Page:United States Statutes at Large Volume 100 Part 1.djvu/1007

 PUBLIC LAW 99-425—SEPT. 30, 1986

100 STAT. 971

funds awarded in accordance with this paragraph in excess of $50,000. "(c) There is authorized to be appropriated $3,000,000 for each of the fiscal years 1987, 1988, 1989, and 1990 to carry out this section.". SEC. 407. INTEREST RATES PAYABLE ON CERTAIN RURAL DEVELOPMENT LOANS; ASSIGNMENT OF LOAN CONTRACTS.

(a) MODIFICATION OF INTEREST RATES.—Notwithstanding any other 42 USC 98i2a provision of law— (1) any outstanding loan made after December 31, 1982, by the Secretary of Health and Human Services; or (2) any loan made after the date of the enactment of this Act; with moneys from the Rural Development Loan Fund established by section 623(c)(1) of the Omnibus Budget Reconciliation Act of 1981 (42 U.S.C. 9812(c)(1)) or with funds available under section 681(a) of the Community Services Block Grant Act (42 U.S.C. 9910(a)) to an Ante, pp. 969, intermediary borrower shall bear interest at a fixed rate equal to 970. the rate of interest that was in effect on the date of issuance for loans made in 1980 with such moneys or such funds if the weighted average rate of interest for all loans made after December 31, 1982, by such intermediary borrower with such moneys or such funds does not exceed the sum of 6 percent and the rate of interest payable under this subsection by such intermediary borrower. 0)) ASSIGNMENT OF CERTAIN LOAN CONTRACTS.—Any contract for a

State and local governments. 42 USC 9812a.

loan made during the period beginning on December 31, 1982, and ending on the date of the enactment of this Act with— (1) moneys from the Rural Development Loan Fund established by section 623(c)(1) of the Omnibus Budget Reconciliation Act of 1981 (42 U.S.C. 9812(c)(1)); or (2) funds available under section 681(a) of the Community Services Block Grant Act (42 U.S.C. 9910(a)); to an intermediary borrower that is a county government may be assigned by such borrower to an entity to which such loan could have been made for the purpose for which such contract was made. Any entity to which such contract is so assigned shall be substituted as a party to such contract and shall be obligated to carry out such contract and the purpose for which such contract was made. (c) TECHNICAL AMENDMENT.—Section 1323(b)(2) of the Food Security Act of 1985 (7 U.S.C. 1631(b)(2)) is amended— 7 USC 1932 note. (1) by striking out "authorized under" and inserting in lieu thereof "in, appropriated to, or repaid to"; (2) in subparagraph (A) by striking out "and" at the end thereof; (3) in subparagraph (B) by striking out the period at the end thereof and inserting in lieu thereof "; and"; and (4) by adding at the end thereof the following new subparagraph: "(C) notwithstanding paragraph (1), all funds other than funds to which subparagraph (A) applies shall be used by the Secretary to make loans— "(i) to the entities; "(ii) for the purposes; and J "(iii) subject to the terms and conditions; specified in the first, second, and last sentences of section 623(a) I of the Community Economic Development Act of 1981 (42 U.S.C. 9812(a)). For purposes of this subparagraph, any reference in

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