Detailed Notes on 922 loans
Detailed Notes on 922 loans
Blog Article
In addition to the loan extension authority supplied in portion 912 of the title, the Secretary of Agriculture is licensed to adjust and readjust the schedules for payment of principal and fascination on loans to borrowers beneath plans administered with the Secretary under the Rural Electrification Act of 1936 (seven U.
(ii) has the lawful potential and authority to enter right into a deal, to comply with applicable Federal legal guidelines, and to personal and operate broadband amenities, as proposed in the applying submitted via the entity for just a grant less than This system.
§6104, amended part generally. Just before Modification, textual content read as follows: "As employed in this chapter the phrase 'rural area', except as delivered in segment 924(b) of this title, shall be deemed to suggest any spot of The usa not provided in the boundaries of any city space, as described by the Bureau from the Census, and this sort of phrase shall be deemed to incorporate both the farm and nonfarm population thereof; the term 'farm' shall be considered to signify a farm as described from the publications on the Bureau with the Census; the expression 'man or woman' shall be considered to necessarily mean any purely natural human being, organization, corporation, or association; the time period 'Territory' shall be deemed to incorporate any insular possession of The usa; plus the phrase 'Secretary' shall be deemed to necessarily mean the Secretary of Agriculture."
Subject to limits proven in annual appropriations Functions, this kind of cushion of credit quantities and every other cushion of credit history and advance payments of any borrower shall be A part of the interest differential calculation underneath segment 940c(b)(two) of the title.
These types of products could possibly be compensated in reference to confirmed loans after or in connection with the acquisition of this sort of loans or stability thereof following default, to your extent established to become essential to safeguard the curiosity of the Government, or in connection with any other activity licensed During this chapter;
(one) the amount of purposes acquired and accepted, which include any Specific financial loan conditions or problems for which the Secretary furnished further aid to unserved locations;
The Secretary is approved and empowered to increase enough time of payment of curiosity or principal of any loans made by the Secretary pursuant to this chapter, apart from that, with respect to any mortgage produced less than part 904 or 922 of this title, the payment of desire or principal shall not be extended greater than 5 years soon after this sort of payment shall have become owing.
(2) tips for just about any regulatory or legislative changes that could be acceptable to enhance solutions to significantly underserved trust parts.
§ 922. — Loans for rural phone support. [Guidelines in result as of January 24, 2002] [Document not impacted by Community Guidelines enacted between January 24, 2002 and December 19, 2002] [CITE: 7USC922] TITLE seven--AGRICULTURE CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE Services SUBCHAPTER II--RURAL Phone Provider Sec. 922. Loans for rural phone provider From these kinds of sums as are every now and then produced out there with the Congress towards the Secretary for these types of function, pursuant to section 903 of this title, the Secretary is authorized and empowered to produce loans to folks now delivering or who might hereafter present telephone provider in rural locations, to general public bodies now supplying telephone assistance in rural locations and also to cooperative, nonprofit, confined dividend, or mutual associations. Except as usually furnished by this subchapter, this sort of loans shall be designed underneath the exact same stipulations as are furnished in section 904 of this title, for the purpose of financing the improvement, growth, development, acquisition, and Procedure of telephone traces, services, or devices to furnish and improve telephone services in rural places: Presented, having said that, Which the Secretary, in earning such loans, shall give preference to folks furnishing telephone company in rural spots, to public bodies now furnishing phone assistance in rural locations, and also to cooperative, nonprofit, restricted, dividend, or mutual associations: And presented more, That for your duration of one particular 12 months from and immediately after Oct 28, more info 1949, programs for loans obtained with the Secretary from folks who on October 28, 1949, are engaged in the Procedure of present phone provider in rural regions shall be considered and acted upon right before action is taken on any application gained from every other individual for just about any bank loan to finance the furnishing or improvement of telephone assistance to substantially exactly the same subscribers. The Secretary in producing this kind of loans shall, insofar as is possible, get assurance that the telephone service to get furnished or improved thus will likely be manufactured accessible to the widest useful number of rural people. When it is determined because of the Secretary to become important as a way to furnish or strengthen phone support in rural parts, this kind of loans can be produced for the development, growth, design, acquisition, and Procedure of phone strains, facilities, or techniques devoid of regard for their geographical location.
(three) payment of quantities to which the holder of notes is entitled on insured loans: Provided, That payments apart from ultimate payments need not be remitted to your holder till because of or right up until the subsequent agreed yearly, semiannual, or quarterly remittance date;
No borrower of cash below sections 904 or 922 of the title shall, with no approval of your Secretary, offer or dispose of its property, legal rights, or franchises, obtained under the provisions of the chapter, until eventually any financial loan obtained from the Rural Electrification Administration, which includes all desire and costs, shall happen to be repaid.
(I) apart from on the discretion from the Secretary, to apply for or acquire direct or insured loans explained in clause (i) in the course of the a hundred and eighty-thirty day period period of time commencing over the day of the prepayment; or
"(1) creating modern day telecommunications technological know-how and services available in rural locations in the United States encourages financial growth and enhances the quality of life in rural regions; and
§6201(eight), included subsec. (i) and struck out previous subsec. (i). Prior to amendment, text go through as follows: "Notwithstanding almost every other provision of the chapter, the proceeds of any loan produced or assured with the Secretary underneath this chapter may very well be employed by the receiver of your loan for the purpose of refinancing an outstanding obligation of the recipient on another telecommunications bank loan made below this chapter if using the proceeds for that purpose will support the development, advancement, or acquisition of amenities and devices for that provision of broadband assistance in rural parts."