Page:United States Statutes at Large Volume 58 Part 1.djvu/477

 58 STAT.] 78TH CONG. , 2 D SESS.-CH. 296-JUNE 28, 1944 of dues to or the purchase of any share or stock interest in any coop- erative association (except for medical, dental, or hospital services) or for any expenditure other than that deemed necessary, in the dis- cretion of the Administrator, for the production of agricultural commodities. The Secretary of Agriculture may expend funds administered by him as trustee under the various transfer agreements with the several State rural rehabilitation corporations only for purposes for which funds made available under this caption may be expended, and the limitations applicable to such funds shall also be applicable to the expenditure of such trust.funds by the Secretary of Agriculture. The appropriation and authorizations herein made under the head- ing "Loans, grants, and rural rehabilitation", shall constitute the total amount to be available for obligation under this heading during the fiscal year 1945 and shall not be supplemented by funds from any source. No part of the appropriation herein made under the heading "Loans, grants, and rural rehabilitation", shall be available to pay the compen- sation of any person appointed in accordance with the civil-service laws. FARM TENANCY To enable the Secretary through the War Food Administration to carry into effect the provisions of title I of the Bankhead-Jones Farm Tenant Act, approved July 22, 1937 (7 U. S. C. 1000-1006), as follows: Salaries and expenses: For necessary expenses in connection with the making of loans under title I of the Bankhead-Jones Farm Tenant Act, approved July 222 1937 (7 U. S . C . 1000-1006), and the collection of moneys due the United States on account of loans heretofore made under the provisions of said Act, including the employment of persons and means in the District of Columbia and elsewhere, exclusive of printing and binding, as authorized by said Act, $1,500,000. Loans: For loans to individual farmers in accordance with title I of the Bankhead-Jones Farm Tenant Act, approved July 22, 1937 (7 U. S . C. 1000-1006), $15,000,000, which sum shall be borrowed from the Reconstruction Finance Corporation at an interest rate of 3 per centum per annum and which sum shall not be used for making loans under the terms of said Act for the purchase of farms of greater value than the average farm unit of thirty acres and more in the county, parish, or locality in which such purchase may be made, which value shall be determined solely according to statistics of the farm census of 1940; and the Reconstruction Finance Corpora- tion is hereby authorized and directed to lend such sum to the Secre- tary upon the security of any obligations of borrowers from the Sec- retary under the provisions of title I of the Bankhead-Jones Farm Tenant Act, approved July 22, 1937 (7 U. S. C . 1000-1006): Pro- q>ided, That the amount loaned by the Reconstruction Finance Cor- poration shall not exceed 85 per centum of the principal amount outstanding of the obligations constituting the security therefor: Provided further, That the Secretary may utilize proceeds from pay- ments of principal and interest on any loans made under such title I to repay the Reconstruction Finance Corporation the amount bor- rowed therefrom under the authority of this paragraph: Provided further, That the amount of notes, bonds, debentures, and other such obligations which the Reconstruction Finance Corporation is author- ized and empowered to issue and to have outstanding at any one time under existing law is hereby increased by an amount sufficient to carry out the provisions hereof. 457 50 Stat. 522 . RFC loanm Limitation on amount. Repayment. Increase of RFO obligations.

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