Page:United States Statutes at Large Volume 122.djvu/1939

 12 2 STA T . 1 9 1 6PUBLIC LA W 11 0– 2 4 6 —J U NE 1 8, 2008 (b)CONF O RMI N GA M E N D MEN TS.—Section4 . 3 A(c)( 1 )( D )o fsu c h Act (1 2U .S.C. 21 5 4 a (c)(1)(D)) is a m en d edb yr edesi g nating c l auses (ii) and (iii) as clauses (iii) and (i v ) , res p ectively, and inserting after clause (i) the follo w ing

‘(ii) persons and entities eligible to borrow from the ban k s for cooperatives, as described in section 3.3(c)(ii) ’. SEC.540 4. PR E MIU MS. (a) AMO U NT IN F UND N OT EXC EEDING SECURE BA SE AMOUNT.— Section 5.55(a) of the Farm Credit Act of 1 97 1 (12 U.S.C. 2277a - 4(a)) is amended— (1) in paragraph (1)— (A) in the matter preceding subparagraph (A)— (i) by striking ‘‘paragraph (2)’’ and inserting ‘‘para- graph (3)’’; and (ii) by striking ‘‘annual’’ ; and (B) by striking subparagraphs (A) through (D) and inserting the following: ‘‘(A) the average outstanding insured obligations issued by the bank for the calendar year, after deducting from the obligations the percentages of the guaranteed portions of loans and investments described in paragraph (2), multi- plied by 0 .0020; and ‘‘(B) the product obtained by multiplying— ‘‘(i) the sum of— ‘‘( I ) the average principal outstanding for the calendar year on loans made by the bank that are in nonaccrual status; and ‘‘(II) the average amount outstanding for the calendar year of other-than-temporarily impaired investments made by the bank; by ‘‘(ii) 0.0010.’’; (2) by striking paragraph (4); (3) by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively; (4) by inserting after paragraph (1) the following: ‘‘(2) DEDUCTIONS FROM A V ERAGE OUTSTANDING INSURED O BL IGATIONS.— T he average outstanding insured obligations issued by the bank for the calendar year referred to in para- graph (1)(A) shall be reduced by deducting from the obligations the sum of (as determined by the Corporation)— ‘‘(A) 90 percent of each of— ‘‘(i) the average principal outstanding for the cal- endar year on the guaranteed portions of Federal government-guaranteed loans made by the bank that are in accrual status; and ‘‘(ii) the average amount outstanding for the cal- endar year of the guaranteed portions of Federal government-guaranteed investments made by the bank that are not permanently impaired; and ‘‘(B) 8 0 percent of each of— ‘‘(i) the average principal outstanding for the cal- endar year on the guaranteed portions of State govern- ment-guaranteed loans made by the bank that are in accrual status; and

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