Page:United States Statutes at Large Volume 87.djvu/98

 66

PUBLIC LAW 93-32-MAY 11, 1973

[87 STAT.

be encouraged and assisted to develop their resources and ability to achieve the financial strength needed to enable them to satisfy their credit needs from their own financial organizations and other sources at reasonable rates and terms consistent with the loan applicant's ability to pay and achievement of the Act's objectives. The Rural 49 Stat. 1363. Electrification Act of 1986, as amended (7 U.S'.C. 901-950(b)), is therefore fuither amended as hereinafter provided. SEC. 2. Title III of the Kural Electrification Act of 1936, as 7\js'c*93^%32. amended, is amended by striking out all of sections 301 and 302 and inserting in lieu thereof the following new sections: "SEC.

301. RURAL ELECTRIFICATION

AND TELEPHONE

REVOLVING

FUND.—(a) There is hereby established in the Treasury of the United States a fund, to be known as the Rural Electrification and Telephone Revolving Fund (hereinafter referred to as the 'fund'), consisting of: "(1) all notes, bonds, obligations, liens, mortgages, and property delivered or assigned to the Administrator pursuant to loans heretofore or hereafter made under sections 4, 5, and 201 of this 63 Stat' 948^' ^^^ ^^^ under this title, as of the effective date of this title, as 7 USC 904,905, Tcvised herein, and all proceeds from the sales hereunder of such 922. notes, bonds, obligations, liens, mortgages, and property, which shall be transferred to and be assets of the fund; "(2) undisbursed balances of electric and telephone loans made under sections 4, 5, and 201, which as of the effective date of this title, as revised herein, shall be transferred to and be assets of the fund; 61 Stat. 546. "(3) notwithstanding section 3(a) of title I, all collections of 7 USC 903. principal and interest received on and after July 1, 1972, on notes, bonds, judgments, or other oblijiations made or held under titles I ^^^l.ll^^oA^^^^' and II of this Act and under this title, except for net collection Do b t a t. y 4 o.

7 USC 901, 921.

pose, p. 67. y^^an^'gf^' 7 USC 941.

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proceeds previously appropriated for the purchase or class A stock in the Rural Telephone Bank, which shall be paid into and be assets of the fund; "(4) all appropriations for interest subsidies and losses required under this title which may hereafter be made by the Congress; "(5) moneys borrowed from the Secretary of the Treasury pursuant to section 304(a); and "(6) shares of the capital stock of the Rural Telephone Bank purchased by the United States pursuant to section 406(a) of this Act and moneys received from said bank upon retirement of said shares of stock in accordance with the provisions of title IV ^f ^j^ig ^f.^^ which said shares and moneys shall be assets of the fund"SEC. 302. LIABILITIES AND USES OF F U N D, — (a) The notes of the Administrator to the Secretary of the Treasury to obtain funds for loans under sections 4, 5, and 201 of this Act, and all other liabilities against the appropriations or assets in the fund in connection with electrification and telephone loan operations shall be liabilities of the fund, and all other obligations against such appropriations or assets in the fund arising out of electrification and telephone loan operations shall be obligations of the fund.

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