Page:United States Statutes at Large Volume 101 Part 3.djvu/314

 101 STAT. 1612 12 USC 2277a-4.

PUBLIC LAW 100-233—JAN. 6, 1988

"SEC. 5.55. PREMIUMS. "(a) AMOUNT IN FUND NOT EXCEEDING SECURE BASE AMOUNT.—

Until the aggregate of amounts in the Farm Credit Insurance Fund exceeds the secure base amount, the annual premium due from any insured System bank for any calendar year shall be equal to the sum of— "(1) the annual average principal outstanding for such year on loans made by the bank that are in accrual status, multiplied by 0.0015; and "(2) the annual average principal outstanding for such year on loans made by the bank that are in nonaccrual status, multiplied by 0.0025. "(b) AMOUNT IN FUND EXCEEDING SECURE BASE AMOUNT.—At any

time the aggregate of amounts in the Insurance Fund exceeds the secure base amount, the Corporation shall reduce the annual premium due from each insured System bank for the following calendar year by a percentage determined by the Corporation so that the aggregate of the premiums payable by all System banks is sufficient to ensure that the aggregate of amounts in the Insurance Fund after such premiums are paid is not less than the secure base amount at such time. "(c) SECURE BASE AMOUNT.—For purposes of this part, the term 'secure base amount' means, with respect to any point in time, 2 percent of the aggregate outstanding insured obligations of all insured System banks at such time, or such other percentage of the aggregate amount as the Corporation in its sole discretion determines is actuarially sound to maintain in the Insurance Fund taking into account the risk of insuring outstanding insured obligations. "(d) DETERMINATION OF PRINCIPAL OUTSTANDING.—For the purpose of subsection (a), the principal outstanding on all loans made by a Federal intermediate credit bank shall be determined based on all loans made— "(1) by the production credit associations in the district in which such bank is located; "(2) by any bank, company, institution, corporation, union, or ^, association described in section 2.3(a)(2), that is able to make ' such loans because such entity is receiving, or has received, funds provided through the Federal intermediate credit bank; and "(3) by such Federal intermediate credit bank (other than loans made to any party described in paragraph (1) or (2)). 12 USC 2277a-5.

"SEC. 5.56. CERTIFICATION OF PREMIUMS.

"(a) FiuNG CERTIFIED STATEMENT.—Annually, on a date to be determined in the sole discretion of the Board of Directors, each insured System bank that became insured before the beginning of such year shall file with the Corporation a certified statement showing the annual average principal outstanding on loans made by the bank that are in accrual status, the annual average principal outstanding on loans that are in nonaccrual status, and the amount of the premium due the Corporation from the bank for such year. "(b) CONTENTS AND FORM OF STATEMENT.—The certified statement

required to be filed with the Corporation under subsection (a) shall be in such form and set forth such supporting information as the Board of Directors shall prescribe, and shall be certified by the president of the bank or any other officer designated by its board of

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