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7 U.S.C. § 932 — Liabilities and uses of Rural Electrification and Telephone Revolving Fund

Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 932 — Liabilities and uses of Rural Electrification and Telephone Revolving Fund

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Source file: Laws/federal/codes/united-states-code/title-7/section-932-liabilities-and-uses-of-rural-electrification-and-telephone-revolving-fu--a71745c38c.md
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Source location: Title 7, Chapter 31, § 932; chapter-031-rural-electrification-and-telephone-service.md

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**(a) Liabilities and obligations of fund** The notes of the Secretary to the Secretary of the Treasury to obtain funds for loans under sections 904, 905,11 See References in Text note below. and 922 of this title, and all other liabilities against the appropriations or assets in the fund in connection with electrification and telephone loan operations shall be liabilities of the fund, and all other obligations against such appropriations or assets in the fund arising out of electrification and telephone loan operations shall be obligations of the fund. **(b) Uses of fund assets** The assets of the fund shall be available only for the following purposes: (1) loans which could be insured under this subchapter, and for advances in connection with such loans and loans previously made, as of May 11, 1973, under sections 904, 905,1 and 922 of this title; (2) payment of principal when due (without interest) on outstanding loans to the Secretary from the Secretary of the Treasury for electrification and telephone purposes and payment of principal and interest when due on loans to the Secretary from the Secretary of the Treasury pursuant to [section 934(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section934/a&num=0&edition=prelim); (3) payment of amounts to which the holder of notes is entitled on insured loans: Provided, That payments other than final payments need not be remitted to the holder until due or until the next agreed annual, semiannual, or quarterly remittance date; (4) payment to the holder of insured notes of any defaulted installment or, upon assignment of the note to the Secretary at his request, the entire balance due on the note; (5) purchase of notes in accordance with contracts of insurance entered into by the Secretary; (6) payment in compliance with contracts of guarantee; (7) payment of taxes, insurance, prior liens, expenses necessary to make fiscal adjustments in connection with the application, and transmittal of collections or necessary to obtain credit reports on applicants or borrowers, expenses for necessary services, including construction inspections, commercial appraisals, loan servicing, consulting business advisory or other commercial and technical services, and other program services, and other expenses and advances authorized in [section 907 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section907&num=0&edition=prelim) in connection with insured loans. Such items may be paid in connection with guaranteed loans after or in connection with the acquisition of such loans or security thereof after default, to the extent determined to be necessary to protect the interest of the Government, or in connection with any other activity authorized in this chapter; (8) payment of the purchase price and any costs and expenses incurred in connection with the purchase, acquisition, or operation of property pursuant to [section 907 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section907&num=0&edition=prelim). **(c) Separate electric and telephone accounts** (1) The Secretary shall maintain two separate accounts within the fund, which shall be known as the electric account and the telephone account, respectively. (2) (A) The Secretary shall account for the assets, liabilities, income, expenses, and equity of the fund attributable to electrification loan operations in the electric account. (B) The Secretary shall account for the assets, liabilities, income, expenses, and equity of the fund attributable to telephone loan operations in the telephone account. (3) (A) The assets accounted for in the electric account shall be available solely for electrification loan operations under this chapter. (B) The assets accounted for in the telephone account shall be available solely for telephone loan operations under this chapter (other than under subchapter IV).

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 905 — Fees for certain loan guarantees

**(a) In general** For electrification baseload generation loan guarantees, the Secretary shall, at the request of the borrower, charge an upfront fee to cover the costs of the loan guarantee. **(b) Fee** The fee described in subsection (a) for a loan guarantee shall be equal to the costs of the loan guarantee (within the meaning of [section 661a(5)(C) of title 2](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661a/5/C&num=0&edition=prelim)). **(c) Limitation** Funds received from a borrower to pay the fee described in this section shall not be derived from a loan or other debt obligation that is made or guaranteed by the Federal Government.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 930 — Congressional declaration of policy

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

7 U.S.C. § 907 — Acquisition of property pledged for loans; disposition; sale of pledged property by borrower

The Secretary is authorized and empowered to bid for and purchase at any foreclosure or other sale, or otherwise to acquire, property pledged or mortgaged to secure any loan made pursuant to this chapter; to pay the purchase price and any costs and expenses incurred in connection therewith from the sums authorized in [section 903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section903&num=0&edition=prelim); to accept title to any property so purchased or acquired in the name of the United States of America; to operate or lease such property for such period as may be deemed necessary or advisable to protect the investment therein, but not to exceed five years after the acquisition thereof; and to sell such property so purchased or acquired, upon such terms and for such consideration as the Secretary shall determine to be reasonable.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 931 — Rural Electrification and Telephone Revolving Fund

There is hereby established in the Treasury of the United States a fund, to be known as the Rural Electrification and Telephone Revolving Fund (hereinafter referred to as the “fund”), consisting of: (1) all notes, bonds, obligations, liens, mortgages, and property delivered or assigned to the Secretary pursuant to loans heretofore or hereafter made under sections 904, 905,11 See References in Text note below. and 922 of this title and under this subchapter, as of May 11, 1973, and all proceeds from the sales hereunder of such notes, bonds, obligations, liens, mortgages, and property, which shall be transferred to and be assets of the funds; (2) undisbursed balances of electric and telephone loans made under sections 904, 905,1 and 922 of this title, which as of May 11, 1973, shall be transferred to and be assets of the fund; (3) all collections of principal and interest received on and after July 1, 1972, on notes, bonds, judgments, or other obligations made or held under subchapters I and II of this chapter and under this subchapter, which shall be paid into and be assets of the fund; (4) all appropriations for interest subsidies and losses required under this subchapter which may hereafter be made by the Congress and the unobligated balances of any funds made available for loans under the item “Rural Electrification Administration” in the Department of Agriculture and Agriculture-Environmental and Consumer Protection Appropriations Acts; or (5) moneys borrowed from the Secretary of the Treasury pursuant to [section 934(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section934/a&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 932 — Liabilities and uses of Rural Electrification

Page 533 TITLE 7—AGRICULTURE § 932 1 See References in Text note below. ‘‘notwithstanding section 903(a) of this title,’’ before ‘‘all collections’’ in par. (3). 1994—Subsec. (a)(1). Pub. L. 103–354 substituted ‘‘Sec- retary’’ for ‘‘Administrator’’. 1976—Subsec. (a)(4). Pub. L. 94–570 provided for inclu- sion in the fund the unobligated balances of any funds made available for loans under item ‘‘Rural Electrifica- tion Administration’’ in the Department of Agriculture and Agriculture-Environmental and Consumer Protec- tion Appropriation Acts. 1973—Pub. L. 93–32 substituted provisions establishing the Rural Electrification and Telephone Revolving Fund and enumerating its constituent parts, for provi- sions establishing a rural telephone account in the United States Treasury. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1976 AMENDMENT Amendment by Pub. L. 94–570 effective Oct. 20, 1976, see section 4 of Pub. L. 94–570, set out as a note under section 935 of this title. EFFECTIVE DATE OF 1973 AMENDMENT Amendment by Pub. L. 93–32 effective May 11, 1973, see section 12 of Pub. L. 93–32, set out as an Effective Date note under section 930 of this title. EFFECTIVE DATE Pub. L. 92–12, § 7, May 14, 1971, 85 Stat. 37, provided that: ‘‘This Act [enacting this section and sections 921a, 932, and 941 to 950b of this title, amending sections 903 and 922 of this title and sections 856 and 868 of former Title 31, and enacting provisions set out as notes under sections 856 and 868 of former Title 31] shall take effect upon enactment [May 7, 1971].’’ RESERVATION OF RIGHT TO REPEAL, ALTER, OR AMEND PUB. L. 92–12 Pub. L. 92–12, § 6, May 14, 1971, 85 Stat. 37, provided that: ‘‘The right to repeal, alter, or amend this Act [en- acting this section an

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