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7 U.S.C. § 1966 — Repealed. Pub. L. 95–334, title I, § 120, Aug. 4, 1978, 92 Stat. 427
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 87–128, title III, § 325, Aug. 8, 1961, 75 Stat. 311; Pub. L. 94–68, § 6, Aug. 5, 1975, 89 Stat. 382, authorized delegation of authority to State Directors of Farmers Home Administration for making emergency loans.
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Source location: Title 7, Chapter 50, § 1966; chapter-050-agricultural-credit.md
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### Statutory Notes
Section, Pub. L. 87–128, title III, § 325, Aug. 8, 1961, 75 Stat. 311; Pub. L. 94–68, § 6, Aug. 5, 1975, 89 Stat. 382, authorized delegation of authority to State Directors of Farmers Home Administration for making emergency loans.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Revolving fund** The fund established pursuant to section 11(a) of the Bankhead-Jones Farm Tenant Act, as amended, shall hereafter be called the Agricultural Credit Insurance Fund and is hereinafter in this subchapter referred to as the “fund”. The fund shall remain available as a revolving fund for the discharge of the obligations of the Secretary under agreements insuring loans under this subchapter and loans and mortgages insured under prior authority.
**(b) Deposits of funds; investments; purchase of notes** Moneys in the fund not needed for current operations shall be deposited in the Treasury of the United States to the credit of the fund or invested in direct obligations of the United States or obligations guaranteed by the United States. The Secretary may purchase with money in the fund any notes issued by the Secretary to the Secretary of the Treasury for the purpose of obtaining money for the fund.
**(c) Notes; form and denominations; maturities; terms and conditions; interest rate; purchase by Treasury; public debt transaction** The Secretary is authorized to make and issue notes to the Secretary of the Treasury for the purpose of obtaining funds necessary for discharging obligations under this section and for authorized expenditures out of the fund. Such notes shall be in such form and denominations and have such maturities and be subject to such terms and conditions as may be prescribed by the Secretary with the approval of the Secretary of the Treasury. Such notes shall bear interest at a rate fixed by the Secretary of the Treasury, taking into consideration the current average market yield of outstanding marketable obligations of the United States having maturities comparable to the notes issued by the Secretary under this subchapter. The Secretar
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** All sums received by the Secretary from the liquidation of loans made under the provisions of this subchapter or under the Act of April 6, 1949, as amended, or the Act of August 31, 1954, and from the liquidation of any other assets acquired with money from the Emergency Credit Revolving Fund shall be added to and become a part of such fund.
**(b)** There are authorized to be appropriated to the Emergency Credit Revolving Fund such additional sums as the Congress shall from time to time determine to be necessary.
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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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