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[DOCID: f:h1735ih.txt]






107th CONGRESS
  1st Session
                                H. R. 1735

 To amend the Communications Act of 1934 to improve operations of the 
                  Telecommunications Development Fund.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 3, 2001

 Mr. Towns (for himself and Mr. Upton) introduced the following bill; 
       which was referred to the Committee on Energy and Commerce

_______________________________________________________________________

                                 A BILL


 
 To amend the Communications Act of 1934 to improve operations of the 
                  Telecommunications Development Fund.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Telecommunications Development Fund 
Improvement Act''.

SEC. 2. DEPOSITS AND USE OF ACCOUNTS FOR UP-FRONT PAYMENTS.

    Section 309(j)(8)(C) of the Communications Act of 1934 (47 U.S.C. 
309(j)(8)(C)) is amended--
            (1) by striking ``Deposit and use of auction escrow 
        accounts'' and inserting ``Deposits and use of auction escrow 
        accounts for up-front payments''; and
            (2) by striking ``deposits'' each place it appears and 
        inserting ``up-front payments''.

SEC. 3. DEPOSITS AND USE OF ACCOUNTS FOR DOWNPAYMENTS.

    Section 309(j)(8) of the Communications Act of 1934 (47 U.S.C. 
309(j)(8)) is amended by adding at the end thereof the following new 
subparagraph:
                    ``(D) Deposits and use of auction escrow accounts 
                for downpayments.--Any downpayment that the Commission 
                may require any bidder to submit before issuance of a 
                license or permit in a system of competitive bidding 
                pursuant to this subsection shall be deposited in an 
                interest-bearing account at a financial institution 
                designated for purposes of this subsection by the 
                Commission (after consultation with the Secretary of 
                the Treasury). Within 45 days following the issuance of 
                a license or permit--
                            ``(i) the downpayments of successful 
                        bidders shall be paid to the Treasury; and
                            ``(ii) the interest accrued to the account 
                        shall be transferred to the Telecommunications 
                        Development Fund established pursuant to 
                        section 714.''.

SEC. 4. REGULATIONS.

    Within 60 days after the date of the enactment of this Act, the 
Federal Communications Commission shall make such modifications to its 
rules as are necessary to carry out the amendments made by this Act.
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