About 922 loans
About 922 loans
Blog Article
(a) The Secretary is approved to help make and situation interim notes for the Secretary in the Treasury for the objective of obtaining money essential for discharging obligations from the fund and for generating loans, advancements and authorized expenditures out with the fund. This sort of notes shall be in these kind and denominations and possess this sort of maturities and be subject to such conditions and terms as can be agreed upon because of the Secretary as well as Secretary on the Treasury. These types of notes shall bear fascination at a price fixed because of the Secretary on the Treasury, having into consideration The present typical market produce of superb marketable obligations of The us owning maturities similar to the notes issued because of the Secretary below this part. The Secretary from the Treasury is authorized and directed to buy any notes with the Secretary issued hereunder, and, for that intent, the Secretary with the Treasury is licensed to make use of for a public financial debt transaction the proceeds with the sale of any securities issued under chapter 31 of title 31, along with the uses for which such securities could possibly be issued underneath these kinds of chapter are extended to incorporate the purchase of notes issued through the Secretary.
(b) A receiver who sets aside cash under subsection (a) of the part may well make use of the funds only in a location that is not becoming provided with the least satisfactory volume of broadband assistance set up less than area 950bb(e) of the title, Unless of course the recipient satisfies the requirements of part 950bb(d) of this title.
The Secretary shall create, by regulation, enough safeguards to make certain that support beneath any rural progress method is not subject to this kind of ailment.
(3) deny a financial loan or progress to, or choose every other adverse action in opposition to, an applicant for, or simply a borrower of, a phone bank loan underneath this chapter for almost any reason that's not based on a rule, regulation, bulletin, or other written coverage conventional which has not been published pursuant to segment 553 of title five.
(2) Help the lengthy-time period viability, sustainability, and utility of federally supported rural broadband infrastructure, by analyzing the technical capabilities from the systems available and fairly envisioned to be obtainable by 2035 to satisfy the broadband provider desires of rural people discovered less than paragraph (one), including by examining the subsequent:
Should the Secretary herein presented for is discovered from the President of The usa to become guilty of a violation of this part, he shall be faraway from Place of work because of the President, and any appointee or choice of officials or staff members produced by the Secretary that's discovered guilty of a violation of this chapter shall be taken out via the Secretary.
The Secretary is authorized and empowered to increase enough time of payment of interest or principal of any loans produced by the Secretary pursuant to this chapter, besides that, with regard to any financial loan produced under portion 904 or 922 of the title, the payment of fascination or principal shall not be prolonged in excess of five years after these payment shall are becoming thanks.
If a borrower satisfies the penalty prerequisites of paragraph (one) by expanding the superb principal equilibrium of your personal loan progress that is certainly currently being refinanced, the borrower shall produce a payment at time in the refinancing equivalent to 2.
§ 922. — Loans for rural telephone provider. [Rules in result as of January 24, 2002] [Document not influenced by General public Regulations enacted in between January 24, 2002 and December 19, 2002] [CITE: 7USC922] TITLE seven--AGRICULTURE CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE Provider SUBCHAPTER II--RURAL TELEPHONE Company Sec. 922. Loans for rural telephone assistance From this sort of sums as are every now and then produced offered via the Congress on the Secretary for 922 loans this sort of purpose, pursuant to segment 903 of this title, the Secretary is licensed and empowered to generate loans to persons now delivering or who may perhaps hereafter give phone support in rural areas, to community bodies now furnishing telephone assistance in rural locations also to cooperative, nonprofit, limited dividend, or mutual associations. Besides as if not provided by this subchapter, such loans shall be created underneath the same stipulations as are provided in section 904 of this title, for the objective of funding the improvement, enlargement, building, acquisition, and operation of telephone traces, services, or units to furnish and boost telephone provider in rural locations: Provided, even so, The Secretary, in building this kind of loans, shall give desire to folks providing phone service in rural spots, to general public bodies now furnishing phone assistance in rural parts, and also to cooperative, nonprofit, constrained, dividend, or mutual associations: And presented even more, That for the period of a single year from and after Oct 28, 1949, programs for loans obtained by the Secretary from folks who on October 28, 1949, are engaged within the Procedure of existing phone provider in rural locations shall be considered and acted on just before action is taken on any application received from almost every other particular person for just about any loan to finance the furnishing or enhancement of telephone services to considerably exactly the same subscribers. The Secretary in building such loans shall, insofar as possible, obtain assurance that the phone assistance being furnished or enhanced therefore are going to be created available to the widest realistic number of rural end users. When it is decided from the Secretary to generally be essential in order to furnish or boost telephone provider in rural places, this sort of loans could be built for the improvement, expansion, construction, acquisition, and Procedure of phone traces, facilities, or methods without the need of regard for their geographical place.
(B) examining another resource that is definitely suitable to provider knowledge validation, as determined by the Secretary; and
The Secretary may well not charge any price or charge not expressly presented Within this chapter in reference to any mortgage built or assured under this chapter.
A lender that receives a assure issued less than this area with a bond or Take note shall pay out a rate into the Secretary.
The Secretary shall build a method to get often known as the "Ground breaking Broadband Improvement Plan", beneath which the Secretary might give a grant, a financial loan, or the two to an suitable entity for the objective of demonstrating innovative broadband systems or ways of broadband deployment that appreciably reduce the price of broadband deployment, and provide considerably quicker broadband speeds than can be obtained, inside a rural place.
§6201(8), additional subsec. (i) and struck out former subsec. (i). Previous to Modification, text read as follows: "Notwithstanding every other provision of this chapter, the proceeds of any bank loan designed or confirmed by the Secretary below this chapter could possibly be utilized by the receiver on the financial loan for the goal of refinancing An excellent obligation with the receiver on A different telecommunications personal loan built under this chapter if the usage of the proceeds for that function will guidance the development, advancement, or acquisition of services and products to the provision of broadband provider in rural parts."