Page:United States Statutes at Large Volume 105 Part 2.djvu/900

 105 STAT. 1852 PUBLIC LAW 102-237—DEC. 13, 1991 periodically report to the Secretary on the purchases of interests in farmland and on other specific uses of the funds. "(j) SPECIAL RULES FOR THE PILOT PROJECT STATE.—Notwithstanding any other provisions of this chapter, the following special rules shall apply to the eligible State described in section 1465(c)(3)(A): (1) PROVISION OF LOAN GUARANTEE AND INTEREST ASSISTANCE AGREEMENT.— Within 30 days of the date any State trust fund in the eligible State receives a commitment for each eligible loan from a lending institution, the Secretary shall provide the lending institution with the loan guarantee and the interest assistance agreement so that the lending institution may disburse the full amount of the loan proceeds to the State trust fund on the date of loan closing to carry out this program. After the loan closing, the lending institution shall have no obligation to monitor or approve the use of loan proceeds by the State trust fund. "(2) APPROVAL OF APPLICATION. — The Secretary shall annually approve the completed application from the eligible State within 30 days after receipt if the application sets forth the general goals and policies of the State trust fund. The Secretary shall provide the Federal assistance required under this chapter beginning on the date the application or plan is approved. (3) AMOUNT OF GUARANTEES. — The Secretary shall calculate the total amount of guarantees to be provided for fiscal year 1992 in an amount equal to double the sum of— "(A) the amount that was made available in fiscal year 1991 to the State trust fund (the Vermont Conservation and Housing Board regardless of whether the fund had been approved by the Secretary in fiscal year 1991), by the State described in section 1465(c)(3)(A), political subdivisions thereof, charitable organizations, private persons, or any other entity, in addition to the proceeds from the sale of obligations of the State related to the purposes of the State trust fund and the fair market value of donations of interests in land to the State trust fund; and "(B) the matching contribution calculated under section 1468(c) for fiscal year 1992 for the State, "(k) MISCELLANEOUS PROVISIONS. — "(1) OPERATION.—Each State trust fund may operate through nonprofit corporations, municipalities, or other political subdivisions of States in carrying out the purposes of the program established in this chapter. "(2) EARNINGS.— Earnings on funds of each State trust fund may be used for any purposes related to carrying out the operations of the trust fund in a manner not inconsistent with the requirements of this chapter or the farmland preservation plan. "SEC. 1467. FEDERAL ACCOUNTS AND COMPLIANCE. "(a) ACCOUNTS. — To carry out the purposes of this chapter, the Secretary may establish in the Treasury of the United States an account, to be known as the 'Agricultural Resource Conservation Revolving Fund' (hereafter referred to in this chapter as the 'Fund'), for the use by the Secretary to meet the obligations of the Secretary under this chapter. Reports. "(b) COMPLIANCE. —I f the Secretary determines that any State trust fund is failing to comply, to a significant degree, with any

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