Southern California Indian Land Transfer Act

(Conference report filed in House, H. Rept. 100-1084)

Title I: Southern California Indian Land Transfer - Southern California Indian Land Transfer Act - Declares that all Federal right, title, and interest in specified lands (including all improvements and appurtenances to such lands) of certain groups or bands of Mission Indians (located in California) are to be held in trust by the United States for the benefit of such groups or bands and made a part of their respective reservations. Sets forth specific land descriptions.

Provides that nothing in this Act shall affect any person's right, title, or interest in such land (including any right-of-way, mining claim, or grazing permit) in effect on the day before the enactment of this Act. Authorizes any person who holds a valid grazing permit and lease with respect to such lands to have the right to purchase (at fair market value) such lands within one year from the date of the enactment of this Act. Requires the Secretary of the Interior, before the end of the 30-day period beginning on the date of the enactment of this Act, to notify such persons with regard to the right to purchase such lands.

Provides that amounts derived (after the enactment of this Act) from sales, bonuses, royalties, and rentals with respect to such lands shall be available for use by the groups or bands of Mission Indians. Subjects such lands to the existing U.S. laws relating to Indian reservations.

Title II: Indian Development Finance Corporation - Subtitle A: General Provisions - Indian Development Finance Corporation Act - Declares the policy of the Congress that the Government should assist the Indian people in their efforts to break free from the devastating effects of poverty and unemployment and achieve economic self sufficiency by establishing a federally chartered, mixed ownership development financing institution.

Subtitle B: Establishment of Corporation - Establishes the Indian Development Finance Corporation. Requires the Corporation to provide development capital and technical and managerial assistance for new and existing Indian businesses and to encourage Indian tribes to participate in the Corporation by owning its equity securities. Authorizes the Corporation to make loans to or purchase, insure, or discount obligations of Indian businesses if they meet specified financial conditions.

Directs the Corporation to provide the credit needed by Indian businesses at the lowest reasonable cost, taking into account the Corporation's cost of money, necessary reserve, and expenses.

Authorizes the Corporation to guarantee up to 90 percent of the principal and interest of any loan made to an Indian business by a State or federally chartered lending institution on terms permissible for Corporation loans.

Authorizes the Corporation to purchase no more than 30 percent of the equity or ownership in an Indian business and to supervise or participate in the management of such business.

Sets forth administrative provisions concerning the Corporation. Requires the Corporation's Board of Directors to submit annual reports to the Congress on its capital, operations, and financial condition, the first of which shall include a five-year organizational development plan.

Establishes the Advisory Council to the Indian Development Finance Corporation to provide advice on the policies and operations of the Corporation.

Subtitle C: Capitalization - Authorizes the Corporation to issue stock. Allows shares of stock in the corporation to be issued to and held by Indian Tribes and the United States only. Sets forth provisions governing the sale of Corporation stock and the purchase of stock by the Secretary of the Treasury.

Authorizes the Corporation to issue a limited amount of bonds and notes.

Subtitle D: Authorization of Appropriations - Authorizes appropriations for general operating expenses and for the purchase of Corporation stock by the Secretary.

Makes provision for delayed funding if no funds are appropriated under this subtitle for FY 1989.