Page:United States Statutes at Large Volume 101 Part 3.djvu/384

 101 STAT. 1682

PUBLIC LAW 100-233—JAN. 6, 1988 (ii) by striking out "housing, farm, water and waste disposal, and community facility" and inserting in lieu thereof "such".

7 USC 1927a note.

(B)

^•-

CERTAIN OBLIGATIONS EXCEPTED.—The amendment

made by subparagraph (A) shall not apply to any note or other obligation sold under section 1001 of the Omnibus Reconciliation Act of 1986 on or before the date of the enactment of this paragraph. (2) INTEREST RATE RESTRUCTURING FOR CERTAIN OTHER BOR-

7 USC 1926 note.

ROWERS.—Effective July 29, 1987, the interest rate charged on any loan of $2,000,000 or more made on such date under section 306 to any nonprofit corporation shall be the interest rate quoted to such nonprofit corporation by the Farmers Home Administration on June 22, 1987, in the request for obligation of funds made with respect to the loan. (c)

LIQUIDATION

NOT

REQUIRED

AS

PREREQUISITE

TO

DEBT

RESTRUCTURING AND LOAN SERVICING.—Subsection (d) of section 331

(7 U.S.C. 1981(d)) is amended— (1) by inserting "debts or" before "claims"; and (2) by adding at the end of the first sentence the following: "The Secretary may not require liquidation of property securing any farmer program loan or acceleration of any payment required under any farmer program loan as a prerequisite to initiating an action authorized under this subsection.". 7 USC 2001 note.

Fraud.

(d) SUSPENSION OF COLLECTION ACTIVITIES DURING TRANSITION

PERIOD.—The Secretary of Agriculture shall not initiate any acceleration, foreclosure, or liquidation in connection with any delinquent farmer program loan before the date the Secretary has issued final regulations to carry out the amendments made by this section. The preceding sentence shall not prohibit the Secretary from taking any action with respect to waste, fraud, or abuse by the borrower. SEC. 616. TRANSFER OF INVENTORY LANDS. Subtitle D (7 U.S.C. 1981 et seq.) is amended by adding after the section added by section 615(a) of this Act the following new section:

State and local governments. 7 USC 2002.

"SEC. 354. TRANSFER OF INVENTORY LANDS. "The Secretary, without reimbursement, may transfer to any Federal or State agency, for conservation purposes any real property, or interest therein, administered by the Secretary under this Act— "(1) with respect to which the rights of all prior owners and operators have expired; "(2) that is determined by the Secretary to be suitable or surplus; and "(3) that— "(A) has marginal value for agricultural production; V^ ^^ "(B) is environmentally sensitive; or ,.j-f:. K^Q^ YiQs special management importance.". SEC. 617. TARGET PARTICIPATION RATES.

Subtitle D (7 U.S.C. 1981 et seq.) is amended by adding after the section added by section 616 of this Act the following new section: Disadvantaged persons. 7 USC 2003.

"SEC. 355. TARGET PARTICIPATION RATES. "(a) ESTABLISHMENT.—

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