Page:United States Statutes at Large Volume 110 Part 1.djvu/203

 PUBLIC LAW 104-105—FEB. 10, 1996 110 STAT. 179 date on which the payments would have been paid as described in clause (i); and "(iii) the payment to be made in the initial year described in subparagraph (A), based on the amount in each Account after subtracting the amounts to be paid under clauses (i) and (ii).". (c) TECHNICAL AMENDMENTS. —Section 5.55(d) of the Farm Credit Act of 1971 (12 U.S.C. 2277a-4(d)) is amended— (1) in the matter preceding paragraph (1)— (A) by striking "subsections (a) and (c)" and inserting "subsections (a), (c), and (e)"; and (B) by striking "a Farm Credit Bank" and inserting "an insured System bank"; and (2) in paragraphs (1), (2), and (3), by striking "Farm Credit Bank" each place it appears and inserting "insured System bank". SEC. 216. EXAMINATIONS BY THE FARM CREDIT SYSTEM INSURANCE CORPORATION. Section 5.59(b)(1)(A) of the Farm Credit Act of 1971 (12 U.S.C. 2277a-8(b)(l)(A)) is amended by adding at the end the following: "Notwithstanding any other provision of this Act, on cancellation of the charter of a System institution, the Corporation shall have authority to examine the system institution in receivership. An examination shall be performed at such intervals as the Corporation shall determine.". SEC. 217. POWERS WITH RESPECT TO TROUBLED INSURED SYSTEM BANKS. (a) LEAST-COST RESOLUTION. —Section 5.61(a)(3) of the Farm Credit Act of 1971 (12 U.S.C. 2277a-10(a)) is amended— (1) by redesignating subparagraph (B) as subparagraph (F); and (2) by striking subparagraph (A) and inserting the following: "(A) LEAST-COST RESOLUTION. —Assistance may not be provided to an insured System bank under this subsection unless the means of providing the assistance is the least costly means of providing the assistance by the Farm Credit Insurance Fund of all possible alternatives available to the Corporation, including liquidation of the bank (including paying the insured obligations issued on behalf of the bank). Before making a least-cost determination under this subparagraph, the Corporation shall accord such other insured System banks as the Corporation determines to be appropriate the opportunity to submit information relating to the determination. " (B) DETERMINING LEAST COSTLY APPROACH. —In determining the least costly alternative under subparagraph (A), the Corporation shall— "(i) evaluate alternatives on a present-value basis, using a reasonable discount rate; "(ii) document the evaluation and the assumptions on which the evaluation is based; and "(iii) retain the documentation for not less than 5 years. " (C) TIME OF DETERMINATION. —

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