Not known Factual Statements About 922 loans
Not known Factual Statements About 922 loans
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(a) The Secretary is authorized to produce and situation interim notes on the Secretary from the Treasury for the objective of obtaining cash needed for discharging obligations of the fund and for making loans, improvements and authorized expenses out from the fund. This kind of notes shall be in these variety and denominations and also have these maturities and be subject to these terms and conditions as may very well be arranged because of the Secretary as well as the Secretary of your Treasury. These types of notes shall bear desire at a price fastened through the Secretary on the Treasury, getting into account the current average market generate of exceptional marketable obligations of the United States possessing maturities comparable to the notes issued because of the Secretary underneath this area. The Secretary with the Treasury is licensed and directed to buy any notes with the Secretary issued hereunder, and, for that purpose, the Secretary on the Treasury is approved to utilize as a community debt transaction the proceeds in the sale of any securities issued less than chapter 31 of title 31, as well as functions for which these kinds of securities may be issued under these chapter are prolonged to incorporate the purchase of notes issued with the Secretary.
(b) A receiver who sets aside resources under subsection (a) of this portion may possibly use the funds only in a place that's not getting furnished While using the minimal satisfactory amount of broadband provider established less than area 950bb(e) of this title, Except the recipient satisfies the requirements of portion 950bb(d) of the title.
The Secretary may not, as a ailment of creating a phone personal loan to an applicant therefor, call for the applicant to—
For functions of determining no matter if to supply help for any project below this area, the Secretary shall use requirements which have been technologically neutral.
(iii) the common cost of probably the most subscribed tier of broadband services inside a proposed services place;
(A) the duplication of any current eligible broadband assistance supplied by Yet another entity in the qualified provider location; or
(one) Topic to limitations proven in appropriations Acts, the Secretary shall permit any borrower to defer the payment of principal and desire on any insured or immediate financial loan designed less than this chapter less than situation described Within this subsection, notwithstanding any limitation contained in subsection (a), except that this kind of deferment shall not be permitted depending on the determination from the Secretary of the economical hardship from the borrower.
Any ensure of a loan prepaid under this area shall be absolutely assignable beneath the provisions of portion 936 of this title and transferable. Having said that, the Secretary may demand that any such promise, if transfered 1 or assigned, be transferred or assigned into a loan or safety that, if bought, are going to be grouped with nonguaranteed loans or securities click here and marketed inside a way to make sure that these kinds of sale will likely not unreasonably compete Together with the promoting of obligations of The us.
Notwithstanding section 661c of title 2, out of any funds within the Treasury not in any other case appropriated, the Secretary of the Treasury shall make obtainable this sort of sums as essential to cover any personal loan modification costs as defined in section 661a of title two.
inserted just before interval at stop "; and the phrase 'Secretary' shall be considered to signify the Secretary of Agriculture".
Topic to subsection (b), the Secretary shall assurance payments on bonds or notes issued by cooperative or other lenders organized on the not-for-revenue basis, if the proceeds with the bonds or notes are used to make utility infrastructure loans, or refinance bonds or notes issued for the people purposes, to some borrower which has at any time been given, or is eligible to obtain, a financial loan under this chapter.
Clause (ii) shall not use to the bank loan to be designed to an applicant for the objective of furnishing or enhancing electrical service to people situated in an urban place (as defined via the Bureau in the Census) if the standard quantity of people per mile of line of the entire electrical process with the applicant exceeds seventeen.
in to start with sentence, struck out "for that furnishing of electric powered Vitality to people in rural areas who're not obtaining central station company and" soon after "transmission and distribution strains or systems" and substituted "segment 903 of this title," for "the provisions of sections 903(d) and 903(e) of this title but devoid of regard into the twenty five per centum limitation therein contained,", in 2nd sentence, substituted ", other than that" for ": Furnished, further, That all this sort of loans shall be self-liquidating in a period of not to exceed thirty-5 years, and shall bear desire at the speed of two for each centum for each annum; curiosity costs to the unmatured and unpaid equilibrium of any loans manufactured pursuant to this part previous to September 21, 1944, shall be modified to two for every centum for each annum, plus the maturity day of any these kinds of loans can be readjusted to come about at a date not further than 30-5 years from the day of these types of financial loan: And presented additional, That", and in third sentence, struck out "and portion 905 of this title" ahead of "shall not be produced".
The Secretary might enter into this kind of contracts, grants, or cooperative agreements as are necessary to execute this area.