AUTHORIZATIONS.

SEC. 405. AUTHORIZATIONS. Section 20 of the Small Business Act (15 U.S.C. 631 note) is amended— (1) by striking in subsection (g)(3) “stock and $221,000,000 in guarantees of debentures” and inserting in lieu thereof the following: “securities, $221,000,000 in guarantees of debentures, of which $40,000,000 is authorized in guarantees of debentures 106 STAT. 1015from companies operating pursuant to section 301(d) of such Act, and $100,000,000 in guarantees of participating securities”; (2) by striking in subsection (i)(3) “stock and $232,000,000 in guarantees of debentures” and inserting in lieu thereof the following: “securities, $232,000,000 in guarantees of debentures, of which $42,000,000 is authorized in guarantees of debentures from companies operating pursuant to section 301(d) of such Act, and $250,000,000 in guarantees of participating securities”; and (3) by adding the following new subsections at the end thereof: “(k) The following program levels are authorized for fiscal year 1995: “(1) For the programs authorized by title III of the Small Business Investment Act of 1958, the Administration is authorized to make $23,000,000 in purchases of preferred securities, $244,000,000 in guarantees of debentures, of which $44,000,000 is authorized in guarantees of debentures from companies operating pursuant to section 301(d) of such Act, and $400,000,000 in guarantees of participating securities. “(l) There are authorized to be appropriated to the Administration for fiscal year 1995 such sums as may be necessary to carry out subsection (k), including salaries and expenses of the Administration. “(m) The following program levels are authorized for fiscal year 1996: “(1) For the programs authorized by title III of the Small Business Investment Act of 1958, the Administration is authorized to make $24,000,000 in purchases of preferred securities, $256,000,000 in guarantees of debentures, of which $46,000,000 is authorized in guarantees of debentures from companies operating pursuant to section 301(d) of such Act, and $550,000,000 in guarantees of participating securities. “(n) There are authorized to be appropriated to the Administration for fiscal year 1996 such sums as may be necessary to carry out subsection (m), including salaries and expenses of the Administration. “(o) The following program levels are authorized for fiscal year 1997: “(1) For the programs authorized by title III of the Small Business Investment Act of 1958, the Administration is authorized to make $25,000,000 in purchases of preferred securities, $268,000,000 in guarantees of debentures, of which $48,000,000 is authorized in guarantees of debentures from companies operating pursuant to section 301(d) of such Act, and $700,000,000 in guarantees of participating securities. “(p) There are authorized to be appropriated to the Administration for fiscal year 1997 such sums as may be necessary to carry out subsection (o), including salaries and expenses of the Administration.”.