Page:United States Statutes at Large Volume 104 Part 5.djvu/705

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 4027 "(iv) For grants under this subparagraph, there are authorized to be appropriated to the Secretary $7,500,000 in each fiscal year.". SEC. 2342. RURAL EMERGENCY ASSISTANCE LOANS. Section 306(a)(ll) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1926(a)(ll)) is amended by inserting after the matter added by section 2341 of this Act the following new subparagraph: "(B)(i) The Secretary shall establish and implement a program to make loans for the benefit of any town or city that— "(I) has a population of less than 20,000 individuals; and "(II) is financially unable to obtain funds as quickly as needed to correct emergency conditions or situations needing urgent attention, "(ii) The Secretary shall promulgate regulations— Regulations. "(I) targeting the program established under this subparagraph toward needy communities in rural areas; "(II) defining the term 'emergency conditions or situations needing urgent attention'; and "(iii) The Secretary shall approve or reject applications for loans under this subparagraph within 30 days after receipt. "(iv) The Secretary shall not loan more than $50,000 to a single borrower under this subparagraph, and all loans under this subparagraph shall be for not more than 2 years. "(v) The Secretary may respond to the credit needs of rural towns or cities eligible to participate in the program authorized under this subparagraph by making loans that are eligible for refinancing after the expiration of the 2-year period described in clause (iv), and payments under such loans may be set at a level that is sufficiently low during such 2-year period so that the financially troubled town or city can participate in the program established under this subparagraph. The Secretary shall assist such borrowers in obtaining financing through existing Farmers Home Administration programs so that such borrowers are able to pay the balance due on each loan at the end of such 2-year period. "(vi) To carry out the emergency lending program authorized by Appropriation the program established under this subparagraph, there are au- authorization, thorized to be appropriated $2,500,000 for fiscal year 1991, and $5,000,000 for fiscal year 1992 and for each subsequent fiscal year.". SEC. 2343. REA TECHNICAL ASSISTANCE UNIT. Title I of the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.) is amended by adding at the end the following: "SEC. 17. TECHNICAL ASSISTANCE UNIT. 7 USC 917. "(a) ESTABLISHMENT.— The Administrator shall establish a technical assistance unit to perform the duties described in subsection (b). "(b) DUTIES.— The technical assistance unit established under subsection (a) shall— "(1) provide advice and guidance to electric and telephone borrowers under this Act concerning the effective and prudent use by such borrowers of the investment authority under section 312 to promote rural development; "(2) provide technical advice, troubleshooting, and guidance concerning the operation of programs or systems that receive assistance under this Act; 39-194O-91-23:QL3Part5

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