Page:United States Statutes at Large Volume 110 Part 1.djvu/201

 PUBLIC LAW 104-105—FEB. 10, 1996 110 STAT. 177 the guaranteed portions of government-guaranteed loans described in subsection (a)(1)(C)). " (5) USE OF FUNDS IN ALLOCATED INSURANCE RESERVES ACCOUNTS. —To the extent that the sum of the operating expenses of the Corporation and the insurance obhgations of the Corporation for a calendar year exceeds the sum of operating expenses and insurance obligations determined under paragraph (3) for the calendar year, the Corporation shall cover the expenses and obligations by— "(A) reducing each Allocated Insurance Reserves Account by the same proportion; and "(B) expending the amounts obtained under subparagraph (A) before expending other amounts in the Fund. "(6) OTHER DISPOSITION OF ACCOUNT FUNDS.— "(A) IN GENERAL.—As soon as practicable during each calendar year beginning more than 8 years after the date on which the aggregate of the amounts in the Farm Credit Insurance Fund exceeds the secure base amount, but not earlier than January 1, 2005, the Corporation may— "(i) subject to subparagraphs (D) and (F), pay to each insured System bank, in a manner determined by the Corporation, an amount equal to the lesser of— "(I) 20 percent of the balance in the insured System bank's Allocated Insurance Reserves Account as of the preceding December 31; or "(II) 20 percent of the balance in the bank's Allocated Insurance Reserves Account on the date of the payment; and "(ii) subject to subparagraphs (C), (E), and (F), pay to each System bank and association holding Financial Assistance Corporation stock a proportionate share, determined by dividing the number of shares of Financial Assistance Corporation stock held by the institution by the total number of shares of Financial Assistance Corporation stock outstanding, of the lesser of— "(I) 20 percent of the balance in the Allocated Insurance Reserves Account established under paragraph (1)(B) as of the preceding December 31; or "(II) 20 percent of the balance in the Allocated Insurance Reserves Account established under paragraph (1)(B) on the date of the payment. "(B) AUTHORITY TO ELIMINATE OR REDUCE PAYMENTS.— The Corporation may eliminate or reduce payments during a calendar year under subparagraph (A) if the Corporation determines, in its sole discretion, that the payments, or other circumstances that might require use of the Farm Credit Insurance Fund, could cause the amount in the Farm Credit Insurance Fund during the calendar year to be less than the secure base amount. "(C) REIMBURSEMENT FOR FINANCIAL ASSISTANCE COR- PORATION STOCK. — "(i) SUFFICIENT FUNDING. —Notwithstanding paragraph (4)(A), on provision by the Corporation for the accumulation in the Account established under para-

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