Page:United States Statutes at Large Volume 116 Part 1.djvu/367

 PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 341 Board, with and compensate Government and private agencies or persons without regard to section 3709 of the Revised Statutes (41 U.S.C. 5). (D) OTHER NECESSARY EXPENDITURES. —The program shall make such other expenditures which the program considers necessary to carry out the provisions of this section, but excluding project development, (h) REPORT. — Not later than December 31 of each year, the Deadline. Board shall submit to the appropriate congressional committees a report on the activities of the program carried out during the previous fiscal year, and shall include the following: (1) An analysis of the evaluations conducted under subsection (d)(4) (relating to evaluations of the Emerson and Leland fellowships and accomplishment of the program purposes) during that fiscal year. (2) A statement of the total amount of funds attributable to gifts received by the program in that fiscal year (as authorized under subsection (g)(3)(A)), and the total amount of such funds that were expended to carry out the program that fiscal year. (i) AUTHORIZATION OF APPROPRIATIONS. —T here are authorized to be appropriated $18,000,000 to carry out the provisions of this section. (j) DEFINITION. — In this section, the term "appropriate congressional committees" means— (1) the Committee on Agriculture and the Committee on International Relations of the House of Representatives; and (2) the Committee on Agriculture, Nutrition, and Forestry and the Committee on Foreign Relations of the Senate. SEC. 4405. GENERAL EFFECTIVE DATE. 2 USC 1161 note. Except as otherwise provided in this title, the amendments made by this title take effect on October 1, 2002. TITLE V—CREDIT Subtitle A—Farm Ownership Loans SEC. 5001. DIRECT LOANS. Section 302(b)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1922(b)(1)) is amended by striking "operated" and inserting "participated in the business operations of. SEC. 5002. FINANCING OF BRIDGE LOANS. Section 303(a)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1923(a)(1)) is amended— (1) in subparagraph (C), by striking "or" at the end; (2) in subparagraph (D), by striking the period at the end and inserting "; or"; and (3) by adding at the end the following: "(E) refinancing a temporary bridge loan made by a commercial or cooperative lender to a farmer or rancher for the acquisition of land for a farm or ranch, if— "(i) the Secretary approved an application for a direct farm ownership loan to the farmer or rancher for acquisition of the land; and

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