7 U.S.C. § 933 — Moneys in the Rural Electrification and

Page 534 TITLE 7—AGRICULTURE § 933 (B) The Secretary shall account for the assets, liabilities, income, expenses, and equity of the fund attributable to telephone loan operations in the telephone account. (3)(A) The assets accounted for in the electric account shall be available solely for electrifica- tion loan operations under this chapter. (B) The assets accounted for in the telephone account shall be available solely for telephone loan operations under this chapter (other than under subchapter IV). (May 20, 1936, ch. 432, title III, § 302, as added Pub. L. 92–12, § 2, May 7, 1971, 85 Stat. 30; amend- ed Pub. L. 93–32, § 2, May 11, 1973, 87 Stat. 66; Pub. L. 101–624, title XXIII, § 2359, Nov. 28, 1990, 104 Stat. 4041; Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221; Pub. L. 104–127, title VII, § 772(b)(2), Apr. 4, 1996, 110 Stat. 1149.) Editorial Notes REFERENCES IN TEXT Section 905 of this title, referred to in subsecs. (a) and (b)(1), was repealed by Pub. L. 104–127, title VII, § 774(a), Apr. 4, 1996, 110 Stat. 1150. AMENDMENTS 1996—Subsec. (b)(2). Pub. L. 104–127 struck out ‘‘pursu- ant to section 903(a) of this title’’ after ‘‘purposes’’. 1994—Subsecs. (a), (b)(2), (4), (5), (c)(1), (2). Pub. L. 103–354 substituted ‘‘Secretary’’ for ‘‘Administrator’’ wherever appearing. 1990—Subsec. (c). Pub. L. 101–624 added subsec. (c). 1973—Pub. L. 93–32 substituted provisions setting out the liabilities of the Rural Electrification and Tele- phone Revolving Fund and the allowable purposes for which fund assets shall be available, for provisions, that the monies in the rural telephone account should remain on deposit in the Treasury of the United States until disbursed. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1973 AMENDMENT Amendment by Pub. L. 93–32 effective May 11, 1973, see section 12 of Pub. L. 93–32, set out as an Effective Date note under section 930 of this title. EFFECTIVE DATE Section effective May 7, 1971, see section 7 of Pub. L. 92–12, set out as a note under section 931 of this title. § 933. Moneys in the Rural Electrification and Telephone Revolving Fund Moneys in the fund shall remain on deposit in the Treasury of the United States until dis- bursed. (May 20, 1936, ch. 432, title III, § 303, as added Pub. L. 93–32, § 2, May 11, 1973, 87 Stat. 67.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective May 11, 1973, see section 12 of Pub. L. 93–32, set out as a note under section 930 of this title. § 934. Authorized financial transactions; interim notes; purchase of obligations for resale; sale of notes and certificates; liens (a) The Secretary is authorized to make and issue interim notes to the Secretary of the Treasury for the purpose of obtaining funds nec- essary for discharging obligations of the fund and for making loans, advances and 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 agreed upon by the Sec- retary and the Secretary of the Treasury. Such notes shall bear interest at a rate fixed by the Secretary of the Treasury, taking into consider- ation the current average market yield of out- standing marketable obligations of the United States having maturities comparable to the notes issued by the Secretary under this section. The Secretary of the Treasury is authorized and directed to purchase any notes of the Secretary issued hereunder, and, for that purpose, the Sec- retary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31, and the purposes for which such securi- ties may be issued under such chapter are ex- tended to include the purchase of notes issued by the Secretary. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes shall be treated as public debt trans- actions of the United States: Provided, however, That such interim notes to the Secretary of the Treasury shall not be included in the totals of the budget of the United States Government and shall be exempt from any general limitation im- posed by statute on expenditures and net lend- ing (budget outlays) of the United States. (b) The Secretary of the Treasury is author- ized and directed to purchase for resale obliga- tions insured through the fund when offered by the Secretary. Such resales shall be upon such terms and conditions as the Secretary of the Treasury shall determine. Purchases and resales by the Secretary of the Treasury hereunder 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 not lending (budget outlays) of the United States. (c) The Secretary may, on an insured basis or otherwise, sell and assign any notes in the fund or sell certificates of beneficial ownership there- in to the Secretary of the Treasury or in the pri- vate market. Any sale by the Secretary of notes individually or in blocks shall be treated as a sale of assets for the purposes of chapter 11 of title 31, notwithstanding the fact that the Sec- retary, under an agreement with the purchaser or purchasers, holds the debt instruments evi- dencing the loans and holds or reinvests pay- ments thereon as trustee and custodian for the purchaser or purchasers of the individual note or of the certificate of beneficial ownership in a number of such notes. Security instruments taken by the Secretary in connection with any notes in the fund may constitute liens running to the United States notwithstanding the fact that such notes may be thereafter held by pur- chasers thereof. (May 20, 1936, ch. 432, title III, § 304, as added Pub. L. 93–32, § 2, May 11, 1973, 87 Stat. 67; amended Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221.)