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

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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Source location: Title 7, Chapter 31, § 931; chapter-031-rural-electrification-and-telephone-service.md

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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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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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7 U.S.C. § 935 — Insured loans; interest rates and lending levels

**(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

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7 U.S.C. § 903 — Authorization of appropriations

There are authorized to be appropriated such sums as are necessary to carry out this chapter.

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

7 U.S.C. § 922 — Loans for telephone service

From such sums as are from time to time made available by the Congress to the Secretary for such purpose, pursuant to [section 903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section903&num=0&edition=prelim), the Secretary is authorized and empowered to make loans to persons now providing or who may hereafter provide telephone service in rural areas, to public bodies now providing telephone service in rural areas and to cooperative, nonprofit, limited dividend, or mutual associations. Except as otherwise provided by this subchapter, such loans shall be made under the same terms and conditions as are provided in [section 904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section904&num=0&edition=prelim), for the purpose of financing the improvement, expansion, construction, acquisition, and operation of telephone lines, facilities, or systems to furnish and improve telephone service in rural areas: Provided, however, That the Secretary, in making such loans, shall give preference to persons providing telephone service in rural areas, to public bodies now providing telephone service in rural areas, and to cooperative, nonprofit, limited dividend, or mutual associations. The Secretary in making such loans shall, insofar as possible, obtain assurance that the telephone service to be furnished or improved thereby will be made available to the widest practical number of rural users. When it is determined by the Secretary to be necessary in order to furnish or improve telephone service in rural areas, such loans may be made for the improvement, expansion, construction, acquisition, and operation of telephone lines, facilities, or systems without regard to their geographical location. The Secretary is fu

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

**(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

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

7 U.S.C. § 931 — Rural Electrification and Telephone Re-

Page 532 TITLE 7—AGRICULTURE § 930 1 See References in Text note below. Stat. 4041; amended Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221; Pub. L. 115–334, title VI, § 6602(b)(6), Dec. 20, 2018, 132 Stat. 4776.) Editorial Notes AMENDMENTS 2018—Par. (1). Pub. L. 115–334 substituted ‘‘935 of this title or’’ for ‘‘935 of this title,’’ and struck out ‘‘, or a loan under section 948 of this title,’’ after ‘‘a telephone loan under section 936 of this title’’. 1994—Pub. L. 103–354 substituted ‘‘Secretary’’ for ‘‘Ad- ministrator’’. SUBCHAPTER III—RURAL ELECTRIC AND TELEPHONE DIRECT LOAN PROGRAMS § 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 sys- tems through direct, insured and guaranteed loans at interest rates which will allow them to achieve the objectives of the Rural Electrifica- tion Act of 1936, as amended [7 U.S.C. 901 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 finan- cial organizations and other sources at reason- able rates and terms consistent with the loan applicant’s ability to pay and achievement of the Act’s objectives. (Pub. L. 93–32, § 1, May 11, 1973, 87 Stat. 65.) Editorial Notes REFERENCES IN TEXT The Rural Electrification Act of 1936 and the Act, re- ferred to in text, are act May 20, 1936, ch. 432, 49 Stat. 1363, which is classified generally to this chapter. For complete classification of this Act to the Code, see sec- tion 901 of this title and Tables. CODIFICATION Section is comprise

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