Not known Details About 922 loans
Not known Details About 922 loans
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(a) The Secretary is authorized to generate and problem interim notes for the Secretary in the Treasury for the objective of acquiring resources needed for discharging obligations from the fund and for creating loans, developments and approved expenses out on the fund. This sort of notes shall be in this kind of form and denominations and also have these maturities and be subject to these kinds of terms and conditions as may be agreed upon from the Secretary and the Secretary on the Treasury. Such notes shall bear curiosity in a amount mounted by the Secretary of the Treasury, using into account The present typical market place yield of outstanding marketable obligations of America owning maturities similar to the notes issued through the Secretary beneath this part. The Secretary in the Treasury is approved and directed to purchase any notes of your Secretary issued hereunder, and, for that reason, the Secretary of your Treasury is authorized to work with like a public personal debt transaction the proceeds from your sale of any securities issued less than chapter 31 of title 31, along with the needs for which this kind of securities might be issued underneath this kind of chapter are prolonged to incorporate the purchase of notes issued by the Secretary.
The Secretary, in consultation With all the Secretary of Agriculture and the Secretary of the Interior, could supply grants beneath this segment to eligible grantees for the purpose of—
(bb) the fascination rate on industrial loans with the time period that don't afford to pay for the borrower such a right.
(1) supplies qualified broadband company to, within the proposed eligible services place explained in the application submitted because of the suitable entity—
inserted provisions prohibiting Administrator from furnishing aid to telephone borrower Unless of course borrower exclusively applies therefor.
§two(a), amended subsec. (a) usually. Ahead of Modification, subsec. (a) go through as follows: "A immediate or insured loan made underneath this chapter shall not be sold or prepaid at a worth below the face value of any exceptional principal balance on these kinds of loan, other than when bought to or prepaid via the borrower on the lesser of your excellent principal stability due on the bank loan or perhaps the bank loan's existing benefit discounted from the face value at maturity at the rate established with the Administrator.
The borrower shall shell out the fee required less than this area at some time the prevailing assure is prolonged by generating a payment in the level of the demanded price.
Any contract of insurance policy or promise executed by the Secretary less than this subchapter shall be an obligation supported by the total religion and credit rating of America and incontestable aside from fraud or misrepresentation of which the holder had genuine knowledge at enough time it turned a holder.
§ 922. — Loans for rural phone provider. [Guidelines in outcome as of January 24, 2002] [Doc not impacted by Public Legal guidelines enacted involving January 24, 2002 and December 19, 2002] [CITE: 7USC922] TITLE 7--AGRICULTURE CHAPTER 31--RURAL ELECTRIFICATION AND Phone Assistance SUBCHAPTER II--RURAL TELEPHONE SERVICE Sec. 922. Loans for rural phone support From this kind of sums as are occasionally built out there with the Congress towards the Secretary for these kinds of function, pursuant to segment 903 of the title, the Secretary is licensed and empowered to generate loans to people now delivering or who may hereafter provide phone service in rural regions, to public bodies now giving telephone provider in rural areas and to cooperative, nonprofit, restricted dividend, or mutual associations. Apart from as normally furnished by this subchapter, this kind of loans shall be built under the similar conditions and terms as are provided in portion 904 of this title, for the purpose of financing the development, growth, design, acquisition, and Procedure of phone strains, services, or devices to furnish and improve telephone services in rural places: Delivered, nevertheless, Which the Secretary, in earning such loans, shall give desire to folks supplying telephone service in rural places, to public bodies now offering telephone provider in rural parts, and also to cooperative, nonprofit, limited, dividend, or mutual associations: And delivered even further, That for just a duration of a single yr from and following Oct 28, 1949, apps for loans acquired from the Secretary from folks who on October 28, 1949, are engaged during the Procedure of present telephone assistance in rural parts shall be regarded as and acted on prior to motion is taken upon any application been given from every other person for virtually any loan to finance the furnishing or improvement of telephone service to significantly the exact same subscribers. The Secretary in building this kind of loans shall, insofar as possible, attain assurance that the telephone support to get furnished or improved thereby are going to be made accessible to the widest useful number of rural people. When it is determined via the Secretary to be important in an effort to furnish or improve telephone services in rural parts, this sort of loans may very well be made for the advance, expansion, development, acquisition, and Procedure of phone lines, services, or devices with no regard to their geographical spot.
The notes of your Secretary to your Secretary with the Treasury to obtain funds for loans beneath sections 904, 905,1 and 922 of this title, and all other liabilities in opposition to the appropriations or property during the fund in reference to electrification and phone mortgage operations shall be liabilities in the fund, and all other obligations in opposition to these types of appropriations or property while in the fund arising away from electrification and phone bank loan operations shall be obligations on the fund.
substituted click here "of which the holder had genuine understanding at time it grew to become a holder" for "of which the holder has precise understanding".
(ii) give priority to purposes for initiatives to supply the maximum standard of broadband company to the best proportion of rural households within the proposed service space discovered in the application;
"(1) creating modern day telecommunications technological know-how and solutions obtainable in rural places in The us promotes financial development and increases the quality of life in rural places; and
The Secretary may possibly obligate, but not disperse, cash under this chapter prior to the completion of or else required environmental, historical, or other sorts of testimonials When the Secretary decides that a subsequent site-precise overview shall be satisfactory and simply accomplished for The placement of towers, poles, or other broadband amenities within the assistance region with the borrower with out compromising the undertaking or even the expected critiques.