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7 U.S.C. § 940 — Refinancing of rural development loans
Federal law — U.S. Code and appendices · legal_authorities
At the request of the borrower, the Secretary is authorized and directed to refinance with loans which will be insured under this chapter at the interest rates provided in [section 935 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section935&num=0&edition=prelim) any loans made for rural electric and telephone facilities under any provision of the Consolidated Farm and Rural Development Act [[7 U.S.C. 1921](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1921&num=0&edition=prelim) et seq.].
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Stable record: federal_law:legal_authorities:record_usc_68b6a0e30a2bd571c971d569
Source file: Laws/federal/codes/united-states-code/title-7/section-940-refinancing-of-rural-development-loans--afb0e53303.md
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Source location: Title 7, Chapter 31, § 940; chapter-031-rural-electrification-and-telephone-service.md
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At the request of the borrower, the Secretary is authorized and directed to refinance with loans which will be insured under this chapter at the interest rates provided in [section 935 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section935&num=0&edition=prelim) any loans made for rural electric and telephone facilities under any provision of the Consolidated Farm and Rural Development Act [[7 U.S.C. 1921](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1921&num=0&edition=prelim) et seq.].
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 2009ee, Pub. L. 107–171, title VI, § 6301, May 13, 2002, 116 Stat. 421, defined terms.
Section 2009ee–1, Pub. L. 107–171, title VI, § 6302, May 13, 2002, 116 Stat. 422, related to SEARCH grant program. See [section 1926 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926&num=0&edition=prelim).
Section 2009ee–2, Pub. L. 107–171, title VI, § 6303, May 13, 2002, 116 Stat. 424, related to annual report on projects.
Section 2009ee–3, Pub. L. 107–171, title VI, § 6304, May 13, 2002, 116 Stat. 424, related to funding.
#### Codification
Pub. L. 110–234 and Pub. L. 110–246 repealed this subchapter. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.
#### Effective Date of Repeal
Repeal of this subchapter 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 an Effective Date note under [section 8701 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section8701&num=0&edition=prelim).
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 930
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to make insured loans under this subchapter and at the interest rates hereinafter provided to the full extent of the assets available in the fund, subject only to limitations as to amounts authorized for loans and advances as may be from time to time imposed by the Congress of the United States for loans to be made in any one year, which amounts shall remain available until expended: Provided, That the Congress in the annual appropriation Act may also authorize the transfer of any excess cash in the fund for deposit into the Treasury as miscellaneous receipts: And provided further, That any such loans and advances shall not be included in the totals of the budget of the United States Government and shall be exempt from any general limitation imposed by statute on expenditures and net lending (budget outlays) of the United States.
**(b) Insured loans** Loans made under this section shall be insured by the Secretary when purchased by a lender. As used in this chapter, an insured loan is one which is made, held, and serviced by the Secretary, and sold and insured by the Secretary hereunder; such loans shall be sold and insured by the Secretary without undue delay.
**(c) Insured electric loans**
(1) **Hardship loans**
(A) *In general* — The Secretary shall make insured electric loans, to the extent of qualifying applications for the loans, at an interest rate of 5 percent per year to any applicant for a loan who meets each of the following requirements:
(i) The average revenue per kilowatt-hour sold by the applicant is not less than 120 percent of the average revenue per kilowatt-hour sold by all utilities in the State in which the applicant provides service.
(ii) The average residential revenue per kilowatt-hou
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 935
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Federal law — U.S. Code and appendices · legal_authorities
Page 1056
TITLE 7—AGRICULTURE
§ 1921
Sec.
2008u.
Health care services.
2008v.
Strategic economic and community develop-
ment.
2008w.
Rural Innovation Stronger Economy Grant
Program.
2008x.
Reporting.
SUBCHAPTER V—RURAL COMMUNITY
ADVANCEMENT PROGRAM
2009.
Definitions.
2009a.
Establishment.
2009b.
National objectives.
2009c.
Strategic plans.
2009d.
Rural Development Trust Fund.
2009e.
Transfers of funds.
2009f.
Grants to States.
2009g.
Guarantee and commitment to guarantee
loans.
2009h.
Local involvement.
2009i.
Interstate collaboration.
2009j.
Annual report.
2009k.
Rural
development
interagency
working
group.
2009l.
Duties of Rural Economic and Community
Development State Offices.
2009m.
Electronic transfer.
2009n.
Repealed.
SUBCHAPTER VI—DELTA REGIONAL AUTHORITY
2009aa.
Definitions.
2009aa–1. Delta Regional Authority.
2009aa–2. Economic
and
community
development
grants.
2009aa–3. Supplements to Federal grant programs.
2009aa–4. Local development districts; certification and
administrative expenses.
2009aa–5. Distressed counties and areas and nondis-
tressed counties.
2009aa–6. Development planning process.
2009aa–7. Program development criteria.
2009aa–8. Approval of development plans and projects.
2009aa–9. Consent of States.
2009aa–10. Records.
2009aa–11. Annual report.
2009aa–12. Authorization of appropriations.
2009aa–13. Repealed.
SUBCHAPTER VII—NORTHERN GREAT PLAINS
REGIONAL AUTHORITY
2009bb.
Definitions.
2009bb–1. Northern Great Plains Regional Authority.
2009bb–1a. Interstate cooperation for economic oppor-
tunity and efficiency.
2009bb–2. Economic
and
community
development
grants.
2009bb–3. Supplements to Federal grant programs.
2009bb–4. Multistate and local development districts
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1921
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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
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 940
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