Page:United States Statutes at Large Volume 110 Part 1.djvu/1176

 110 STAT. 1152 PUBLIC LAW 104-127—APR. 4, 1996 tions with remaining periods to maturity comparable to the average maturity for the loan, adjusted to the nearest Vs of 1 percent.". SEC. 792. GRANTS FOR FINANCIALLY STRESSED FARMERS, DIS- LOCATED FARMERS, AND RURAL FAMILIES. (a) IN GENERAL. —Section 502 of the Rural Development Act of 1972 (7 U.S.C. 2662) is amended by striking subsection (f). (b) CONFORMING AMENDMENTS.— (1) Section 2389 of the Food, Agriculture, Conservation, and Trade Act of 1990 (Public Law 101-624; 7 U.S.C. 2662 note) is amended by striking subsection (d). (2) Section 503(c) of the Rural Development Act of 1972 (7 U.S.C. 2663(c)) is amended— (A) in paragraph (1)— (i) by striking "(1)"; (ii) by striking "section 502(e)" and all that follows through "shall be distributed" and inserting "subsections (e), (h), and (i) of section 502 shall be distributed"; and (iii) by striking "objectives of and all that follows through "title" and inserting "objectives of subsections (e), (h), and (i) of section 502"; and (B) by striking paragraph (2). 7 USC 2204f. SEC. 793. FUND FOR RURAL AMERICA. (a) IN GENERAL. — T here is established in the Treasury of the United States an account to be known as the Fund for Rural America (referred to in this section as the "Account") to provide funds for activities described in subsection (c). (b) FUNDING.— (1) IN GENERAL. —On January 1, 1997, October 1, 1998, and October 1, 1999, out of any funds in the Treasury not otherwise appropriated, the Secretary of the Treasury shall transfer $100,000,000 to the Account. (2) ENTITLEMENT.— The Secretary of Agriculture (referred to in this section as the "Secretary")— (A) shall be entitled to receive the funds transferred to the Account under paragraph (1); (B) shall accept the funds; and (C) shall use the funds to carry out this section. (3) PURPOSES.—Subject to subsection (d), of the amounts transferred to the Account for a fiscal year, the Secretary shall make available— (A) for activities described in subsection (c)(1), not less than Va and not more than % of the funds in the Account; and (B) for activities described in subsection (c)(2), all funds in the Account not made available by the Secretary for activities described in subsection (c)(1). (c) ACTIVITIES. — (1) RURAL DEVELOPMENT.— (A) IN GENERAL.—The Secretary may use the funds in the Account for a rural development activity— (i) authorized under the Housing Act of 1949 for— (I) direct loans to low-income borrowers under section 502 (42 U.S.C. 1472);

�