Page:United States Statutes at Large Volume 49 Part 1.djvu/1409

 1364 74m C ONGRESS. SESS. II. C H. 432. MAY 20, 1936. Reconstruction Fi- nance Corporation . Loans to Administra- tor bre, authorized . Maximum, 1937 . Interest . Provisos. Proportion to secu- ritre. Amortization of ob- ligations. Ma turit re pr ovisi ons. Assignment of obli- gations to Reconstruc- tion Finance Corpora- tion . Appropriations thor ized. money in the Treasury not otherwise appropriated, for the fiscal year ending June 30, 1938, and for each of the eight years thereafter, the sum of $40, 000,000 for the purpos es of t his Act as here inafter provided. Allotments of per- lion of an ual sums for (c) Fifty per centum of the annual sums herein made available or l n eans; basis of. appropriated for the purposes of this Act shall be allotted yearly by the Administrator for loans in the several States in the proportion which t he numbe r of th eir farm s not t hen rec eiving c entral station electric service bears to the total number of farms of the United States not then receiv ing such servic e. The Administrator shall, within ninety days after the beginning of each fiscal year, determine for each State and for the United States the number of farms not then receiving such service. (d) The remaining 50 per centum of such annual sums shall be available for loans in the several States and in the Territories, with- out allotment as hereinabove provided, in such amounts for each State and Territory as, in the opinion of the Administrator, may be effectively employed for the purposes of this Act, and to carry out the provisions of section 7 : Provided, however, That not more than 10 per centum of said unallotted annual sums may be employed in any one State, or in all of the Territorie s. (e) If any part of the annual sums made available for the purposes of this Act shall not be loaned or obligated during the fiscal year for whic h such sums are made a vailabl e, such unexpen ded or u nobliga ted sums shall be available for loans by the Administrator in the follow- ing year or years without allotment : Provided, however, That not more than 10 per centum of said sums may be employed in any one State or in all of the Territories : And provided further, That no loans shall be made by the Reconstruction Finance Corporation to the Administrator after June 30, 1937. (f) All moneys representing payments of principal and interest on loans made by the Administrator under this Act shall be covered into the Treasury as miscellaneous receipts, except that any such moneys representing payments of principal and interest on obliga- tions constituting the security for loans made by the Reconstruction. Unailo tted p ortion ; basis of loans. Post, p. 1365. Pro viso. Limitation. Availabilitre of unex- pended bal anc es du r- ing ensuing reear. Provisos . Limitation. Loans to Adminis- trator to cease June 30, 1937 . Parements covered in ; exception. SEC. 3 . (a) The Reconstruction Finance Corporation is hereby authorized and directed to make loans to the Administrator, upon his request approved by the Presid ent, not exceeding in aggregate amount $50,000,000 for the fiscal year ending June 30, 1937, with interest at 3 per centum per annum upon the security of the obliga- tions of borrowers from the Administrator appointed pursuant to the provisions of this Act or from the Administrator of the Rural Ele ctrifica tion Ad ministra tion es tablishe d by Ex ecutive Order N um- bered 7037 : Provided, That no such loan shall be in an amount exceeding 85 per centum of the principal amount outstanding of the obligations constituting the security therefor : And provided further, That such obligations incurred for the purpose of financing the construction and operation of generating plants, electric transmis- sion and distribution lines, or systems shall be fully amortized over a p eriod no t to ex ceed twe nty-fiv e years, and th at the maturity of such obligations incurred for the purpose of financing the wiring of p remis es a nd th e ac quisi tion and inst allat ion of el ectr ical and plumb - ing appliances and equipment shall not exceed two-thirds of the assured life thereof and not more than five years. The Administrator i s hereby author ized to make al l such e ndorsem ents, to execut e all such instruments, and to do all such acts and things as shall be necessary to effect the valid transfer and assignment to the Recon- struction Finance Corporation of all such obligations. au- (b) There is hereby authorized to be appropriated, out of any