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7 U.S.C. § 940b — Use of funds
Federal law — U.S. Code and appendices · legal_authorities
A borrower of an insured or guaranteed electric loan under this chapter may, without restriction or prior approval of the Secretary, invest its own funds or make loans or guarantees, not in excess of 15 percent of its total utility plant.
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Source location: Title 7, Chapter 31, § 940b; chapter-031-rural-electrification-and-telephone-service.md
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A borrower of an insured or guaranteed electric loan under this chapter may, without restriction or prior approval of the Secretary, invest its own funds or make loans or guarantees, not in excess of 15 percent of its total utility plant.
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Federal law — U.S. Code and appendices · legal_authorities
The Secretary shall—
(1) provide advice and guidance to electric borrowers under this chapter concerning the effective and prudent use by such borrowers of the investment authority under [section 940b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section940b&num=0&edition=prelim) to promote rural development;
(2) provide technical advice, troubleshooting, and guidance concerning the operation of programs or systems that receive assistance under this chapter;
(3) establish and administer various pilot projects through electric and telephone borrowers that the Secretary determines are useful or necessary, and recommend specific rural development projects for rural areas;
(4) act as an information clearinghouse and conduit to provide information to electric and telephone borrowers under this chapter concerning useful and effective rural development efforts that such borrowers may wish to apply in their areas of operation and concerning State, regional, or local plans for long-term rural economic development;
(5) provide information to electric and telephone borrowers under this chapter concerning the eligibility of such borrowers to apply for financial assistance, loans, or grants from other Federal agencies and non-Federal sources to enable such borrowers to expand their rural development efforts; and
(6) promote local partnerships and other coordination between borrowers under this chapter and community organizations, States, counties, or other entities, to improve rural development.
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Federal law — U.S. Code and appendices · legal_authorities
Page 546
TITLE 7—AGRICULTURE
§ 940a
amended Pub. L. 103–354, title II, § 235(a)(13), Oct.
13, 1994, 108 Stat. 3221.)
Editorial Notes
REFERENCES IN TEXT
The Consolidated Farm and Rural Development Act,
referred to in text, is title III of Pub. L. 87–128, Aug. 8,
1961, 75 Stat. 307, which is classified principally to chap-
ter 50 (§ 1921 et seq.) of this title. For complete classi-
fication of the Act to the Code, see Short Title note set
out under section 1921 of this title and Tables.
AMENDMENTS
1994—Pub. L. 103–354 substituted ‘‘Secretary’’ for ‘‘Ad-
ministrator’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective May 11, 1973, see section 12 of Pub.
L. 93–32, set out as a note under section 930 of this title.
§ 940a. Repealed. Pub. L. 104–127, title VII, § 780,
Apr. 4, 1996, 110 Stat. 1151
Section, act May 20, 1936, ch. 432, title III, § 311, as
added Oct. 18, 1986, Pub. L. 99–500, § 101(m) [title VI,
§ 623], 100 Stat. 1783–308, 1783–333, and Oct. 30, 1986, Pub.
L. 99–591, § 101(m) [title VI, § 623], 100 Stat. 3341–308,
3341–333; amended Oct. 13, 1994, Pub. L. 103–354, title II,
§ 235(a)(7), (13), 108 Stat. 3221, related to privatization
demonstration program.
§ 940b. Use of funds
A borrower of an insured or guaranteed elec-
tric loan under this chapter may, without re-
striction or prior approval of the Secretary, in-
vest its own funds or make loans or guarantees,
not in excess of 15 percent of its total utility
plant.
(May 20, 1936, ch. 432, title III, § 312, as added
Pub. L. 100–203, title I, § 1402, Dec. 22, 1987, 101
Stat. 1330–21; amended Pub. L. 103–354, title II,
§ 235(a)(13), Oct. 13, 1994, 108 Stat. 3221.)
Editorial Notes
AMENDMENTS
1994—Pub. L. 103–354 substituted ‘‘Secretary’’ for ‘‘Ad-
ministrator’’.
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 940b
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.