Detailed Notes on 922 loans

Detailed Notes on 922 loans

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For the request of your borrower, the Secretary is approved and directed to refinance with loans that will be insured under this chapter at the desire costs delivered in portion 935 of this title any loans created for rural electric and telephone amenities underneath any provision in the Consolidated Farm and Rural Progress Act [seven U.S.C. 1921 et seq.].

(b) A recipient who sets apart cash beneath subsection (a) of this part may well use the resources only in a location that is not being delivered While using the least satisfactory volume of broadband assistance set up less than area 950bb(e) of the title, Except if the receiver meets the requirements of portion 950bb(d) of this title.

§6104, amended section typically. Previous to Modification, textual content read as follows: "As employed With this chapter the time period 'rural area', besides as presented in portion 924(b) of this title, shall be considered to mean any area of The us not included within the boundaries of any urban space, as described by the Bureau from the Census, and this kind of phrase shall be considered to incorporate the two the farm and nonfarm populace thereof; the phrase 'farm' shall be deemed to imply a farm as defined within the publications from the Bureau of the Census; the time period 'man or woman' shall be deemed to signify any purely natural man or woman, agency, corporation, or Affiliation; the expression 'Territory' shall be deemed to incorporate any insular possession of The usa; along with the term 'Secretary' shall be considered to suggest the Secretary of Agriculture."

(ii) in periodic installments of fascination and, at the conclusion of the phrase of your bond or note, as applicable, with the repayment of your excellent principal; or

(II)(aa) the normal income for every kilowatt-hour marketed with the applicant is a lot more than the common revenue for every kilowatt-hour sold by all utilities during the Condition by which the applicant presents provider; and

The rate of the loan underneath this area shall be equivalent to the common tax-exempt municipal bond rate of similar maturities.

(3) establish and administer many pilot jobs as a result of electrical and phone borrowers that the Secretary establishes are valuable or required, and suggest specific rural enhancement initiatives for rural regions;

(4) payment for the holder of insured notes of any defaulted installment or, on assignment from the Notice to the Secretary at his request, all the balance because of to the note;

A borrower that has pay as you go an insured or immediate bank loan shall continue to be eligible for assistance under this chapter in exactly the same manner as other borrowers, apart from that—

(3) payment of amounts to which the holder of notes is entitled on insured loans: Offered, That payments aside from ultimate payments needn't be remitted to the holder until finally because of or until finally the following agreed once-a-year, semiannual, read more or quarterly remittance day;

As well as other authority under relevant legislation, the Secretary shall create prepared treatments for all broadband systems to ensure, to the most extent practicable, the plans are administered to—

(ii) give precedence to apps for assignments to provide the most amount of broadband services to the best proportion of rural households in the proposed assistance location determined in the applying;

The Secretary plus the applicant may perhaps jointly agree to amend the milestones and objectives agreed to below paragraph (3).

§6201(eight), included subsec. (i) and struck out former subsec. (i). Before amendment, text examine as follows: "Notwithstanding another provision of the chapter, the proceeds of any loan created or certain because of the Secretary less than this chapter may be used by the recipient of the mortgage for the purpose of refinancing an outstanding obligation from the recipient on An additional telecommunications mortgage created below this chapter if the use of the proceeds for that objective will help the construction, advancement, or acquisition of amenities and devices for that provision of broadband provider in rural regions."