The 2-Minute Rule for 922 loans
The 2-Minute Rule for 922 loans
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With the request on the borrower, the Secretary is approved and directed to refinance with loans that will be insured less than this chapter on the desire charges furnished in section 935 of this title any loans created for rural electric powered and telephone services underneath any provision of the Consolidated Farm and Rural Development Act [seven U.S.C. 1921 et seq.].
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Together with hardship loans that are made beneath subparagraph (A), the Secretary may make an insured electric loan at an desire fee of 5 % per year to an applicant for a financial loan if, in the sole discretion of the Secretary, the applicant has expert a intense hardship.
substituted provisions environment out the liabilities of The agricultural Electrification and Telephone Revolving Fund as well as allowable reasons for which fund belongings shall be offered, for provisions, that the monies in the rural phone account ought to continue being on deposit within the Treasury of The usa till disbursed.
This kind of things may very well be compensated in reference to guaranteed loans following or in connection with the acquisition of these kinds of loans or stability thereof soon after default, to your extent decided to be essential to shield the desire of the Government, or in connection with every other activity authorized Within this chapter;
inserted provisions regarding loans created by Federal Funding Financial institution with regard to assures issued under this part, and substituted "an insured mortgage" for "a bank loan insured with the normal rate".
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(I) the price of borrowing to your Office of your Treasury for obligations of equivalent maturity; or
§ 922. — Loans for rural telephone service. [Guidelines in influence as of January 24, 2002] [Document not afflicted by Community Legal guidelines enacted between January 24, 2002 and December 19, 2002] [CITE: 7USC922] TITLE seven--AGRICULTURE CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE SERVICE SUBCHAPTER II--RURAL Phone Support Sec. 922. Loans for rural telephone assistance From these kinds of sums as are on occasion produced out there because of the Congress on the Secretary for this kind of function, pursuant to area 903 of the title, the Secretary is authorized and empowered to help make loans to individuals now providing or who may possibly hereafter offer telephone company in rural regions, to general public bodies now supplying phone assistance in rural parts also to cooperative, nonprofit, limited dividend, or mutual associations. Other than as or else supplied by this subchapter, this kind of loans shall be designed underneath the exact same stipulations as are delivered in segment 904 of this title, for the objective of funding the advance, enlargement, construction, acquisition, and operation of telephone traces, services, or devices to furnish and improve telephone support in rural regions: Delivered, nevertheless, That the Secretary, in creating these kinds of loans, shall give choice to people giving phone provider in rural parts, to community bodies now giving telephone provider in rural regions, and also to cooperative, nonprofit, restricted, dividend, or mutual associations: And offered more, That for any period of one year from and after Oct 28, 1949, purposes for loans gained because of the Secretary from people who on October 28, 1949, are engaged in the Procedure of current phone assistance in rural regions shall be deemed and acted on in advance of action is taken on any application received from another man or woman for just about any mortgage to finance the furnishing or advancement of telephone provider to substantially exactly the same subscribers. The Secretary in earning these types of loans shall, insofar as you can, acquire assurance that the phone support being furnished or improved therefore will probably be built available to the widest realistic quantity of rural people. When it is determined with the Secretary to be needed to be able to furnish or strengthen phone services in rural regions, these types of loans could be designed for the advance, enlargement, construction, acquisition, and operation of telephone lines, facilities, or programs without regard to their geographical area.
Other than as delivered in clause (ii), subparagraph (A)(ii) shall not utilize to an incumbent support service provider in the percentage of a proposed provider territory through which the provider is upgrading broadband company to meet the minimum amount suitable level of broadband support recognized under subsection (e) for the prevailing territory with the incumbent services company.
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When selecting to make the most of the payment help authority under paragraph (two) the Secretary shall contemplate if the payment support will—
The Secretary shall create a program, click here for being often called the "Neighborhood Hook up Grant Application", to provide grants to qualified entities to finance broadband transmission in rural parts.