Page:United States Statutes at Large Volume 88 Part 2.djvu/516

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PUBLIC LAW 93-563-DEC. 31, 1974

[88 STAT.

RURAL TELEPHONE BANK

For the purchase of Class A stock of the Rural Telephone Bank, $30,000,000, to remain available until expended (Y U.S.C. 901-950

31 USC 849.

The Rural Telephone Bank is hereby authorized to make such expenditures, within the limits of funds and borrowing authority available to such corporation in accord with law, and to make such contracts and commitments without regard to fiscal year limitations as provided by section 104 of the Government Corporation Control Act, as amended, as may be necessary in carrying out its authorized programs for the current fiscal year. SALARIES AND EXPENSES

For administrative expenses to carry out the provisions of the Rural Electrification Act of 1936, as amended (7 U.S.C. 901-950(b)), including not to exceed $500 for financial and credit reports, funds for employment pursuant to the second sentence of section 706(a) of the Organic Act of 1944 (7 U.S.C. 2225), and not to exceed $150,000 for employment under 5 U.S.C. 3109, $19,036,000. FARMERS H O M E ADMINISTRATION RURAL HOUSING INSURANCE FUND 42 USC 1487.

42 USC 1471.

31 USC 1.

For direct loans and related advances pursuant to section 517(m) of the Housing Act of 1949, as amended, $20,000,000 shall be available from funds in the rural housing insurance fund, and for insured loans j^g authorized by title V of the Housing Act of 1949, as amended, $2,232,000,000 of which not less than $1,346,000,000 shall be available for subsidized interest loans to low-income borrowers as determined by the Secretary: Provided, That the Secretary may, on an insured basis or otherwise, sell any notes in the fund or sell certificates of beneficial ownership therein to the Secretary of the Treasury, to the private market, or to such other sources as the Secretary may determine. Any sale by the Secretary of notes or of beneficial ownership therein shall be treated as a sale of assets for the purpose of the Budget and Accounting Act, 1921, notwithstanding the fact that the Secretary, under an agreement with the purchaser or purchasers, holds the debt instruments evidencing the loans and holds or reinvests payments thereon for the purchaser or purchasers of the notes or of the certificates of beneficial ownership therein. Hereafter, farmer applicants for direct or insured rural housing loans shall be required to provide only such collateral security as is required of owners of nonfarm tracts. For an additional amount to reimburse the rural housing insurance fund for losses sustained in prior years, but not previously reimbursed, in carrying out the provisions of title V of the Housing Act of 1949, as amended (42 U.S.C. 1483, 1487e, and 1490a (c)), including $74,893,000 as authorized by section 521(c) of the Act, $124,592,000. AGRICULTURAL CREDIT INSURANCE FUND

For an additional amount to reimburse the agricultural credit insurance fund for losses sustained in prior years, but not previously reimbursed, in carrying out the provisions of the Consolidated F a r m and Rural Development Act, as amended (7 U.S.C. 1988(a)), $485,262,000.

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