Page:United States Statutes at Large Volume 86.djvu/707

 86 STAT.]

PUBLIC LAW 92-419-AUG. 30, 1972

665

SEC. 120. YOUNG FARMERS' LOANS.—(a) Section 311 of the Consoli-

dated Farmers Home Administration Act of 1961 is amended by— (1) inserting " (a) " before the first word; and (2) adding at the end of the section a new subsection as follows: " (b)(1) Loans may also be made under this subtitle without regard to the requirements of clauses (2) and (3) of subsection (a) to youth? who are rural residents to enable them to operate enterprises in connection with their participation in 4 - H Clubs, Future Farmers of America, and similar organizations and for the purposes specified in section 312. ''(2) A person receiving a loan under this subsection who executes a promissory note therefor shall thereby incur full personal liability for the indebtedness evidenced by such note in accordance with its terms free of any disability of minority. "(3) For loans under this subsection the Secretary may accept the personal liability of a cosigner of the promissory note in addition to the borrowers' personal liability." (b) Section 312 of the Consolidated Farmers Home Administration Act of 1961 is amended by inserting " (a) ' ' after "311". SEC. 121. EURAL ENTERPRISE OPERATING LOANS.—Section 312

75 Stat. 310. 7 USC 1941.

82 Stat. 771. 7 USC 1942. Liability.

of

the Consolidated Farmers Home Administration Act of 1961, as amended by this title, is amended by— (1) inserting " (a) " before the first word; and (2) further amending subsection (a) (as so designated by paragraph (1)) by striking out "and (9) for loan closing costs." and by inserting in lieu thereof the following: "(9) loan closing costs, and (10) for assisting farmers or ranchers in effecting additions to or alterations in the equipment, facilities, or methods of operation of their farms or ranches in order to comply with the applicable standards promulgated pursuant to section 6 of the Stat. 1593. Occupational Safety and Health Act of 1970 or standards adopted 84 USC 655. 29 by a State pursuant to a plan approved under section 18 of the Occupational Safety and Health Act of 1970, if the Secretary 29 USC 667. determines that any such farmer or rancher is likely to suffer substantial economic injury due to such compliance without assistance under this paragraph." (3) adding at the end of the section new subsections as follows: " (b) Leans may also be made under this subtitle to residents of rural areas without regard to the requirements of clauses (2) and (3) of section 311(a) to operate in rural areas small business enterprises to Supra. provide such residents with essential income. "(c) Loans may also be made to eligible applicants under this sub- Pollution abatement. title for pollution abatement and control project^ in rural areas. " (d) The Secretary may make grants, not to exceed $25,000,000 annually, to eligible applicants under this subtitle for pollution abatement and control projects in rural areas. No such grant shall exceed 50 peicentum of the development cost of such a project." SEC. 122. MAXIMUM SIZE.—Section 313 of the Consolidated Farmers Home Administration Act of 1961 is amended by changing "$35,000" 75 Stat. 310. 7 USC 1943. to "$50,000". SEC. 123. INSURED OPERATING LOANS.—Subtitle B of the Consolidated Farmers Home Administration Act of 1961 is amended by adding 7 USC 1941. at the end thereof a new section as follows: "SEC. 317. Loans meeting the requirements of this subtitle (except section 312(b)) may be insured, or made to be sold and insured, m Supra. accordance with and subject to sections 308 and 309 and the last 7 USC 1928. sentence of section 307 of this title." Ante, pp. 660, SEC. 124. AMENDMENTS TO SECTION 331.—Section 331 of the Con- 661. solidated Farmers Home Administration Act of 1961, is amended— 7 USC 1927. 7 USC 1981. (1) by inserting before the semicolon, in paragraph (a), thf

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