Page:United States Statutes at Large Volume 58 Part 1.djvu/759

 58 STAT.] 78TH CONG., 2D SESS.-CH. 412-SEPT. 21, 1944 TITLE V SEc. 501. (a) Subsection (a) of section 3 of the Rural Electrifica- tion Act of 1936, as amended (7 U. S . C. 901-914), is amended by striking out the words: "The Reconstruction Finance Corporation is hereby authorized and directed to make loans to the Administrator, upon his request approved by the President, not exceeding in aggre- gate amounts $50,000,000 for the fiscal year ending June 30, 1937, and $100,000,000 for the fiscal year ending June 30 1939, with interest at 3 per centum per annum" and by inserting in lieu thereof the following: "The Reconstruction Finance Corporation is hereby authorized and directed to make loans to the Administrator, upon the request and approval of the Secretary of Agriculture, in such amounts in the aggregate for each fiscal year commencing with the fiscal year ending June 30, 1945, as the Congress may from time to time determine to be necessary, with interest at a rate of 1% per centum per annum", and by changing the colon immediately preced- ing the first proviso to a period and inserting thereafter the follow- ing: "Interest rates on the unpaid balance of any loans made by the Reconstruction Finance Corporation to the Administrator prior to the effective date of this amendment shall be adjusted to a rate of 1% per centum per annum:". (b) Subsection (a) of section 3 of the Rural Electrification Act of 1936, as amended (7 U. S . C . 901-914), is further amended by the addition of the following language: "The amount of the notes, bonds, debentures, and other such obligations which the Reconstruc- tion Finance Corporation is authorized 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." (c) Subsection (e) of section 3 of the Rural Electrification Act of 1936, as amended (7 U. S . C. 901-914), is amended by striking out the words "And provided further, That no loans shall be made by the Reconstruction Finance Corporation to the Administrator after June 30, 1939." and by changing the colon following the word "Territories" to a period. SEC. 502. (a) Section 4 of the Rural Electrification Act of 1936, as amended (7 U. S . C. 901-914), is amended by striking out the following words in the second proviso: "at a rate equal to the average rate of interest payable by the United States of America on its obligations, having a maturity of ten or more years after the dates thereof, issued during the last preceding fiscal year in which any such obligations were issued:" and inserting in lieu thereof the following: "at a rate of 2 per centum per annum; interest rates on the unma- tured and unpaid balance of. any loans made pursuant to this section prior to the effective date of this amendment shall be adjusted to 2 per centum per annum, and the maturity date of any such loans may be readjusted to occur at a date not beyond thirty-five years from the date of such loan:". (b) Section 5 of the Rural Electrification Act of 1936, as amended (7 U. S. C. 901-914), is amended by striking out the following words: "at a rate of interest equal to the average rate of interest payable by the United States of America on its obligations, having a maturity of ten or more years after the dates thereof, issued during the last preceding fiscal year in which any such obligations were issued.", and inserting in lieu thereof the following: "at a rate of interest of 2 per centum per annum; interest rates on the unmatured and unpaid balance of any loans made pursuant to this section prior to the effective date of this amendment shall be adjusted to 2 per centum per annum." 739 Rural Electrifica- tion Act of 1936, amendments. 49 Stat. 1363 ,1364. Infra. RFC loans to Ad- ministrator. Interest rates. Supra. Increase of RFO obligations. 49 Stat. 1364. Post, p. 925. 49 Stat. 1365 . Interest rates. Maturity date. 49 Stat. 1365. Interest rates.

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