12 2 STA T . 11 83PUBLIC LA W 11 0– 23 4—M A Y 22 , 2008 (e)CONTRAC T I N G O FFU NCTION S.—S e ction384Q o f t h e Con s o l i -da ted Fa rm and Ru ral D e v elo p ment A ct( 7U .S.C. 20 0 9 cc –16 )is repealed. (f) FUN D ING.— T he Consolidated Farm and Rural Development Act is amended by stri k in g section 384S (7 U.S.C. 2009cc–18) and inserting the follo w ing
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‘ SEC.384 S. AUTHORIZ ATIO N O F A P PROPRIATIONS. ‘ ‘There is authori z ed to be appropriated to carry out this subtitle $5 0 , 000,000 for the period of fiscal years 2008 through 2012. ’ ’. SEC. 602 8. RURA L COLLA B ORATI V E INVEST M ENT PRO G RAM. Subtitle I of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009dd et se q .) is amended to read as follows: ‘ ‘ Subti t leI—R u ra l Co llaborati v e I n ve s t m ent P ro g ram ‘‘SEC. 38 5 A. PURPOSE. ‘‘The purpose of this subtitle is to establish a regional rural collaborative investment program— ‘‘(1) to provide rural regions with a fle x ible investment vehicle, allowing for local control with Federal oversight, assist- ance, and accountability
‘‘(2) to provide rural regions with incentives and resources to develop and implement comprehensive strategies for achieving regional competitiveness, innovation, and prosperity; ‘‘(3) to foster multisector community and economic develop- ment collaborations that will optimize the asset-based competi- tive advantages of rural regions with particular emphasis on innovation, entrepreneurship, and the creation of quality j obs; ‘‘(4) to foster collaborations necessary to provide the profes- sional technical expertise, institutional capacity, and economies of scale that are essential for the long-term competitiveness of rural regions; and ‘‘(5) to better use Department of Agriculture and other Federal, State, and local governmental resources, and to lever- age those resources with private, nonprofit, and philanthropic investments, in order to achieve measurable community and economic prosperity, growth, and sustainability. ‘‘SEC. 385B. D EFINITIONS. ‘‘In this subtitle: ‘‘(1) BE NC HM AR K .—The term ‘benchmark’ means an annual set of goals and performance measures established for the purpose of assessing performance in meeting a regional invest- ment strategy of a Regional Board. ‘‘(2) INDIAN TRI B E.—The term ‘Indian tribe’ has the meaning given the term in section 4 of the Indian Self-Determination and E ducation Assistance Act (25 U.S.C. 450b). ‘‘(3) N ATIONA L BOARD.—The term ‘National Board’ means the National Rural Investment Board established under section 385C(c). 7USC20 0 9d d –1. 7 USC 2009dd. 7 USC 2009 c c–1 8 .
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