Page:United States Statutes at Large Volume 110 Part 1.djvu/202

 110 STAT. 178 PUBLIC LAW 104-105—FEB. 10, 1996 fraph (1)(B) of funds in an amount equal to 56,000,000 (in addition to the amounts described in subparagraph (F)(ii)), the Corporation shall not allocate any further funds to the Account except to replenish the Account if funds are diminished below $56,000,000 ' by the Corporation under paragraph (5). "(ii) WIND DOWN AND TERMINATION. — " (I) FINAL DISBURSEMENTS.— On disbursement of $53,000,000 (in addition to the amounts described in subparagraph (F)(ii)) from the Allocated Insurance Reserves Account, the Corporation shall disburse the remaining amounts in the Account, as determined under subparagraph (A)(ii), without regard to the percentage limitations in subclauses (I) and (II) of subparagraph (A)(ii). "(II) TERMINATION OF ACCOUNT.—On disbursement of $56,000,000 (in addition to the amounts described in subparagraph (F)(ii)) from the Allocated Insurance Reserves Account, the Corporation shall close the Account established under paragraph (1)(B) and transfer any remaining funds in the Account to the remaining Allocated Insur- £ince Reserves Accounts in accordance with paragraph (4)(B) for the calendar year in which the transfer occurs. "(D) DISTRIBUTION OF PAYMENTS RECEIVED.—Not later than 60 days after receipt of a payment made under subparagraph (A)(i), each insured System bsuik, in consultation with affiliated associations of the insured System bank, and taking into account the direct or indirect pay- ment of insurance premiums by the associations, shall develop and implement an equitable plan to distribute payments received under subparagraph (A)(i) among the bank and associations of the bank. " (E) EXCEPTION FOR PREVIOUSLY REIMBURSED ASSOCIA- TIONS. —For purposes of subparagraph (A)(ii), in any Farm Credit district in which the funding bank has reimbursed 1 or more affiliated associations of the bank for the previously unreimbursed portion of the Financial Assistance Corporation stock held by the associations, the funding bank shall be deemed to be the holder of the shares of Financial Assistance Corporation stock for which the funding bank has provided the reimbursement. "(F) INITIAL PAYMENT. — Notwithstanding subparagraph (A), the initial payment made to each payee under subparagraph (A) shall be in such amount determined by the Corporation to be equal to the sum of— "(i) the total of the amounts that would have been paid if payments under subparagraph (A) had been authorized to begin, under the same terms and conditions, in the first calendar year beginning more than 5 years after the date on which the aggregate of the amounts in the Farm Credit Insurance Fund exceeds the secure base amount, and to continue through the 2 immediately subsequent years; "(ii) interest earned on any amounts that would have been paid as described in clause (i) from the

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