The Secretary may well make insured phone loans for the acquisition, invest in, and installation of phone traces, methods, and facilities (other than structures utilized primarily for administrative uses, vehicles not made use of mostly in design, and consumer premise machines) connected to the furnishing, improvement, or extension of rural telecommunications company, at an curiosity level equivalent to your then current Price of money to the Government of the United States for loans of similar maturity, although not a lot more than seven per cent per year, to any applicant for a mortgage who fulfills the next specifications:
(A) with respect to things for which the regulatory authority with jurisdiction more than the provision of such companies has accredited the depreciation rates used by the borrower, these types of authorized prices; and
Matter to the limitations In this particular portion and the provisions with the Federal Credit history Reform Act of 1990 [2 U.S.C. 661 et seq.], as amended, a borrower of a loan produced by the Federal Financing Lender and assured under this chapter might ask for an extension of the final maturity on the fantastic principal balance of this kind of mortgage or any mortgage advance thereunder.
From the amounts presented to an eligible entity underneath a grant under the Program, the eligible entity shall use to perform paragraph (one)(B) not higher when compared to the lesser of—
" for "foundation When the proceeds on the bonds or notes are accustomed to make loans for virtually any electrification or phone goal eligible for support less than this chapter, such as portion 904 or 922 of this title or to refinance bonds or notes issued for these types of functions.", and included par. (2).
(4) The Secretary shall undertake all realistic efforts to permit the complete number of deferments licensed by this subsection during each fiscal year.
(I) connecting, assisting with connecting, or enabling the connection of retail broadband techniques that provide rural areas inside the proposed services territory to the middle mile infrastructure project in A reasonable and economically competitive way;
(2) control the get or sequence of improvements of cash under telephone loans made below this chapter to any borrower who may have received any blend of phone loans in the Secretary or perhaps the Federal Funding Lender; or
(4) act as an information and facts clearinghouse and conduit to supply information and facts to electric and telephone borrowers underneath this chapter concerning beneficial and helpful rural advancement initiatives that this kind of borrowers may possibly would like to apply in their areas of operation and regarding Point out, regional, or area plans for very long-phrase rural economic enhancement;
§6502, inserted portion catchline and substituted "associations." for "associations: And delivered even more, That to get a duration of 1 calendar year from and soon after Oct 28, 1949, programs for loans gained through the Secretary from people who on October 28, 1949, are engaged while in the Procedure of existing telephone assistance in rural locations shall be viewed as and acted on before action is taken upon any application received from almost every other man or woman for just about any financial loan to finance the furnishing or advancement of telephone support to significantly exactly the same subscribers.
Apart from as furnished in paragraph (2), a direct or insured bank loan created under this chapter shall not be marketed or pay as you go at a price that's fewer than the fantastic principal balance to the mortgage.
(I) other than within the discretion of the Secretary, to apply for or receive check here direct or insured loans described in clause (i) throughout the one hundred eighty-month time period starting to the day with the prepayment; or
in 1st sentence, struck out "for the furnishing of electric Strength to folks in rural locations that are not obtaining central station company and" right after "transmission and distribution traces or devices" and substituted "portion 903 of the title," for "the provisions of sections 903(d) and 903(e) of the title but without regard for the 25 per centum limitation therein contained,", in second sentence, substituted ", besides that" for ": Presented, even further, That all these kinds of loans shall be self-liquidating in a duration of to not exceed 30-five years, and shall bear interest at the rate of two for every centum for every annum; fascination fees on the unmatured and unpaid balance of any loans made pursuant to this section prior to September 21, 1944, shall be altered to two for each centum per annum, as well as the maturity date of any these loans could be readjusted to take place at a day not outside of thirty-5 years within the date of this kind of loan: And provided further more, That", and in third sentence, struck out "and part 905 of this title" before "shall not be built".
A borrower may lessen the harmony of its cushion of credit score account only if the quantity acquired in the reduction is used to make scheduled payments on loans built or certain below this chapter.