The 2-Minute Rule for 922 loans
The 2-Minute Rule for 922 loans
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"(2) can not, in accordance with commonly acknowledged management and accounting concepts and without the need of charging costs to its shoppers or subscribers so high as to create a considerable disparity amongst such charges along with the premiums charged for similar support in the exact same or close by places by other suppliers, offer support per the goals of this chapter."
(B) 100% of the quantity of interest for 1 yr about the fantastic principal stability from the bank loan or financial loan progress, or any percentage of the mortgage or advance, staying refinanced, multiplied by the ratio that—
§6104, amended area generally. Just before Modification, textual content study as follows: "As employed During this chapter the term 'rural location', besides as furnished in portion 924(b) of this title, shall be deemed to imply any spot of The usa not bundled throughout the boundaries of any city location, as described with the Bureau with the Census, and these types of time period shall be considered to include equally the farm and nonfarm inhabitants thereof; the expression 'farm' shall be deemed to imply a farm as outlined inside the publications of the Bureau of the Census; the time period 'man or woman' shall be deemed to suggest any natural human being, agency, Company, or association; the phrase 'Territory' shall be considered to include any insular possession of the United States; as well as expression 'Secretary' shall be deemed to indicate the Secretary of Agriculture."
Of the quantities presented to an eligible entity less than a grant underneath the Program, the eligible entity shall use to perform paragraph (one)(B) not greater in comparison to the lesser of—
From such sums as are once in a while produced readily available because of the Congress on the Secretary for these goal, pursuant to segment 903 of the title, the Secretary is authorized and empowered to help make loans to individuals now delivering or who could hereafter provide telephone assistance in rural locations, to general public bodies now offering telephone company in rural regions also to cooperative, nonprofit, constrained dividend, or mutual associations. Apart from as normally furnished by this subchapter, these kinds of loans shall be designed under the exact terms and conditions as are supplied in area 904 of the title, for the purpose of financing the advance, expansion, building, acquisition, and operation of phone strains, facilities, or systems to furnish and strengthen phone services in rural regions: Provided, nonetheless, The Secretary, in making these types of loans, shall give desire to folks delivering phone services in rural places, to community bodies now delivering telephone support in rural regions, and also to cooperative, nonprofit, constrained dividend, or mutual associations.
(one) the quantity of applications gained and recognized, like any Particular financial loan conditions or ailments for which the Secretary supplied added aid to unserved places;
The discounted level to get established via the Secretary for direct or insured loans prepayments hereunder shall be dependant on the current cost of money into the Department in the Treasury for obligations of equivalent maturity to People being prepaid. If a borrower prepays using tax exempt financing, the price reduction shall be modified to make the lower price similar to entirely taxable funding. The borrower shall certify in producing whether or not the funding will likely be tax exempt and shall adjust to this kind of other stipulations since the Secretary may well build which can be acceptable and important to apply this provision. As utilised With this part, the time period "direct mortgage" indicates a mortgage manufactured beneath area 904 of this title.
§6102(b), substituted "No service fees or prices shall be assessed for any such accommodation or subordination." for "No expenses or prices shall be assessed for just about any these types of guarantee, accommodation, or subordination. With regard to ensures issued via the Secretary underneath this part, on the ask for in the borrower of any these kinds of loan so certain, the financial loan shall be produced by the Federal Financing Bank and in a level of fascination that isn't much more than the rate of interest applicable to other equivalent loans then currently being made or obtained via the Lender."
§ 922. — Loans for rural telephone service. [Laws in effect as of January 24, 2002] [Doc not impacted by Public Guidelines enacted concerning January 24, 2002 and December 19, 2002] [CITE: 7USC922] TITLE seven--AGRICULTURE CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE Assistance SUBCHAPTER II--RURAL TELEPHONE Assistance Sec. 922. Loans for rural telephone service From such sums as are occasionally manufactured available because of the Congress for the Secretary for this kind of function, pursuant to segment 903 of the title, the Secretary is licensed and empowered to generate loans to individuals now supplying or who may perhaps hereafter give phone support in rural places, to general public bodies now supplying telephone company in rural spots and to cooperative, nonprofit, constrained dividend, or mutual associations. Except as normally provided by this subchapter, these loans shall be made under the exact same stipulations as are presented in part 904 of the title, for the purpose of financing the improvement, growth, development, acquisition, and Procedure of phone strains, facilities, or programs to furnish and make improvements to phone company in rural parts: Supplied, nonetheless, The Secretary, in generating these types of loans, shall give preference to persons supplying phone service in rural locations, to public bodies now supplying phone company in rural locations, and to cooperative, nonprofit, limited, dividend, or mutual associations: And provided even more, That for any period of one year from and after October 28, 1949, purposes for loans been given because of the Secretary from individuals who on Oct 28, 1949, are engaged while in the operation of present telephone assistance in rural parts shall be viewed as and acted upon before motion is taken on any application been given from almost every other man or woman for virtually any bank loan to finance the furnishing or advancement of telephone company to considerably the exact same subscribers. The Secretary in generating this kind of loans shall, insofar as feasible, receive assurance that the telephone company being furnished or improved thereby is going to be created accessible to the widest sensible amount of rural end users. When it is determined through the Secretary to become needed to be able to furnish or improve telephone provider in rural spots, this sort of loans may be get more info manufactured for the advance, enlargement, construction, acquisition, and Procedure of telephone lines, facilities, or techniques devoid of regard to their geographical area.
"(2) may well not need any rural utility That may be a borrower of loans topic to area 306A for making unreasonable reductions in costs to its buyers like a issue of these prepayment."
"(A) notify the Administrator in writing, inside of 30 times once the issuance of restrictions to perform this area, on the intent on the borrower to prepay; and
struck out from introductory textual content "fulfills possibly of the following ailments" soon after "borrower which"; confined par. (1) to the telephone borrowers, substituting provision for a median subscriber density of a few or fewer for each mile at the conclusion of The newest calendar yr ending not less than six months right before approval in the financial loan for prior provision for a mean customer or subscriber density of two or much less per mile; substituted in par. (2) provision, limited to electrical borrowers, respecting possessing a median buyer density of two or fewer per mile or a median modified plant profits ratio of around nine.
The Secretary shall establish a plan to become known as the "Modern Broadband Development Program", less than which the Secretary may possibly provide a grant, a bank loan, or the two to an eligible entity for the purpose of demonstrating revolutionary broadband systems or methods of broadband deployment that noticeably lessen the cost of broadband deployment, and supply substantially speedier broadband speeds than can be found, in a rural spot.
A bond or Be aware confirmed underneath this segment shall, by settlement amongst the Secretary along with the borrower—