Page:United States Statutes at Large Volume 60 Part 1.djvu/320

 60 STAT.] 79TH CONG. , 2D SESS.-CH. 445-JUNE 22, 1946 For additional funds for the purpose of making rural rehabilitation A 1advanceS from loans to needy individual farmers, who are unable to obtain credit elsewhere at comparable rates for the area where such loan is proposed to be made, the Reconstruction Finance Corporation is authorized and directed to make advances to the Secretary upon his request in an aggregate amount of not to exceed $70,000,000. Such advances shall be made (1) with interest at not to exceed the rate of 3 per centum per annum payable semiannually; (2) upon the security of obligations acceptable to the Corporation heretofore or hereafter acquired by the Secretary pursuant to law; (3) in amounts which shall not exceed 75 per centum of the then unpaid principal amount of the obligations securing such advances; and (4) upon such other terms and conditions, and with such maturities as the Corporation may determine. The Repayment. Secretary shall pay to the Corporation, currently as received by him, all moneys collected as payments of principal and interest on the loans made from the amounts so advanced or collected upon any obligations held by the Corporation as security for such advances, until such amounts are fully repaid. The amount of notes, debentures, bonds, oblingatins. or other such obligations which the Corporation is authorized and empowered to issue and to have outstanding at any one time under the provisions of law in force on the date this Act takes effect is hereby increased by an amount sufficient to carry out the provisions of this paragraph. None of the moneys appropriated or otherwise authorized under ,Lmtationonuseo this caption "Loans, grants, and rural rehabilitation", shall be used for (1) the purchase or leasing of land or for the carrying on of any land-purchase or land-leasing program; or (2) the carrying on of any operations in collective farming, or cooperative farming, or the organization, promotion, or management of homestead associations, land-leasing associations, land-purchasing associations, or coopera- tive land purchasing for colonies of rehabilitants or tenant purchasers. except for the liquidation as expeditiously as possible of any such projects heretofore initiated; or (3) the making of loans to any individual farmer in excess of a total outstanding obligation of $5,000 for all such loans or the making of loans to any individual farmer in excess of $2,500; or (4) the making of loans to any cooper- ative association; or (5) the making of loans for the payment of dues to or the purchase of any share or stock interest in any coopera- tive association (except for medical, dental, or hospital services) or for any expenditure other than that deemed necessary, in the discre- tion of the Secretary, for the production of agricultural commodities. The Secretary may expend funds administered by him as trustee Trustfunds. 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. The appropriation and authorizations herein made under the head- abTelmor utaan ing "Loans, grants, and rural rehabilitation", shall constitute the total amount to be available for obligation under this heading during the current fiscal year and shall not be supplemented by funds from any source. No part of the appropriation herein made under the heading "Loans, ivi service ap- grants, and rural rehabilitation", shall be available to pay the com- pensation of any person appointed in accordance with the civil-service laws. 293

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