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2 U.S.C. § 661c — Purposes
Federal law — U.S. Code and appendices · legal_authorities
The purposes of this subchapter are to—
(1) measure more accurately the costs of Federal credit programs;
(2) place the cost of credit programs on a budgetary basis equivalent to other Federal spending;
(3) encourage the delivery of benefits in the form most appropriate to the needs of beneficiaries; and
(4) improve the allocation of resources among credit programs and between credit and other spending programs.
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Source file: Laws/federal/codes/united-states-code/title-2/section-661c-purposes--a5ef755aed.md
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Source location: Title 2, Chapter 17A, § 661c; chapter-17a-congressional-budget-and-fiscal-operations.md
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The purposes of this subchapter are to—
(1) measure more accurately the costs of Federal credit programs;
(2) place the cost of credit programs on a budgetary basis equivalent to other Federal spending;
(3) encourage the delivery of benefits in the form most appropriate to the needs of beneficiaries; and
(4) improve the allocation of resources among credit programs and between credit and other spending programs.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** This subchapter shall not apply to the credit or insurance activities of the Federal Deposit Insurance Corporation, National Credit Union Administration, Resolution Trust Corporation, Pension Benefit Guaranty Corporation, National Flood Insurance, National Insurance Development Fund, Crop Insurance, or Tennessee Valley Authority.
**(b) Study** The Director and the Director of the Congressional Budget Office shall each study whether the accounting for Federal deposit insurance programs should be on a cash basis on the same basis as loan guarantees, or on a different basis. Each Director shall report findings and recommendations to the President and the Congress on or before May 31, 1991.
**(c) Access to data** For the purposes of subsection (b), the Office of Management and Budget and the Congressional Budget Office shall have access to all agency data that may facilitate these studies.
Source: Supplied U.S. Code snapshot — release unconfirmed · 2 U.S.C. § 621
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Federal law — U.S. Code and appendices · legal_authorities
The fiscal year of the Treasury begins on October 1 of each year and ends on September 30 of the following year. Accounts of receipts and expenditures required under law to be published each year shall be published for the fiscal year.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 1102
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Program Authorized.—** Subject to subsection (b), the Secretary may carry out a loan guarantee program to encourage commercial firms to use eligible facilities under this chapter. Under any such program, the Secretary may guarantee the repayment of any loan made to a commercial firm to fund, in whole or in part, the establishment of a commercial activity to use an eligible facility under this chapter.
**(b) Advanced Budget Authority.—** Loan guarantees under this section may not be committed except to the extent that appropriations of budget authority to cover their costs are made in advance, as required by section 504 of the Federal Credit Reform Act of 1990 ([2 U.S.C. 661c](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661c&num=0&edition=prelim)).
**(c) Program Administration.—**
(1) The Secretary may enter into an agreement with any of the officials named in paragraph (2) under which that official may, for the purposes of this section—
(A) process applications for loan guarantees;
(B) guarantee repayment of loans; and
(C) provide any other services to the Secretary to administer the loan guarantee program.
(2) The officials referred to in paragraph (1) are as follows:
(A) The Administrator of the Small Business Administration.
(B) The head of any appropriate agency in the Department of Agriculture, including—
(i) the Administrator of the Farmers Home Administration; and
(ii) the Administrator of the Rural Development Administration.
(3) Each official authorized to do so under an agreement entered into under paragraph (1) may guarantee loans under this section to commercial firms of any size, notwithstanding any limitations on the size of applicants imposed on other loan guarantee programs that the offic
Source: Supplied U.S. Code snapshot — release unconfirmed · 10 U.S.C. § 7555
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as provided in subsection (b), support provided by the Corporation under this subchapter shall be on such terms and conditions as the Corporation may prescribe.
**(b) Requirements** The following requirements apply to support provided by the Corporation under this subchapter:
(1) The Corporation shall provide support using authorities under this subchapter only if it is necessary—
(A) to alleviate a credit market imperfection; or
(B) to achieve specified development or foreign policy objectives of the United States Government by providing support in the most efficient way to meet those objectives on a case-by-case basis.
(2) The final maturity of a loan made or guaranteed by the Corporation shall not exceed the lesser of—
(A) 25 years; or
(B) debt servicing capabilities of the project to be financed by the loan (as determined by the Corporation).
(3) The Corporation shall, with respect to providing any loan guaranty to a project, require the parties to the project to bear a risk of loss on the project in an amount equal to at least 20 percent of the amount of such guaranty. The Corporation shall continue to work with the President to streamline the process for securing waivers that would enable the Corporation to guarantee up to 100 percent of the amount of a loan, provided that risk of loss in the project borne by the parties to the project is equal to at least 20 percent of the guaranty amount.
(4) The Corporation may not make or guarantee a loan unless the Corporation determines that the borrower or lender is responsible and that adequate provision is made for servicing the loan on reasonable terms and protecting the financial interest of the United States.
(5) The interest rate for direct loans and interest supplements on
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 9623
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Combined heat and power** — The term “combined heat and power” means the generation of electric energy and heat in a single, integrated system, with an overall thermal efficiency of 60 percent or greater on a higher-heating-value basis.
(2) **District energy systems** — The term “district energy systems” means systems providing thermal energy from a renewable energy source, thermal energy source, or highly efficient technology to more than 1 building or fixed energy-consuming use from 1 or more thermal-energy production facilities through pipes or other means to provide space heating, space conditioning, hot water, steam, compression, process energy, or other end uses for that energy.
(3) **Energy sustainability** — The term “energy sustainability” includes using a renewable energy source, thermal energy source, or a highly efficient technology for transportation, electricity generation, heating, cooling, lighting, or other energy services in fixed installations.
(4) **Institution of higher education** — The term “institution of higher education” has the meaning given the term in [section 15801 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section15801&num=0&edition=prelim).
(5) **Institutional entity** — The term “institutional entity” means an institution of higher education, a public school district, a local government, a municipal utility, or a designee of 1 of those entities.
(6) **Renewable energy source** — The term “renewable energy source” has the meaning given the term in [section 918c of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section918c&num=0&edition=prelim).
(7) **Sustainable energy infrastructure** — The term “sustainable energy inf
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 6371j
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment**
(1) **In general**
(A) *Development and promotion of program* — The Secretary shall develop and promote a program to encourage borrowers to voluntarily make deposits into cushion of credit accounts established within the Rural Electrification and Telephone Revolving Fund.
(B) *Termination* — Effective on December 20, 2018, no deposits may be made under subparagraph (A).
(2) **Interest**
(A) *In general* — Amounts in each cushion of credit account shall accrue interest to the borrower at a rate of 5 percent per annum.
(B) *Reduction* — Notwithstanding subparagraph (A), amounts in each cushion of credit account shall accrue interest to the borrower at a rate equal to—
(i) 4 percent per annum in fiscal year 2021; and
(ii) the then applicable 1-year Treasury rate thereafter.
(3) **Balance**
(A) *In general* — A borrower may reduce the balance of its cushion of credit account only if the amount obtained from the reduction is used to make scheduled payments on loans made or guaranteed under this chapter.
(B) *Prepayment* — Notwithstanding subparagraph (A) and subject to subparagraph (C), beginning on December 20, 2018, and ending with September 30, 2020, a borrower may, at the sole discretion of the borrower, reduce the balance of its cushion of credit account if the amount obtained from the reduction is used to prepay loans made or guaranteed under this chapter.
(C) *No prepayment premium* — Notwithstanding any other provision of this chapter, no prepayment premium shall be imposed or collected with respect to that portion of a loan that is prepaid by a borrower in accordance with subparagraph (B).
(D) *Mandatory funding* — Notwithstanding [section 661c of title 2](https://uscode.house.gov/view.xhtml?req=granuleid:US
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 940c
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Federal law — U.S. Code and appendices · legal_authorities
Page 214
TITLE 2—THE CONGRESS
§ 661c
(e) Historical credit program costs
The Director shall review, to the extent pos-
sible, historical data and develop the best pos-
sible estimates of adjustments that would con-
vert aggregate historical budget data to credit
reform accounting.
(f) Administrative costs
The Director and the Director of the Congres-
sional Budget Office shall each analyze and re-
port to Congress on differences in long-term ad-
ministrative costs for credit programs versus
grant programs by January 31, 1992. Their re-
ports shall recommend to Congress any changes,
if necessary, in the treatment of administrative
costs under credit reform accounting.
(Pub. L. 93–344, title V, § 503, as added Pub. L.
101–508, title XIII, § 13201(a), Nov. 5, 1990, 104
Stat. 1388–611.)
Editorial Notes
PRIOR PROVISIONS
A prior section 503 of Pub. L. 93–344, title V, July 12,
1974, 88 Stat. 321, was classified to section 701 of former
Title 31, prior to repeal and reenactment in section
1552(a) of Title 31, Money and Finance, by Pub. L.
97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068, the first sec-
tion of which enacted Title 31.
§ 661c. Budgetary treatment
(a) President’s budget
Beginning with fiscal year 1992, the Presi-
dent’s budget shall reflect the costs of direct
loan and loan guarantee programs. The budget
shall also include the planned level of new direct
loan obligations or loan guarantee commit-
ments associated with each appropriations re-
quest.
(b) Appropriations required
Notwithstanding any other provision of law,
new direct loan obligations may be incurred and
new loan guarantee commitments may be made
for fiscal year 1992 and thereafter only to the ex-
tent that—
(1) new budget authority to cover their costs
is provided in advance
Source: Supplied 2024 U.S. Code historical extraction · 2 U.S.C. § 661c
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