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7 U.S.C. § 1929b — Purchase of guaranteed portions of
Federal law — U.S. Code and appendices · legal_authorities
Page 1089
TITLE 7—AGRICULTURE
§ 1932
‘‘(A) AUTHORITY.—The Secretary of Agriculture
shall determine, in accordance with subparagraph
(B), the price at which a note or other obligation
shall be offered for sale under this subsection.
‘‘(B) PRICE.—Such price shall be determined by
discounting the payment stream of such note or
other obligation at the yield on the then most re-
cent sale of the portfolio, adjusted for changes in
market interest rates, servicing and sales expenses,
and the maturity and interest rate of such note.
‘‘(3) PROHIBITIONS.—
‘‘(A) PURCHASE OF OBLIGATION NOT TIED TO PUR-
CHASE OF OTHER OBLIGATIONS.—The Secretary of Ag-
riculture shall not require the issuer of any unsold
note or other obligation to be offered for sale under
this subsection to purchase any other such note or
other obligation as a condition of the sale of any
such note or other obligation to the issuer.
‘‘(B) OFFER TO BE MADE WITHOUT REGARD TO FI-
NANCING.—The Secretary shall offer notes or other
obligations for sale to the issuers thereof under this
subsection without regard to the manner in which
such issuers intend to finance the purchase of such
notes or other obligations. However, the price of
sale to any issuer using tax exempt financing shall
be determined using a yield reflective of the Sched-
ule of Certified Interest Rates as published monthly
by the Secretary of the Treasury.
‘‘(g) APPLICABILITY OF PROHIBITION ON CURTAILMENT
OR LIMITATION OF SERVICE.—Section 306(b) of the Con-
solidated Farm and Rural Development Act (7 U.S.C.
1926(b)) shall be applicable to all notes or other obliga-
tions sold or intended to be sold under this section.
‘‘(h)(1) Notwithstanding the provisions of section 633
of the Rural Development, Agriculture, and Related
Agenci
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Page 1089
TITLE 7—AGRICULTURE
§ 1932
‘‘(A) AUTHORITY.—The Secretary of Agriculture
shall determine, in accordance with subparagraph
(B), the price at which a note or other obligation
shall be offered for sale under this subsection.
‘‘(B) PRICE.—Such price shall be determined by
discounting the payment stream of such note or
other obligation at the yield on the then most re-
cent sale of the portfolio, adjusted for changes in
market interest rates, servicing and sales expenses,
and the maturity and interest rate of such note.
‘‘(3) PROHIBITIONS.—
‘‘(A) PURCHASE OF OBLIGATION NOT TIED TO PUR-
CHASE OF OTHER OBLIGATIONS.—The Secretary of Ag-
riculture shall not require the issuer of any unsold
note or other obligation to be offered for sale under
this subsection to purchase any other such note or
other obligation as a condition of the sale of any
such note or other obligation to the issuer.
‘‘(B) OFFER TO BE MADE WITHOUT REGARD TO FI-
NANCING.—The Secretary shall offer notes or other
obligations for sale to the issuers thereof under this
subsection without regard to the manner in which
such issuers intend to finance the purchase of such
notes or other obligations. However, the price of
sale to any issuer using tax exempt financing shall
be determined using a yield reflective of the Sched-
ule of Certified Interest Rates as published monthly
by the Secretary of the Treasury.
‘‘(g) APPLICABILITY OF PROHIBITION ON CURTAILMENT
OR LIMITATION OF SERVICE.—Section 306(b) of the Con-
solidated Farm and Rural Development Act (7 U.S.C.
1926(b)) shall be applicable to all notes or other obliga-
tions sold or intended to be sold under this section.
‘‘(h)(1) Notwithstanding the provisions of section 633
of the Rural Development, Agriculture, and Related
Agencies Appropriations Act, 1989 (Public Law 100–460)
[title VI, Oct. 1, 1988, 102 Stat. 2263], the Secretary of
Agriculture shall offer to the issuer of any unsold note
or other obligation described in paragraph (2)(A) for
which such issuer made the good faith deposit described
in paragraph (2)(A) the opportunity to purchase such
note or other obligation consistent with the provisions
of this subsection and subsections (f)(2) and (f)(3).
‘‘(2) The provisions of this subsection shall apply only
to those issuers who:
‘‘(A) on or before March 9, 1989, made a good faith
deposit under this section for fiscal year 1989 with the
Secretary to purchase a note or other obligation held
in the Rural Development Insurance Fund; and
‘‘(B) otherwise meet all eligibility criteria, as such
criteria existed immediately prior to May 9, 1989, at
the time the purchase occurs under this subsection.
‘‘(3) The opportunity to purchase any such note or
other obligation shall be held open, under the policies
and procedures in effect under subsections (f)(2) and
(f)(3) immediately prior to May 9, 1989, for 150 days
after the date of enactment of this subsection [Dec. 12,
1989]. The Secretary shall not require any further good
faith deposit from issuers who qualify under this sub-
section. The Secretary shall notify eligible issuers of
the opportunity afforded under this subsection within
30 days after the date of enactment of this subsection
and may require such issuers to express an intention to
purchase their note or other obligation by a date cer-
tain.’’
Pub. L. 99–500, title III, § 381, Oct. 18, 1986, 100 Stat.
1783–369, and Pub. L. 99–591, title III, § 381, Oct. 30, 1986,
100 Stat. 3341–372, provided that:
‘‘(a) IN GENERAL.—The Secretary of Agriculture shall,
under such terms as the Secretary may prescribe, sell
notes and other obligations held in the Rural Develop-
ment Insurance Fund established under section 309A of
the Consolidated Farm and Rural Development Act (7
U.S.C. 1929a) in such amounts as to realize net proceeds
of not less than—
‘‘(1) $25,000,000 from such sales during fiscal year
1987;
‘‘(2) $36,000,000 from such sales during fiscal year
1988; and
‘‘(3) $37,000,000 from such sales during fiscal year
1989.
‘‘(b) [Amended subsec. (e) of this section]
‘‘(c) FARM CREDIT SYSTEM INSTITUTIONS.—Notwith-
standing any other provision of law, institutions of the
Farm Credit System operating under the Farm Credit
Act of 1971 (12 U.S.C. 2001) shall be eligible to purchase
notes and other obligations held in the Rural Develop-
ment Insurance Fund and to service (including the ex-
tension of additional credit and all other actions nec-
essary to preserve, conserve, or protect the institu-
tions’ interests in such notes and other obligations),
collect, and dispose of such notes and other obligations,
subject only to such terms and conditions as may be
agreed to by the Secretary of Agriculture and such pur-
chasing institutions and as are approved by the Farm
Credit Administration.’’
§ 1929b. Purchase of guaranteed portions of
loans; terms and conditions; exercise of au-
thorities
The Secretary may purchase, on such terms
and conditions as the Secretary deems appro-
priate, the guaranteed portion of any loan guar-
anteed under this chapter: Provided, That the
Secretary may not pay for any such guaranteed
portion of a loan in excess of an amount equal to
the unpaid principal balance and accrued inter-
est on the guaranteed portion of the loan. The
Secretary may use for such purchases funds
from the Rural Development Insurance Fund
with respect to rural development loans as de-
fined in section 1929a(a) of this title and funds
from the Agricultural Credit Insurance Fund
with respect to all other loans under this chap-
ter. This authority may be exercised only if the
Secretary determines that an adequate sec-
ondary market is not available in the private
sector.
(Pub. L. 87–128, title III, § 309B, as added Pub. L.
95–334, title I, § 111, Aug. 4, 1978, 92 Stat. 424.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in text, was in the original
‘‘this title’’, meaning title III of Pub. L. 87–128, Aug. 8,
1961, 75 Stat. 307, known as the Consolidated Farm and
Rural Development Act, which is classified principally
to this chapter. For complete classification of title III
to the Code, see Short Title note set out under section
1921 of this title and Tables.
§ 1930. Continued availability of appropriated
funds for direct real estate loans to farmers
and ranchers
Funds appropriated for the purpose of making
direct real estate loans to farmers and ranchers
under this subchapter shall remain available
until expended.
(Pub. L. 87–128, title III, § 310, as added Pub. L.
91–524, title VIII, § 806(b), Nov. 30, 1970, 84 Stat.
1383.)
§ 1931. Repealed. Pub. L. 104–127, title VII, § 746,
Apr. 4, 1996, 110 Stat. 1125
Section, Pub. L. 87–128, title III, § 310A, as added Pub.
L. 92–419, title I, § 117, Aug. 30, 1972, 86 Stat. 663, related
to insured watershed and resource conservation and de-
velopment loans.
§ 1932. Assistance for rural entities
(a) Loans to private business enterprises
(1) Definitions
In this subsection:
Cross-references
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168, related to recapitalization of Corporation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2001
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Federal law — U.S. Code and appendices · legal_authorities
Page 1282
TITLE 12—BANKS AND BANKING
§ 2001
Sec.
PART E—FARM CREDIT SYSTEM INSURANCE
CORPORATION
2277a.
Definitions.
2277a–1.
Establishment of Farm Credit System
Insurance Corporation.
2277a–2.
Board of Directors.
2277a–3.
Commencement of insurance.
2277a–4.
Premiums.
2277a–5.
Certification of premiums.
2277a–6.
Overpayment and underpayment of pre-
miums; remedies.
2277a–7.
General corporate powers.
2277a–8.
Conduct of corporate affairs; examina-
tion of System institutions.
2277a–9.
Insurance Fund.
2277a–10.
Powers of Corporation with respect to
troubled insured System banks.
2277a–10a.
Oversight actions by Corporation.
2277a–10b.
Authority to regulate golden parachute
and indemnification payments.
2277a–10c.
Corporation as conservator or receiver;
certain other powers.
2277a–11.
Investment of funds.
2277a–12.
Exemption from taxation.
2277a–13.
Omitted.
2277a–14.
Prohibitions.
SUBCHAPTER VI—ASSISTANCE TO FARM CREDIT
SYSTEM
2278a to 2278b–11. Repealed.
SUBCHAPTER VII—RESTRUCTURING OF SYSTEM
INSTITUTIONS
PART A—MERGER OF BANKS WITHIN A DISTRICT
2279a.
Power to merge.
2279a–1.
Board of directors.
2279a–2.
Powers of merged banks.
2279a–3.
Capitalization.
2279a–4, 2279a–5. Repealed or Transferred.
PART B—MERGERS, TRANSFERS OF ASSETS, AND
POWERS OF ASSOCIATIONS WITHIN A DISTRICT
SUBPART 1—TRANSFERS BY FEDERAL LAND BANKS TO
FEDERAL LAND BANK ASSOCIATIONS
2279b.
Transfer of lending authority.
2279c.
Equalization of loan-making powers of
certain district associations.
SUBPART 2—MERGER OF LIKE AND UNLIKE ASSOCIATIONS
2279c–1.
Merger of associations.
SUBPART 3—RECONSIDERATION
2279c–2.
Reconsideration.
SUBPART 4—TERMINATION AND DISSOLUTION OF
INSTITUTIONS
2279d.
Termination of System institution sta-
tus.
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2001
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary shall make or insure no loan under sections 1922, 1923, 1924, 1934, and 1935 of this title that would cause the unpaid indebtedness under such sections of any one borrower to exceed the smaller of (1) the value of the farm or other security, or (2) in the case of a loan other than a loan guaranteed by the Secretary, $600,000, or, in the case of a loan guaranteed by the Secretary, $1,750,000 (increased, beginning with fiscal year 2019, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the amount of any unpaid indebtedness of the borrower on loans under subchapter II that are guaranteed by the Secretary).
**(b) Determination of value** In determining the value of the farm, the Secretary shall consider appraisals made by competent appraisers under rules established by the Secretary.
**(c) Inflation percentage** For purposes of this section, the inflation percentage applicable to a fiscal year is the percentage (if any) by which—
(1) the average of the Prices Paid By Farmers Index (as compiled by the National Agricultural Statistics Service of the Department of Agriculture) for the 12-month period ending on July 31 of the immediately preceding fiscal year; exceeds
(2) the average of such index (as so defined) for the 12-month period that immediately precedes the 12-month period described in paragraph (1).
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Federal law — U.S. Code and appendices · legal_authorities
Page 1063
TITLE 7—AGRICULTURE
§ 1926
amendment relates, see section 1101(b)(3) of Pub. L.
102–237, set out as a note under section 1421 of this title.
§ 1925. Limitations on amount of farm ownership
loans
(a) In general
The Secretary shall make or insure no loan
under sections 1922, 1923, 1924, 1934, and 1935 of
this title that would cause the unpaid indebted-
ness under such sections of any one borrower to
exceed the smaller of (1) the value of the farm or
other security, or (2) in the case of a loan other
than a loan guaranteed by the Secretary,
$600,000, or, in the case of a loan guaranteed by
the Secretary, $1,750,000 (increased, beginning
with fiscal year 2019, by the inflation percentage
applicable to the fiscal year in which the loan is
guaranteed and reduced by the amount of any
unpaid indebtedness of the borrower on loans
under subchapter II that are guaranteed by the
Secretary).
(b) Determination of value
In determining the value of the farm, the Sec-
retary shall consider appraisals made by com-
petent appraisers under rules established by the
Secretary.
(c) Inflation percentage
For purposes of this section, the inflation per-
centage applicable to a fiscal year is the per-
centage (if any) by which—
(1) the average of the Prices Paid By Farm-
ers Index (as compiled by the National Agri-
cultural Statistics Service of the Department
of Agriculture) for the 12-month period ending
on July 31 of the immediately preceding fiscal
year; exceeds
(2) the average of such index (as so defined)
for the 12-month period that immediately pre-
cedes the 12-month period described in para-
graph (1).
(Pub. L. 87–128, title III, § 305, Aug. 8, 1961, 75
Stat. 308; Pub. L. 91–620, § 1, Dec. 31, 1970, 84 Stat.
1862; Pub. L. 92–419, title I, § 103, A
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1926
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Federal law — U.S. Code and appendices · legal_authorities
On and after October 28, 1991, no funds in this Act or any other Act shall be available to carry out loan programs under the Agricultural Credit Insurance Fund at levels other than those provided for in advance in appropriations Acts.
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Page 1086
TITLE 7—AGRICULTURE
§ 1929–1
‘‘(E) The National Institute of Food and Agri-
culture.
‘‘(F) Community colleges or other educational in-
stitutions with demonstrated experience in training
beginning farmers or ranchers.
‘‘(G) Other entities or persons providing lending or
technical assistance for qualified beginning farmers
or ranchers.’’
LIMITATION ON SALES FROM AGRICULTURAL CREDIT
INSURANCE FUND
Pub. L. 99–509, title I, § 1002, Oct. 21, 1986, 100 Stat.
1875, provided that: ‘‘During fiscal years 1987 through
1989, no note shall be sold out of the Agricultural Cred-
it Insurance Fund, except in connection with trans-
actions with the Secretary of the Treasury, without
prior approval by Congress.’’
LOANS TO INDIANS
Authority of the Secretary of Agriculture to make
loans to Indian tribes and tribal corporations to ac-
quire land within reservations, see sections 5136 to 5143
of Title 25, Indians.
§ 1929–1. Level of loan programs under Agricul-
tural Credit Insurance Fund
On and after October 28, 1991, no funds in this
Act or any other Act shall be available to carry
out loan programs under the Agricultural Credit
Insurance Fund at levels other than those pro-
vided for in advance in appropriations Acts.
(Pub. L. 102–142, title III, Oct. 28, 1991, 105 Stat.
899.)
Editorial Notes
CODIFICATION
Section was enacted as part of the Agriculture, Rural
Development, Food and Drug Administration, and Re-
lated Agencies Appropriations Act, 1992, and not as
part of the Consolidated Farm and Rural Development
Act which comprises this chapter.
§ 1929a. Rural Development Insurance Fund
(a) Creation; revolving fund; rural development
loans
There is hereby created the Rural Develop-
ment Insurance Fund (hereinafter in this sec-
tion referred to as the ‘
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1929a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; revolving fund; rural development loans** There is hereby created the Rural Development Insurance Fund (hereinafter in this section referred to as the “Insurance Fund”) which shall be used by the Secretary as a revolving fund for the discharge of the obligations of the Secretary under contracts guaranteeing or insuring rural development loans. For the purpose of this section “rural development loans” shall be those provided for by sections 1926(a)(1) and 1932 of this title, except loans (other than for water systems and waste disposal facilities) of a type authorized by [section 1926(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926/a/1&num=0&edition=prelim) prior to its amendment by the Rural Development Act of 1972.
**(b) Transfer of assets and liabilities** The assets and liabilities of the Agricultural Credit Insurance Fund referred to in [section 1929(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1929/a&num=0&edition=prelim) applicable to loans for water systems and waste disposal facilities under [section 1926(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926/a/1&num=0&edition=prelim) are hereby transferred to the Insurance Fund. Such assets (including the proceeds thereof) and liabilities and rural development loans guaranteed or insured pursuant to this chapter shall be subject to the provisions of this section.
**(c) Credits in the Treasury; investments; notes, purchasing authority of the Secretary** Moneys in the Insurance Fund not needed for current operations shall be deposited in the Treasury of the United States to the credit of the Insurance Fund or invested in direct obligations of the Unit
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