens depends upon the strength and capabilities of State and local governments;

(2) that the Federal grant-in-aid system has not given sufficient recognition to the need to work through and to strengthen elected officials of State and local government and regional combinations thereof;

(3) that State and local governments and regional combinations thereof must be aided in developing their planning and management capabilities if they are to fully carry out their responsibilities in the Federal system and if the fullest effectiveness of Federal expenditures is to be achieved;

(4) that existing Federal grant-in-aid programs tend to provide assistance in specific functional areas to specialized agencies and have not tended to strengthen the overall planning and management capabilities of elected State and local officials; and

(5) that, while basic reliance should be placed on State and local resources to support the improvement of State and local planning, decisionmaking, and management capabilities, the Federal Government must provide additional assistance if the Federal system is to be strengthened and the welfare of all citizens promoted. (b) It is therefore the purpose of this title—

(1) to strengthen general purpose units of government and regional combinations thereof at the State and local levels (with major emphasis on actions by States to modernize both their own governmental machinery and that of their local governments) in order that such governments may use their revenues more effectively to cope with the complex problems they are faced with in a manner responsive to the economic and social needs of all affected citizens;

(2) to assist State and local governments in solving planning and management problems, including those resulting from the increasing concentration of population in metropolitan and other urban areas and the outmigration from and lack of coordinated development of resources and services in rural areas; to facilitate comprehensive planning and management for urban and rural development, including coordinated transportation systems, on a continuing basis by such governments; and to encourage such governments to establish and improve planning and management staffs and techniques on an areawide basis, and to engage private consultants where their professional services are deemed appropriate by the assisted governments; and

(3) to further the achievement of the national housing goal and a national urban growth policy by encouraging the development of local housing goals and by encouraging the States to take a larger role in land use and development planning.

SEC. 902. As used in this title

DEFINITIONS

(1) the term "Secretary" means the Secretary of Housing and Urban Development;

(2) the term "State" means any State of the United States, the Commonwealth of Puerto Rico, Guam, and the Virgin Islands;

(3) the term "locality" includes any city, county, or other unit of general local government, the District of Columbia, any territory or possession of the United States, or metropolitan or other multijurisdictional area which the Secretary, guided by any criteria in an applicable State planning and management program, determines forms an economic and socially related development region, taking into account such factors as present and future population trends and patterns of urban growth, location of transportation corridors,

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facilities, and systems, and distribution of industrial, commercial, residential, governmental, institutional, and other activities;

(4) the term "governmental agency" means (A) an Indian tribe or organization determined by the Secretary to have governmental characteristics, and (B) an organization, including a nonprofit organization composed or predominantly composed of elected public officials, which meets State standards and criteria prescribed pursuant to section 904 or, in the absence of such standards and criteria, an areawide agency, designated pursuant to title II of the Demonstration Cities and Metropolitan Development Act of 1966 or title IV of the Intergovernmental Cooperation Act of 1968, which is organized to deal with matters of governmental concern to two or more public bodies or units of government; and

(5) the term "cities" means (A) a city within a standard metropolitan statistical area which is the central city of such area, as defined and used by the Office of Management and Budget, or (B) any other city which has a population of fifty thousand or more.

PLANNING AND MANAGEMENT PROGRAMS GENERALLY

SEC. 903. (a) Planning and management programs assisted under this title shall be designed by the State or locality to meet its own particular needs and to improve capabilities of elected officials for developing, implementing, and evaluating policies, programs, and projects in a balanced manner that will further the purpose of this title. Activities which may be supported under this title are those which (1) will aid in the attainment of specified State or local objectives relating to governmental operation, land use, housing, development, resource management, or areawide and intergovernmental coordination, and (2) are carried out in a manner which assures periodic examination by States or localities of methods and objectives as information becomes available on the social, economic, and environmental consequences of program activities.

(b) The authorities provided in this title shall be administered in such a manner as (1) to recognize fully the rights, powers, and responsibilities of State and local governments, and (2) to allow for innovation and diversity on the part of State and local governments in the design and implementation of their planning and management programs.

(c) In carrying out the provisions of this title in areas whose development has significance for purposes of national growth and urban development objectives, the Secretary shall encourage the formulation of plans and programs which will include the studies, criteria, standards, and implementing procedures necessary for effectively guiding and controlling major decisions as to where growth should take place within such areas. Such plans and programs shall take account of the availability of and need for conserving land and other irreplaceable natural resources; of projected changes in size, movement, and composition of population; of the necessity for expanding housing and employment opportunities; of the opportunities, requirements, and possible locations for, new communities and large-scale projects for expanding or revitalizing existing communities; and of the need for methods of achieving modernization, simplification, and improvements in governmental structures, systems, and procedures related to growth objectives. (d) Planning and management activities which qualify for assistance under this title shall include a housing element as part of the preparation of comprehensive land use plans. This housing element shall include a proposed housing program covering a three-year period which (1) establishes areawide housing needs, including the need to provide an adequate supply of standard housing for low- and moderate-income families within reasonable proximity to their places of employment and supporting community services and facilities, (2) establishes adequate and feasible objectives toward meeting those needs, (3) identifies the number and types of housing units to be assisted with Federal subsidy funds, (4) identifies the income groups to be served and the general location of the housing units to be made available to each such group, and (5) identifies other local actions and programs to be undertaken to increase housing production and to preserve the existing housing stock.

STATE PLANNING AND MANAGEMENT PROGRAMS

SEC. 904. (a) State planning and management programs shall be consistent with the provisions of section 903 and, in addition to the activities specified in section 905, shall include (1) a statewide development plan which seeks to integrate all important elements of community development (including land use) and which may include designation of potential growth areas and new community development sites, and (2) standards for determining which communities, or groups of communities, should be considered together as a single locality for purposes of establishing and carrying out local and areawide programs in support of purposes of this title together with criteria and procedures for measuring the adequacy of those programs and for determining whether they, and other significant local actions and projects, are consistent with the State program as developed pursuant to this section.

(b) In addition to the activities authorized in subsection (a), State planning and management programs may also include the preparation of plans and timetables for modernizing and revitalizing State and local governments by methods such as those on the following illustrative checklist:

(1) interstate action in the form of proposed arrangements, by interstate compact or otherwise, for dealing with interstate regional problems, including those of metropolitan areas which overlap State lines, and for regional cooperation in such areas as health, education, welfare, conservation, resource development, transportation, recreation, housing;

(2) State direct action in the form of proposed strengthening and modernizing of State governments (by constitutional, statutory, and administrative changes), including recommendations concerning the short ballot; longer terms for constitutional officers; annual legislative sessions; adequately paid officers and legislators; modernized State borrowing powers; improved tax systems (including an income tax of at least moderate progressiveness); rationalized boards and commissions; increased assistance to local governments; revising the terms of State aids and shared taxes so as to encourage modern local governments and to compensate for differences in total local fiscal capacity; State assumption of direct fiscal responsibility for basic functions; and modern personnel systems;

(3) State action affecting localities in the form of proposed strengthening and modernizing by the State of local, rural, urban, and metropolitan governments (by constitutional, statutory, and administrative changes), including

(A) changes designed to make local government more efficient and economical, as by

(i) reducing the number of, or eliminating, local governments too small to provide efficient administration or possessing inadequate fiscal resources, and special districts not subject to democratic controls;

(ii) restricting local popular elections to policymakers (the short ballot);

(iii) concentrating on a single responsible executive for each local unit;

(iv) reform of personnel practices;

(v) granting adequate home rule powers to local governments of sufficient size and scope;

(vi) improving local property tax administration;

(vii) authorizing local governments to utilize nonproperty taxes, coordinated at the State or regional level;

(viii) easing restrictions on the borrowing and taxing powers of local governments; and

(ix) encouraging the formation of multicounty and regional bodies.

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