H.R.1735 - Telecommunications Development Fund Improvement Act107th Congress (2001-2002)
||Rep. Towns, Edolphus [D-NY-10] (Introduced 05/03/2001)
||House - Energy and Commerce
||05/15/2001 Referred to the Subcommittee on Telecommunications and the Internet. (All Actions)
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Introduced in House (05/03/2001)
Telecommunications Development Fund Improvement Act - Amends the Communications Act of 1934 to require any down payment that the Federal Communications Commission (FCC) may require any bidder to submit before issuance of a station license or construction permit in a system of competitive bidding to be deposited in an interest-bearing account at a financial institution designated by the FCC. Requires, within 45 days following the issuance of such a license or permit: (1) the down payments of successful bidders to be paid to the Treasury; and (2) the interest accrued to the account to be transferred to the Telecommunications Development Fund.