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7 U.S.C. § 937 — Loans from other credit sources
Federal law — U.S. Code and appendices · legal_authorities
When it appears to the Secretary that the loan applicant is able to obtain a loan for part of his credit needs from a responsible cooperative or other credit source at reasonable rates and terms consistent with the loan applicant’s ability to pay and the achievement of this chapter’s objectives, he may request the loan applicant to apply for and accept such a loan concurrently with an insured loan, subject, however, to full use being made by the Secretary of the funds made available hereunder for such insured loans under this subchapter. The Secretary may not request any applicant for an electric loan under this chapter to apply for and accept a loan in an amount exceeding 30 percent of the credit needs of the applicant.
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Source location: Title 7, Chapter 31, § 937; chapter-031-rural-electrification-and-telephone-service.md
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When it appears to the Secretary that the loan applicant is able to obtain a loan for part of his credit needs from a responsible cooperative or other credit source at reasonable rates and terms consistent with the loan applicant’s ability to pay and the achievement of this chapter’s objectives, he may request the loan applicant to apply for and accept such a loan concurrently with an insured loan, subject, however, to full use being made by the Secretary of the funds made available hereunder for such insured loans under this subchapter. The Secretary may not request any applicant for an electric loan under this chapter to apply for and accept a loan in an amount exceeding 30 percent of the credit needs of the applicant.
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Federal law — U.S. Code and appendices · legal_authorities
It is hereby declared to be the policy of the Congress that adequate funds should be made available to rural electric and telephone systems through direct, insured and guaranteed loans at interest rates which will allow them to achieve the objectives of the Rural Electrification Act of 1936, as amended [[7 U.S.C. 901](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section901&num=0&edition=prelim) et seq.], and that such rural electric and telephone systems should be encouraged and assisted to develop their resources and ability to achieve the financial strength needed to enable them to satisfy their credit needs from their own financial organizations and other sources at reasonable rates and terms consistent with the loan applicant’s ability to pay and achievement of the Act’s objectives.
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Federal law — U.S. Code and appendices · legal_authorities
Page 545
TITLE 7—AGRICULTURE
§ 940
Editorial Notes
REFERENCES IN TEXT
The date of enactment of this section, referred to in
subsec. (d), is the date of enactment of Pub. L. 110–246,
which was approved June 18, 2008.
CODIFICATION
Pub. L. 110–234 and Pub. L. 110–246 enacted identical
sections. Pub. L. 110–234 was repealed by section 4(a) of
Pub. L. 110–246.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Enactment of this section and repeal of Pub. L.
110–234 by Pub. L. 110–246 effective May 22, 2008, the
date of enactment of Pub. L. 110–234, see section 4 of
Pub. L. 110–246, set out as a note under section 8701 of
this title.
§ 937. Loans from other credit sources
When it appears to the Secretary that the loan
applicant is able to obtain a loan for part of his
credit needs from a responsible cooperative or
other credit source at reasonable rates and
terms consistent with the loan applicant’s abil-
ity to pay and the achievement of this chapter’s
objectives, he may request the loan applicant to
apply for and accept such a loan concurrently
with an insured loan, subject, however, to full
use being made by the Secretary of the funds
made available hereunder for such insured loans
under this subchapter. The Secretary may not
request any applicant for an electric loan under
this chapter to apply for and accept a loan in an
amount exceeding 30 percent of the credit needs
of the applicant.
(May 20, 1936, ch. 432, title III, § 307, as added
Pub. L. 93–32, § 2, May 11, 1973, 87 Stat. 70;
amended Pub. L. 97–35, title I, § 165(c), Aug. 13,
1981, 95 Stat. 379; Pub. L. 103–129, § 2(c)(8), Nov. 1,
1993, 107 Stat. 1365; Pub. L. 103–354, title II,
§ 235(a)(13), Oct. 13, 1994, 108 Stat. 3221.)
Editorial Notes
AMENDMENTS
1994—Pub. L. 103–354 s
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