Browse Arkansas Code titles and sections
42 U.S.C. § 8814 — Loan guarantees
Federal law — U.S. Code and appendices · legal_authorities
Page 7653
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 8814
(Pub. L. 96–294, title II, § 212, June 30, 1980, 94
Stat. 687.)
§ 8813. Insured loans
(a) Authority of Secretary of Agriculture; max-
imum amount per project
Subject to sections 8812 and 8817 of this title,
the Secretary of Agriculture may commit to
make, and make, insured loans in amounts not
to exceed $1,000,000 per project for the construc-
tion of small-scale biomass energy projects.
(b) Estimated project construction costs as deter-
minative of initial and revised amount of
loan; interest rate
(1) Any insured loan under this section—
(A) may not exceed 90 per centum of the
total estimated cost of construction of the
biomass energy project involved, and
(B) shall bear interest at rates determined
by the Secretary of Agriculture, taking into
consideration the current average market
yield on outstanding marketable obligations
of the United States with remaining periods to
maturity comparable to the average matu-
rities of such loans, plus not to exceed one per
centum, as determined by the Secretary of Ag-
riculture, and adjusted to the nearest one-
eighth of one per centum.
(2) In the event the total estimated costs of
construction of the project thereafter exceed the
total estimated costs initially determined by
the Secretary of Agriculture, the Secretary may
in addition, upon application therefor, make an
insured loan for so much of the additional esti-
mated total costs as does not exceed 10 per cen-
tum of the total costs initially estimated.
(c) Funding requirements; ‘‘insured loan’’ defined
(1) The Secretary of Agriculture shall make
insured loans under this section using, to the ex-
tent provided in advance in appropriations Acts,
the Agricultural Credit Insurance Fund in sec-
t
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Page 7653
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 8814
(Pub. L. 96–294, title II, § 212, June 30, 1980, 94
Stat. 687.)
§ 8813. Insured loans
(a) Authority of Secretary of Agriculture; max-
imum amount per project
Subject to sections 8812 and 8817 of this title,
the Secretary of Agriculture may commit to
make, and make, insured loans in amounts not
to exceed $1,000,000 per project for the construc-
tion of small-scale biomass energy projects.
(b) Estimated project construction costs as deter-
minative of initial and revised amount of
loan; interest rate
(1) Any insured loan under this section—
(A) may not exceed 90 per centum of the
total estimated cost of construction of the
biomass energy project involved, and
(B) shall bear interest at rates determined
by the Secretary of Agriculture, taking into
consideration the current average market
yield on outstanding marketable obligations
of the United States with remaining periods to
maturity comparable to the average matu-
rities of such loans, plus not to exceed one per
centum, as determined by the Secretary of Ag-
riculture, and adjusted to the nearest one-
eighth of one per centum.
(2) In the event the total estimated costs of
construction of the project thereafter exceed the
total estimated costs initially determined by
the Secretary of Agriculture, the Secretary may
in addition, upon application therefor, make an
insured loan for so much of the additional esti-
mated total costs as does not exceed 10 per cen-
tum of the total costs initially estimated.
(c) Funding requirements; ‘‘insured loan’’ defined
(1) The Secretary of Agriculture shall make
insured loans under this section using, to the ex-
tent provided in advance in appropriations Acts,
the Agricultural Credit Insurance Fund in sec-
tion 309 of the Consolidated Farm and Rural De-
velopment Act [7 U.S.C. 1929] or the Rural De-
velopment Insurance Fund in section 309A of
such Act [7 U.S.C. 1929a] (hereinafter in this sec-
tion referred to as the ‘‘Funds’’). The Secretary
of Agriculture may not use an aggregate amount
of funds to make or commit to make insured
loans under this section in excess of the aggre-
gate amount for insured loans and administra-
tive costs appropriated and transferred under
section 8803 of this title. The terms, conditions,
and requirements applicable to such insured
loans shall be in accordance with this sub-
chapter.
(2) There shall be reimbursed to the Funds,
from appropriations made under section 8803 of
this title, amounts equal to the operating and
administrative costs incurred by the Secretary
of Agriculture in insuring loans under this sec-
tion.
(3) Notwithstanding any provision of the Con-
solidated Farm and Rural Development Act [7
U.S.C. 1921 et seq.], no funds made available to
the Secretary of Agriculture under this section
for insured loans shall be used for any other pur-
pose.
(4) For purposes of this section, the term ‘‘in-
sured loan’’ means a loan which is made, sold,
and insured.
(d) Preconditions
An insured loan may not be made under this
section unless the applicant for such loan has
established to the satisfaction of the Secretary
that the applicant is unable without such a loan
to obtain sufficient credit elsewhere at reason-
able rates and terms, taking into consideration
prevailing private and cooperative rates and
terms for loans for similar purposes and periods
of time, to finance the construction of the bio-
mass energy project for which such loan is
sought.
(Pub. L. 96–294, title II, § 213, June 30, 1980, 94
Stat. 690.)
Editorial Notes
REFERENCES IN TEXT
The Consolidated Farm and Rural Development Act,
referred to in subsec. (c)(3), is title III of Pub. L. 87–128,
Aug. 8, 1961, 75 Stat. 307, which is classified principally
to chapter 50 (§ 1921 et seq.) of Title 7, Agriculture. For
complete classification of this Act to the Code, see
Short Title note set out under section 1921 of Title 7
and Tables.
§ 8814. Loan guarantees
(a) Authority of Secretary concerned
Subject to sections 8812 and 8817 of this title,
the Secretary concerned may commit to guar-
antee, and guarantee, against loss of principal
and interest, loans which are made to provide
funds for the construction of biomass energy
projects.
(b) Estimated project construction costs as deter-
minative of initial and revised amount of
guarantee
(1) Any guarantee of a loan under this section
may not exceed 90 per centum of the cost of the
construction of the biomass energy project in-
volved, as estimated by the Secretary on the
date of the guarantee or commitment to guar-
antee.
(2) In the event the construction costs of the
project are thereafter estimated by the Sec-
retary concerned to exceed the construction
costs initially estimated by the Secretary, the
Secretary may in addition, upon application
therefor, guarantee, against loss of principal and
interest, a loan for up to 60 per centum of the
difference between the construction costs then
estimated and the construction costs initially
estimated.
(c) Debt obligation; ineligibility for purchase,
etc., by Federal Financing Bank or any Fed-
eral agency
Notwithstanding the provisions of the Federal
Financing Bank Act of 1973 (12 U.S.C. 2281 et
seq.) or any other provision of law (except as
may be specifically provided by reference to this
subsection in any Act enacted after June 30,
1980), no debt obligation which is guaranteed or
committed to be guaranteed by the Secretary of
Agriculture or the Secretary of Energy under
this section shall be eligible for purchase by, or
commitment to purchase by, or sale or issuance
to, the Federal Financing Bank or any Federal
agency.
(d) Terms and conditions
The terms and conditions of loan guarantees
under this section shall provide that, if the Sec-
Page 7654
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 8815
retary concerned makes a payment of principal
or interest upon the default by a borrower, the
Secretary shall be subrogated to the rights of
the recipient of such payment (and such sub-
rogation shall be expressly set forth in the loan
guarantee or related agreements).
(e) Termination, cancellation, or revocation, and
conclusive nature of guarantee
Any loan guarantee under this section shall
not be terminated, canceled, or otherwise re-
voked, except in accordance with the terms
thereof and shall be conclusive evidence that
such guarantee complies fully with the provi-
sions of this chapter and of the approval and le-
gality of the principal amount, interest rate,
and all other terms of the securities, obliga-
tions, or loans and of the guarantee.
(f) Payment to lender
If the Secretary concerned determines that—
(1) the borrower is unable to meet payments
and is not in default,
(2) it is in the public interest to permit the
borrower to continue with such project, and
(3) the probable net benefit to the United
States in paying the principal and interest due
under the loan will be greater than that which
would result in the event of a default,
then the Secretary may pay to the lender under
a loan guarantee agreement an amount not
greater than the principal and interest which
the borrower is obligated to pay to such lender,
if the borrower agrees to reimburse the Sec-
retary for such payment on terms and condi-
tions, including interest, which the Secretary
determines are sufficient to protect the finan-
cial interests of the United States.
(g) Preconditions
(1) A loan may not be guaranteed under this
section unless the applicant for such loan has
established to the satisfaction of the Secretary
concerned that the lender is not willing without
such a guarantee to extend credit to the appli-
cant at reasonable rates and terms, taking into
consideration prevailing rates and terms for
loans for similar purposes and periods of time,
to finance the construction of the biomass en-
ergy project for which such loan is sought.
(2) The Secretary concerned shall ensure that
the lender bears a reasonable degree of risk in
the financing of such project.
(Pub. L. 96–294, title II § 214, June 30, 1980, 94
Stat. 690.)
Editorial Notes
REFERENCES IN TEXT
The Federal Financing Bank Act of 1973, referred to
in subsec. (c), is Pub. L. 93–224, Dec. 29, 1973, 87 Stat.
937, which is classified generally to chapter 24 (§ 2281 et
seq.) of Title 12, Banks and Banking. For complete clas-
sification of this Act to the Code, see Short Title note
set out under section 2281 of Title 12 and Tables.
This chapter, referred to in subsec. (e), was in the
original ‘‘this title’’, meaning title II of Pub. L. 96–294,
June 30, 1980, 94 Stat. 683, known as the Biomass Energy
and Alcohol Fuels Act of 1980, which is classified prin-
cipally to this chapter. For complete classification of
title II to the Code, see Short Title note set out under
section 8801 of this title and Tables.
Statutory Notes and Related Subsidiaries
DEFAULTED
LOANS
UNDER
DEPARTMENT
OF
ENERGY
ALCOHOL
FUELS
LOAN
GUARANTEE
PROGRAM; SALE
OF ASSETS; UNOBLIGATED FUNDS
Pub. L. 101–121, title II, Oct. 23, 1989, 103 Stat. 732, pro-
vided that:
‘‘Notwithstanding 31 U.S.C. 3302, funds derived from
the sale of assets as a result of defaulted loans made
under the Department of Energy Alcohol Fuels Loan
Guarantee program, or any other funds received in con-
nection with this program, shall hereafter be credited
to the Biomass Energy Development account, and shall
be available solely for payment of the guaranteed por-
tion of defaulted loans and associated costs of the De-
partment of Energy Alcohol Fuels Loan Guarantee pro-
gram for loans guaranteed prior to January 1, 1987.
‘‘Unobligated balances available in the ‘Alternative
fuels production’ account may hereafter be used for
payment of the guaranteed portion of defaulted loans
and associated costs of the Department of Energy Alco-
hol Fuels Loan Guarantee program, subject to the de-
termination by the Secretary of Energy that such un-
obligated funds are not needed for carrying out the pur-
poses of the Alternative Fuels Production program:
Provided, That the use of these unobligated funds for
payment of defaulted loans and associated costs shall
be available only for loans guaranteed prior to January
1, 1987: Provided further, That such funds shall be used
only after the unobligated balance in the Department
of Energy Alcohol Fuel Loan Guarantee reserve has
been exhausted.’’
§ 8815. Price guarantees
(a) Authority of Secretary concerned; minimum
sales price
Subject to sections 8812 and 8817 of this title,
the Secretary concerned may commit to guar-
antee, and guarantee, that the price that the
owner or operator of any biomass energy project
will receive for all or part of the production
from that project shall not be less than a speci-
fied sales price determined as of the date of exe-
cution of the price guarantee or commitment to
guarantee.
(b) Cost-plus arrangements as basis
(1) No price guarantee under this section may
be based upon a cost-plus arrangement, or vari-
ant thereof, which guarantees a profit to the
owner or operator involved.
(2) The use of a cost-of-service pricing mecha-
nism by a person pursuant to law, or by a regu-
latory body establishing rates for a regulated
person, shall not be deemed to be a cost-plus ar-
rangement, or variant thereof, for purposes of
paragraph (1).
(c) Maximum dollar amount of liability of United
States
Each price guarantee, or commitment to guar-
antee, which is made under this section shall
specify the maximum dollar amount of liability
of the United States under that guarantee.
(d) Renegotiation of sales price and maximum li-
ability
If the Secretary determines, in the discretion
of the Secretary, that—
(1) a biomass energy project would not oth-
erwise be satisfactorily completed or contin-
ued, and
(2) completion or continuation of such
project would be necessary to achieve the pur-
poses of this chapter,
Cross-references
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Federal law — U.S. Code and appendices · legal_authorities
The Congress finds that demands for funds through Federal and federally assisted borrowing programs are increasing faster than the total supply of credit and that such borrowings are not adequately coordinated with overall Federal fiscal and debt management policies. The purpose of this chapter is to assure coordination of these programs with the overall economic and fiscal policies of the Government, to reduce the cost of Federal and federally assisted borrowings from the public, and to assure that such borrowings are financed in a manner least disruptive of private financial markets and institutions.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2281
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Federal law — U.S. Code and appendices · legal_authorities
Page 1434
TITLE 12—BANKS AND BANKING
§ 2281
ership, a Farm Credit bank may purchase as-
sets of the Corporation.
(g) Agreements against interests of conservator
or receiver
No agreement that tends to diminish or defeat
the right, title, or interest of the conservator or
receiver for the Corporation in any asset ac-
quired by the conservator or receiver as conser-
vator or receiver for the Corporation shall be
valid against the conservator or receiver unless
the agreement—
(1) is in writing;
(2) is executed by the Corporation and any
person claiming an adverse interest under the
agreement, including the obligor, contempora-
neously with the acquisition of the asset by
the Corporation;
(3) is approved by the Board or an appro-
priate committee of the Board, which approval
shall be reflected in the minutes of the Board
or committee; and
(4) has been, continuously, from the time of
the agreement’s execution, an official record
of the Corporation.
(h) Report to Congress
On a determination by the receiver for the
Corporation that there are insufficient assets of
the receivership to pay all valid claims against
the receivership, the receiver shall submit to
the Secretary of the Treasury, the Committee
on Agriculture of the House of Representatives,
and the Committee on Agriculture, Nutrition,
and Forestry of the Senate a report on the fi-
nancial condition of the receivership.
(i) Termination of authorities
(1) Corporation
The charter of the Corporation shall be can-
celed, and the authority provided to the Cor-
poration by this subchapter shall terminate,
on such date as the Farm Credit Administra-
tion Board determines is appropriate following
the placement of the Corporation in receiver-
ship, but not later than the conclusion of the
receiver
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2281
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Except as provided by another law, an official or agent of the United States Government having custody or possession of public money shall keep the money safe without—
(1) lending the money;
(2) using the money;
(3) depositing the money in a bank; and
(4) exchanging the money for other amounts.
**(b)** Except as provided in section 3718(b) 11 See References in Text note below. of this title, an official or agent of the Government receiving money for the Government from any source shall deposit the money in the Treasury as soon as practicable without deduction for any charge or claim.
**(c)**
(1) A person having custody or possession of public money, including a disbursing official having public money not for current expenditure, shall deposit the money without delay in the Treasury or with a depositary designated by the Secretary of the Treasury under law. Except as provided in paragraph (2), money required to be deposited pursuant to this subsection shall be deposited not later than the third day after the custodian receives the money. The Secretary or a depositary receiving a deposit shall issue duplicate receipts for the money deposited. The original receipt is for the Secretary and the duplicate is for the custodian.
(2) The Secretary of the Treasury may by regulation prescribe that a person having custody or possession of money required by this subsection to be deposited shall deposit such money during a period of time that is greater or lesser than the period of time specified by the second sentence of paragraph (1).
**(d)** An official or agent not complying with subsection (b) of this section may be removed from office. The official or agent may be required to forfeit to the Government any part of the money held by the official or agent and to w
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3302
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Federal law — U.S. Code and appendices · legal_authorities
Page 234
TITLE 31—MONEY AND FINANCE
§ 3302
1 See References in Text note below.
3332, 3515, and 3521 of this title and enacting provisions
set out as notes under section 501 of this title] may be
cited as the ‘Federal Financial Management Act of
1994’.’’
§ 3302. Custodians of money
(a) Except as provided by another law, an offi-
cial or agent of the United States Government
having custody or possession of public money
shall keep the money safe without—
(1) lending the money;
(2) using the money;
(3) depositing the money in a bank; and
(4) exchanging the money for other amounts.
(b) Except as provided in section 3718(b) 1 of
this title, an official or agent of the Government
receiving money for the Government from any
source shall deposit the money in the Treasury
as soon as practicable without deduction for any
charge or claim.
(c)(1) A person having custody or possession of
public money, including a disbursing official
having public money not for current expendi-
ture, shall deposit the money without delay in
the Treasury or with a depositary designated by
the Secretary of the Treasury under law. Except
as provided in paragraph (2), money required to
be deposited pursuant to this subsection shall be
deposited not later than the third day after the
custodian receives the money. The Secretary or
a depositary receiving a deposit shall issue du-
plicate receipts for the money deposited. The
original receipt is for the Secretary and the du-
plicate is for the custodian.
(2) The Secretary of the Treasury may by reg-
ulation prescribe that a person having custody
or possession of money required by this sub-
section to be deposited shall deposit such money
during a period of time that is greater or lesser
than the period of time specified by the s
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 3302
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Federal law — U.S. Code and appendices · legal_authorities
The authorities in this chapter are in addition to and do not modify (except to the extent expressly provided for in this chapter) authorities and programs of the Department of Energy and of the Department of Agriculture under other provisions of law.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 8814
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 2009ee, Pub. L. 107–171, title VI, § 6301, May 13, 2002, 116 Stat. 421, defined terms.
Section 2009ee–1, Pub. L. 107–171, title VI, § 6302, May 13, 2002, 116 Stat. 422, related to SEARCH grant program. See [section 1926 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926&num=0&edition=prelim).
Section 2009ee–2, Pub. L. 107–171, title VI, § 6303, May 13, 2002, 116 Stat. 424, related to annual report on projects.
Section 2009ee–3, Pub. L. 107–171, title VI, § 6304, May 13, 2002, 116 Stat. 424, related to funding.
#### Codification
Pub. L. 110–234 and Pub. L. 110–246 repealed this subchapter. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.
#### Effective Date of Repeal
Repeal of this subchapter and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under [section 8701 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section8701&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1921
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Federal law — U.S. Code and appendices · legal_authorities
Page 1056
TITLE 7—AGRICULTURE
§ 1921
Sec.
2008u.
Health care services.
2008v.
Strategic economic and community develop-
ment.
2008w.
Rural Innovation Stronger Economy Grant
Program.
2008x.
Reporting.
SUBCHAPTER V—RURAL COMMUNITY
ADVANCEMENT PROGRAM
2009.
Definitions.
2009a.
Establishment.
2009b.
National objectives.
2009c.
Strategic plans.
2009d.
Rural Development Trust Fund.
2009e.
Transfers of funds.
2009f.
Grants to States.
2009g.
Guarantee and commitment to guarantee
loans.
2009h.
Local involvement.
2009i.
Interstate collaboration.
2009j.
Annual report.
2009k.
Rural
development
interagency
working
group.
2009l.
Duties of Rural Economic and Community
Development State Offices.
2009m.
Electronic transfer.
2009n.
Repealed.
SUBCHAPTER VI—DELTA REGIONAL AUTHORITY
2009aa.
Definitions.
2009aa–1. Delta Regional Authority.
2009aa–2. Economic
and
community
development
grants.
2009aa–3. Supplements to Federal grant programs.
2009aa–4. Local development districts; certification and
administrative expenses.
2009aa–5. Distressed counties and areas and nondis-
tressed counties.
2009aa–6. Development planning process.
2009aa–7. Program development criteria.
2009aa–8. Approval of development plans and projects.
2009aa–9. Consent of States.
2009aa–10. Records.
2009aa–11. Annual report.
2009aa–12. Authorization of appropriations.
2009aa–13. Repealed.
SUBCHAPTER VII—NORTHERN GREAT PLAINS
REGIONAL AUTHORITY
2009bb.
Definitions.
2009bb–1. Northern Great Plains Regional Authority.
2009bb–1a. Interstate cooperation for economic oppor-
tunity and efficiency.
2009bb–2. Economic
and
community
development
grants.
2009bb–3. Supplements to Federal grant programs.
2009bb–4. Multistate and local development districts
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1921
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** A contract of insurance or guarantee executed by the Secretary under this chapter shall be an obligation supported by the full faith and credit of the United States.
**(b) Contestability** A contract of insurance or guarantee executed by the Secretary under this chapter shall be incontestable except for fraud or misrepresentation that the lender or any holder—
(1) has actual knowledge of at the time the contract or guarantee is executed; or
(2) participates in or condones.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1929
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Federal law — U.S. Code and appendices · legal_authorities
Page 1082
TITLE 7—AGRICULTURE
§ 1927a
§ 1927a. Loan interest rates charged by Farmers
Home Administration; grant funds associated
with loans
Effective October 1, 1981, and thereafter, in the
case of water and waste disposal and community
facility borrowers, and effective November 12,
1983, and thereafter, in the case of housing and
farm borrowers, upon request of the borrower,
the interest rate charged by the Farmers Home
Administration to such borrowers shall be the
lower of the rates in effect at either the time of
loan approval or loan closing and any Farmers
Home Administration grant funds associated
with such loans shall be set in amount based on
the interest rate in effect at the time of loan ap-
proval.
(Pub. L. 99–88, title I, § 100, Aug. 15, 1985, 99 Stat.
296; Pub. L. 100–233, title VI, § 615(b)(1)(A), Jan. 6,
1988, 101 Stat. 1681.)
Editorial Notes
CODIFICATION
Section was enacted as part of the Supplemental Ap-
propriations Act, 1985, and not as part of the Consoli-
dated Farm and Rural Development Act which com-
prises this chapter.
AMENDMENTS
1988—Pub. L. 100–233 substituted ‘‘Effective October 1,
1981, and thereafter, in the case of water and waste dis-
posal and community facility borrowers, and effective
November 12, 1983, and thereafter, in the case of hous-
ing and farm borrowers’’ for ‘‘Effective November 12,
1983, and thereafter’’ and ‘‘to such borrowers’’ for ‘‘to
housing, farm, water and waste disposal, and commu-
nity facility borrowers’’.
Statutory Notes and Related Subsidiaries
APPLICABILITY OF 1988 AMENDMENT
Pub. L. 100–233, title VI, § 615(b)(1)(B), Jan. 6, 1988, 101
Stat. 1682, provided that: ‘‘The amendment made by
subparagraph (A) [amending this section] shall not
apply to any note or other obligation sold und
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1929
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1929a
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