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Full Text of this Amendment
On page 17, line 12, strike the quotation marks and the following period and insert the following:
"(8) PHASE-OUT OF FEDERAL INTEREST.--
"(A) IN GENERAL.--The Secretary shall release any Federal interest in property and income in connection with a grant made from revolving loan funds after the original grant has been fully disbursed and recaptured by the grant recipient at least once if the recipient, as determined by the Secretary--
"(i) retains the grant funds for the overall economic development advancement of the service delivery area; and
"(ii) continues to comply with section 602.
"(B) APPLICABILITY.--This paragraph shall apply to property and income assisted or generated through provision of a grant from revolving loan funds before, on, or after the date of enactment of this paragraph.".
(As printed in the Congressional Record for the Senate on Jun 16, 2011.)