Laws: Cases and Codes : U.S. Code : Title 7
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U.S. Code as of:
01/03/05
Chapter 31 - Notes
SUBCHAPTER I - RURAL ELECTRIFICATION
Sec.
901. Short title.
902. General authority of Secretary of Agriculture.
(a) Loans.
(b) Investigations and reports.
903. Authorization of appropriations.
904. Loans by Secretary of Agriculture for electrical
plants and transmission lines; preferences; consent
of State authorities.
905. Repealed.
906. Funding for administrative expenses.
906a. Use of funds outside the United States or its
territories prohibited.
907. Acquisition of property pledged for loans;
disposition; sale of pledged property by borrower.
908. Repealed.
909. Administration on nonpolitical basis; dismissal of
officers or employees for violating provision.
910. Repealed.
911. Acceptance of services of Federal or State officers;
application of civil service laws; expenditures for
supplies and equipment.
911a. Repealed.
912. Extension of time for repayment of loans.
912a. Rescheduling and refinancing of loans.
913. Definitions.
914. Separability.
915. Purchase of financial and credit reports.
916. Criteria for loans.
917. Prohibition on restricting water and waste facility
services to electric customers.
(a) Prohibition.
(b) Ensuring compliance.
(c) "Rural development programs" defined.
(d) Regulations.
918. General prohibitions.
(a) No consideration of borrower's level of general
funds.
(b) Loan origination fees.
(c) Consultants.
918a. Energy generation, transmission, and distribution
facilities efficiency grants and loans in rural
communities with extremely high energy costs.
(a) In general.
(b) Authorization of appropriations.
918b. Acquisition of existing systems in rural communities
with high energy costs.
SUBCHAPTER II - RURAL TELEPHONE SERVICE
921. Congressional declaration of policy.
921a. Policy of financing of rural telephone program.
921b. Policy of expansion of markets for debentures.
922. Loans for rural telephone service.
923. State regulation of telephone service.
924. Definition of telephone service and rural area.
925. Loan feasibility.
926. Certain rural development investments by qualified
telephone borrowers not treated as dividends or
distributions.
(a) In general.
(b) "Qualified telephone borrower" defined.
927. General duties and prohibitions.
(a) Duties.
(b) Prohibitions.
928. Prompt processing of telephone loans.
SUBCHAPTER III - RURAL ELECTRIC AND TELEPHONE DIRECT LOAN PROGRAMS
930. Congressional declaration of policy.
931. Rural Electrification and Telephone Revolving Fund.
931a. Level of loan programs under Rural Electrification and
Telephone Revolving Fund.
932. Liabilities and uses of Rural Electrification and
Telephone Revolving Fund.
(a) Liabilities and obligations of fund.
(b) Uses of fund assets.
(c) Separate electric and telephone accounts.
933. Moneys in the Rural Electrification and Telephone
Revolving Fund.
934. Authorized financial transactions; interim notes;
purchase of obligations for resale; sale of notes and
certificates; liens.
935. Insured loans; interest rates and lending levels.
(a) In general.
(b) Insured loans.
(c) Insured electric loans.
(d) Insured telephone loans.
936. Guaranteed loans; accommodation and subordination of
liens; interest rates; assignability of guaranteed
loans and related guarantees.
936a. Prepayment of loans.
(a) Conditions for prepayment.
(b) Charges on prepayment prohibited.
(c) Disqualification for prepayment on finding of
adverse affect on Federal Financing Bank.
(d) Amount of permissible prepayments;
establishment of eligibility criteria.
(e) Assignability and transferability of guarantees
of loans.
936b. Sale or prepayment of direct or insured loans.
(a) Discounted prepayment by borrowers of electric
loans.
(b) Mergers of electric borrowers.
936c. Refinancing and prepayment of FFB loans.
(a) In general.
(b) Penalty.
(c) Loan terms and conditions after refinancing.
(d) Maximum rate option.
936d. Eligibility of distribution borrowers for loans, loan
guarantees, and lien accommodations.
936e. Administrative prohibitions applicable to certain
electric borrowers.
(a) In general.
(b) Subordination or sharing of liens.
(c) Issuance of regulations.
(d) Authority of Secretary.
937. Loans from other credit sources.
938. Full faith and credit of the United States.
939. Loan terms and conditions.
940. Refinancing of rural development loans.
940a. Repealed.
940b. Use of funds.
940c. Cushion of credit payments program.
(a) Establishment.
(b) Uses of cushion of credit payments.
940c-1. Guarantees for bonds and notes issued for
electrification or telephone purposes.
(a) In general.
(b) Limitations.
(c) Fees.
(d) Guarantees.
(e) Authorization of appropriations.
(f) Termination.
940d. Limitations on authorization of appropriations.
(a) "Adjustment percentage" defined.
(b) Fiscal years 1994 through 1998.
(c) Funding levels.
(d) Availability of funds for insured loans.
940e. Expansion of 911 access.
(a) In general.
(b) Authorization of appropriations.
SUBCHAPTER IV - RURAL TELEPHONE BANK
941. Telephone Bank.
(a) Establishment.
(b) General purposes.
(c) Status; payments in lieu of property taxes.
942. General powers.
943. Special provisions governing telephone bank as a
Federal Agency until conversion of ownership,
control, and operation.
(a) Supervision and direction of Secretary of
Agriculture; free postage and priority of
debts restrictions.
(b) Use of facilities and services of employees of
Secretary of Agriculture.
(c) Wholly owned Government corporation.
(d) Appointment and compensation of personnel.
(e) Tort claims and litigation.
944. Governor of telephone bank; functions, powers, and
duties.
944a. Publication of rural telephone bank policies and
regulations.
945. Board of directors.
(a) In general.
(b) Membership.
(c) Elections.
(d) Compensation.
(e) Succession.
(f) Chairperson.
(g) Bylaws.
(h) Meetings.
(i) Annual report.
(j) Open meetings.
946. Capitalization.
(a) Federal and borrower subscriptions; Federal
limitation; report to President, transmittal
to Congress; net collection proceeds.
(b) Stock classification; voting stock; one vote
rule.
(c) Class A stock; issuance to Secretary of
Agriculture and redemption; cumulative return.
(d) Class B stock; borrowers as holders; dividend
prohibition; patronage refunds.
(e) Class C stock; borrowers as purchasers;
dividends.
(f) Special fund equivalents.
(g) Patronage refunds from remaining earnings after
provision for operating expenses, reserves for
losses, payments in lieu of taxes, and returns
on class A and C stock.
(h) Reserve for losses due to interest rate
fluctuations.
(i) Investment of RTB Equity Fund.
947. Borrowing power; telephone debentures; issuance;
interest rates; terms and conditions; ratio to
paid-in capital and retained earnings; investments in
debentures; debentures as security; purchase and sale
of debentures by the Secretary of the Treasury;
treatment as public debt transactions of the United
States; exclusion of transactions from budget totals.
948. Lending power.
(a) Loans for prescribed purposes; requisite
conditions.
(b) Terms and conditions of loans; restrictions on
loans.
(c) Payment schedule; adjustment; loan period.
(d) Borrowers to determine amortization period for
rural telephone bank loans.
(e) Interest on loans and advances.
949. Telephone bank receipts; availability for obligations
and expenditures.
950. Conversion of ownership, control, and operation of
telephone bank.
(a) Transfer of powers and authority from Secretary
of Agriculture to Telephone Bank Board;
cessation of Presidential appointees as Board
members and reduction in number of Board
members; status of telephone bank.
(b) Restrictions of section 948(a)(2) of this title
inapplicable to loans upon redemption and
retirement of class A stock.
(c) Congressional review.
950a. Liquidation or dissolution of telephone bank.
950b. Borrower net worth.
SUBCHAPTER V - RURAL ECONOMIC DEVELOPMENT
950aa. Additional powers and duties.
950aa-1. Repealed.
SUBCHAPTER VI - RURAL BROADBAND ACCESS
950bb. Access to broadband telecommunications services in
rural areas.
(a) Purpose.
(b) Definitions.
(c) Loans and loan guarantees.
(d) Eligible entities.
(e) Broadband service.
(f) Technological neutrality.
(g) Terms and conditions for loans and loan
guarantees.
(h) Use of loan proceeds to refinance loans for
deployment of broadband service.
(i) Reports.
(j) Funding.
(k) Termination of authority.
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