Reconstruction Finance Corporation Act of 1981

Reconstruction Finance Corporation Act of 1981 - Establishes the Reconstruction Finance Corporation (RFC).

Sets forth the composition of the Board of Directors of the RFC.

Declares that upon the enactment of this Act the RFC shall become a corporate body. Sets forth the general powers of the RFC.

Authorizes the RFC to provide assistance, in the forms and under the terms and conditions set forth in this Act,to any eligible business entity. Defines "business entity" as any individual, corporation, company, association, firm, partnership, society, or other concern that is engaged in the manufacture or production of goods and services in the United States.

Makes a business entity eligible for assistance when the Board of Directors has certified that the entity is certain to become insolvent, that its closure would adversely and severely affect the economy of the United States or any sizable region thereof, and that credit is not otherwise available to the entity on terms and conditions that are conducive to its survival.

Sets forth the conditions under which the RFC may make loans to any eligible business entity, or guarantee the payment, in whole or in part, of interest, principal, or both, on loans made by non-Federal lenders.

Authorizes the RFC to extend aid, under the terms and conditions set forth in this Act, to any eligible municipality. Declares that a municipality is eligible for aid if the Board has certified that the municipality is effectively unable to bring all of its expenditures, other than capital items, into balance with its revenues and to obtain credit in the public credit markets or elsewhere in amounts and terms sufficient to meet the municipality's financing needs.

Sets forth the conditions under which the RFC may, in the discretion of its Board, lend money to any eligible municipality, or guarantee the payment, in whole or in part, of interest, principal, or both, on loans made by non-Federal lenders to such municipality.

Limits the aggregate amount of assistance provided under this Act to any one business entity and its subsidiary or affiliated business entities, or any one municipality. Sets forth the terms and conditions for loans and loan guarantees under this Act.

Prohibits any fee or commission from being paid by any applicant for a loan or a guarantee under this Act or in connection with any such application or any loan or a guarantee made under this Act.

Prohibits any of the loans guaranteed under this Act from being eligible for purchase by sale or issuance to the Federal Financing Bank or any other Federal agency or department or entity owned in whole or in part by the United States.

Provides for the capitalization of the RFC.

Sets forth provisions concerning: (1) the deposit of RFC moneys not otherwise employed; (2) the issuance of notes, debentures, and bonds; and (3) the sales of RFC obligations to the Treasury and public-debt transactions.

Exempts any and all obligations issued by the RFC both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes).

Exempts the RFC, including its franchise, its capital, reserves, and surplus, and its income from all taxation, except that any real property of the RFC shall be subject to State and local real property tax.

Permits the RFC, when designated for that purpose by the Secretary: 1) to be a depository of public money; (2) to be employed as a financial agent of the government; and (3) to perform all such reasonable duties as may be required of it.

Authorizes various Federal agencies to cooperate with the RFC in order to carry out the provisions of this Act.

Requires the RFC to make and publish a quarterly report, the first of which shall be made not later than January 1, 1981, of its operations to Congress. Sets forth the information to be included in such report.

Provides for audits of the financial transactions of the RFC.

Sets forth criminal provisions concerning: (1) willful misrepresentations to the RFC; (2) counterfeiting and other mishandling of RFC obligations; (3) defrauding the RFC, its auditors, or the public; and (4) use of the words "Reconstruction Finance Corporation" by others.

Authorizes appropriations as necessary to carry out the provisions of this Act.

Declares that the right to alter, amend, or repeal this Act is expressly reserved.