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7 U.S.C. § 1967 — Emergency Credit Revolving Fund utilization
Federal law — U.S. Code and appendices · legal_authorities
The Secretary is authorized to utilize the revolving fund created by section 1148a 11 See References in Text note below. of title 12 (hereinafter in this subchapter referred to as the “Emergency Credit Revolving Fund”) for carrying out the purposes of this subchapter.
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Source location: Title 7, Chapter 50, § 1967; chapter-050-agricultural-credit.md
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The Secretary is authorized to utilize the revolving fund created by section 1148a 11 See References in Text note below. of title 12 (hereinafter in this subchapter referred to as the “Emergency Credit Revolving Fund”) for carrying out the purposes of this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts June 16, 1933, ch. 98, title VIII, § 84, 48 Stat. 273; June 30, 1947, ch. 166, title II, § 206, 61 Stat. 208, provided for reduction of capital of regional agricultural credit corporations by Farm Credit Administration. See [section 2252 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2252&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1148a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** A contract of insurance or guarantee executed by the Secretary under this chapter shall be an obligation supported by the full faith and credit of the United States.
**(b) Contestability** A contract of insurance or guarantee executed by the Secretary under this chapter shall be incontestable except for fraud or misrepresentation that the lender or any holder—
(1) has actual knowledge of at the time the contract or guarantee is executed; or
(2) participates in or condones.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1929
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Determinations required**
(1) **Generally** — Prior to the first day of each fiscal year, the Farm Credit Administration shall determine—
(A) the cost of administering this chapter for the subsequent fiscal year, including expenses for official functions;
(B) the amount of assessments that will be required to pay such administrative expenses, taking into consideration the funds contained in the Administrative Expense Account, and maintain a necessary reserve; and
(C) the amount of assessments that will be required to pay the costs of supervising and examining the Mortgage Corporation established under subchapter VIII.
(2) **Apportionments** — On the basis of the determinations made under paragraph (1), the Farm Credit Administration shall—
(A) apportion the amount of the assessment described in paragraph (1)(B) among the System institutions on a basis that is determined to be equitable by the Farm Credit Administration;
(B) assess and collect such apportioned amounts from time to time during the fiscal year as determined necessary by the Farm Credit Administration; and
(C) assess and collect from the Mortgage Corporation, from time to time during the fiscal year, the amount described in paragraph (1)(C).
**(b) Deposits into fund**
(1) **Treasury fund** — The amounts collected under subsection (a) shall be deposited in the Farm Credit Administration Administrative Expense Account. The Expense Account shall be maintained in the Treasury of the United States and shall be available, without regard, for purposes of sequestration, to the Balanced Budget and Emergency Deficit Control Act of 1985 [[2 U.S.C. 900](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section900&num=0&edition=prelim) et seq.], to pay the expenses of the Fa
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Federal law — U.S. Code and appendices · legal_authorities
Page 1120
TITLE 7—AGRICULTURE
§ 1965
1 See References in Text note below.
1977—Subsec. (a). Pub. L. 95–89 designated existing
provisions as subsec. (a) and struck out last proviso
prescribing for any loan made by the Small Business
Administration in connection with a disaster occurring
on or after Aug. 5, 1975, under section 636(b)(1), (2), or
(4) of title 15 a rate of interest determined in the first
paragraph following section 636(b)(8) of title 15 for loans
under paragraphs (3), (5), (6), (7), or (8) of section 636(b)
of title 15, now covered in subsec. (b) of this section.
Subsecs. (b), (c). Pub. L. 95–89 added subsecs. (b) and
(c).
1975—Pub. L. 94–68 made the existing rate of 5 percent
applicable to loans up to the amount of the actual loss
caused by the disaster, inserted provisions that for
loans or portions of loans in excess of that amount the
interest rate will be that prevailing in the private mar-
ket for similar loans, as determined by the Secretary,
and inserted provisos relating to security, disasters oc-
curring after Jan. 1, 1975, and loans made by Small
Business Administration.
1973—Pub. L. 93–24 substituted ‘‘5’’ for ‘‘3’’ per cen-
tum.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by section 624 of Pub. L. 104–127 effective
Apr. 4, 1996, and amendment by section 625 of Pub. L.
104–127 effective 90 days after Apr. 4, 1996, see section
663(a), (b) of Pub. L. 104–127, set out as a note under sec-
tion 1922 of this title.
EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by Pub. L. 98–258 applicable to disasters
occurring after May 30, 1983, see section 602(c) of Pub.
L. 98–258, set out as a note under section 1961 of this
title.
EFFECTIVE DATE OF 1981 AMENDMENT
Section 162(b) of Pub. L. 97–35
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