It's hereby declared to become the policy with the Congress that enough funds ought to be created available to rural electric and telephone programs through direct, insured and confirmed loans at interest prices which allows them to accomplish the objectives of The agricultural Electrification Act of 1936, as amended [7 U.
The Secretary may well deny the ask for of a lender for the warranty of a bond or Take note below this section Should the Secretary determines that—
(i) permits a single application for your grant plus a mortgage underneath subchapter I, II, or this subchapter that's associated with this sort of grant; and
The Secretary may generate a mortgage under this part to an crisis communication devices provider to broaden or make improvements to 911 entry or other communications or technologies explained in subsection (a) In the event the community authorities which has jurisdiction over the venture is not authorized to acquire the financial debt resulting from the loan.
" for "foundation In the event the proceeds with the bonds or notes are accustomed to make loans for any electrification or telephone intent eligible for aid less than this chapter, like portion 904 or 922 of this title or to refinance bonds or notes issued for this kind of applications.", and extra par. (two).
S.C. 901 et seq.] to finance the acquisition of existing generation, transmission and distribution techniques and services serving large Value, predominantly rural spots by entities capable of and devoted to providing or bettering company in this kind of regions in an successful and economical way.
The discount price to be set because of the Secretary for direct or insured loans prepayments hereunder shall be based on The present price of resources towards the Section from the Treasury for obligations of comparable maturity to All those currently being pay as you go. If a borrower prepays applying tax exempt financing, the discounted shall be altered to produce the discount similar to thoroughly taxable funding. The borrower shall certify in creating whether or not the funding is going to be tax exempt and shall adjust to these kinds of other stipulations given that the Secretary could build that are sensible and required to put into practice this provision. As used On this area, the phrase "direct personal loan" means a mortgage produced below segment 904 of this title.
The Secretary may well not call for an entity that proposes to possess a subscriber projection of fewer than twenty percent of your broadband assistance sector in a very rural spot to submit to your Secretary a sector survey.
The low cost rate relevant to your prepayment underneath this subsection of a personal loan or financial loan progress shall be the then existing cost of cash towards the Section on the Treasury for obligations of comparable maturity to your remaining term with the mortgage.
inserted right before time period at end "; and also the expression 'Secretary' shall be check here deemed to indicate the Secretary of Agriculture".
"(A) notify the Administrator in writing, inside of 30 times following the issuance of rules to perform this area, with the intent from the borrower to prepay; and
(3) all collections of principal and curiosity acquired on and immediately after July one, 1972, on notes, bonds, judgments, or other obligations made or held below subchapters I and II of this chapter and below this subchapter, which shall be paid into and become belongings of your fund;
(B) if no broadband assistance provider submits facts less than paragraph (one), contemplate the amount of providers inside the proposed provider area to generally be proven through the use of any other facts regarding The provision of broadband services that the Secretary could accumulate or obtain by way of affordable attempts.
If a borrower prepays a personal loan under this subsection making use of tax exempt financing, the low cost shall be adjusted to make certain that the borrower receives a benefit that's equal to your reward the borrower would obtain Should the borrower used fully taxable funding.