Page:United States Statutes at Large Volume 92 Part 1.djvu/475

 PUBLIC LAW 95-334—AUG. 4, 1978

92 STAT. 421

LOANS FOR RECREATIONAL AND POLLUTION ABATEMENT FACILITIES

SEC. 102. Section 304 of the Consolidated Farm and Kural Development Act is amended by— 7 USC 1924. (1) in subsection (a), striking out the word "individual"; and (2) adding at the end thereof a new subsection (c) as follows: "(c) Loans may also be made or insured under this subtitle to any farm owners or tenants without regard to the requirements of clauses (1), (2), and (3) of section 302 of this title for the pur- 7 USC 1922. poses of meeting Federal, State, or local requirements for agricultural, animal, or poultry waste pollution abatement and control facilities, including the construction, modification, or relocation of farm or other structures necessary to comply with such pollution abatement requirements.". LIMITATIONS ON LOANS UNDER SECTIONS 3 0 2, 3 0 3, 3 0 4, AND 3 1 CD OF THE ACT

S E C 103. Section 305 of the Consolidated Farm and Rural Development Act is amended by striking out the first sentence and inserting in lieu thereof the following: "The Secretary shall make oi- insure no loan under sections 302, 303, 304, and 310D of this title that would cause the unpaid indebtedness under such sections of any one borrower to exceed the smaller of (1) the value of the farm or other security, or (2) in the case of a loan other than a loan guaranteed by the Secretary, $200,000, or, in the case of a loan guaranteed by the Secretary, $300,000.".

7 USC 1925. 7 USC 1922, 1^23, 1924. Post, p. 424.

ELIMINATION OF REQUIREMENT FOR BOND COUNSEL FOR CERTAIN WATER AND WASTE DISPOSAL FACILITY LOANS

SEC. 104. Section 306(a)(1) of the Consolidated Farm and Rural Development Act is amended by adding at the end thereof the follow- 7 USC 1926. in^: "With respect to loans of less than $500,000 made or insured under this paragraph that are evidenced by notes and mortgages, as distinguished from bond issues, borrowers shall not be required to appoint bond counsel to review the legal validity of the loan whenever the Secretary has available legal counsel to perform such review.". WATER AND WASTE DISPOSAL FACILITY GRANTS

SEC. 105. Effective October 1, 1978, section 306(a)(2) of the Consolidated Farm and Rural Development Act is amended by— (1) striking out "$300,000,000" and inserting in lieu thereof "$500,000,000"; and (2) striking out "50 per centum" and inserting in lieu thereof "75 per centum". RURAL AREAS

SEC. 106. Section 306(a)(7) of the Consolidated Farm and Rural Development Act is amended by striking out ", the Commonwealth of Puerto Rico and the Virgin Islands,".

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