Page:United States Statutes at Large Volume 107 Part 2.djvu/404

 107 STAT. 1356 PUBLIC LAW 103-129—NOV. 1, 1993 Public Law 103-129 103d Congress An Act Nov. 1, 1993 To improve the electric and telephone loan programs carried out under the Rural [H.R. 3123] Electrification Act of 1936, and for other purposes. Be it enacted by the Senate and House of Representatives of Rural the United States of America in Congress assembled. Electrification Loan SECTION 1. SHORT TITLE. Sfof im""^ This Act may be cited as the "Rural Electrification Loan 7 USC 901 note. Restructuring Act of 1993". SEC. 2. ELECTRIC AND TELEPHONE LOAN PROGRAMS. (a) INSURED ELECTRIC AND TELEPHONE LOANS.— (1) IN GENERAL.— Section 305 of the Rural Electrification Act of 1936 (7 U.S.C. 935) is amended— (A) by striking subsections (b) and (d); (B) by redesignating subsection (c) as subsection (b); and (C) by inserting after subsection (b) (as so redesignated) the following new subsections: "(c) INSURED ELECTRIC LOANS. — "(1) HARDSHIP LOANS.— "(A) IN GENERAL. —The Administrator shall make insured electric loans, to the extent of qualifying applications for the loans, at an interest rate of 5 percent per year to any applicant for a loan who meets each of the following requirements: "(i) The average revenue per kilowatt-hour sold by the applicant is not less than 120 percent of the average revenue per kilowatt-hour sold by all utilities in the State in which the applicant provides service, "(ii) The average residential revenue per kilowatthour sold by the applicant is not less than 120 percent of the average residential revenue per kilowatt-hour sold by all utilities in the State in which the applicant provides service. "(iii) The average per capita income of the residents receiving electric service from the applicant is less than the average per capita income of the residents of the State in which the applicant provides service, or the median household income of the households receiving electric service from the applicant is less than the median household income of the households in the State. "(B) SEVERE HARDSHIP LOANS. — In addition to hardship loans that are made under subparagraph (A), the Adminis-

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