Sec. 6204. Cushion of credit payments program
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Section 313 of the Rural Electrification Act of 1936 ( 7 U.S.C. 940c ) is amended— in subsection (a)— by redesignating paragraphs
(2)and
(3)as paragraphs
(3)and (4), respectively; by inserting after paragraph
(1)the following: Effective October 1, 2018, no deposits may be made under paragraph (1). ; and in paragraph
(3)(as so designated), by striking borrower at a rate of 5 percent per annum. and inserting the following: “borrower— for each fiscal year through fiscal year 2018, at a rate of 5 percent; and for fiscal year 2019 and each fiscal year thereafter, at a rate equal to— the average interest rate used to make payments on the 5-year Treasury note for the most recent calendar quarter; but not greater than 5 percent. ; in subsection (b)(2)— in subparagraph (A)— by striking The Secretary and inserting the following: The Secretary ; in clause
(i)(as so designated), by striking Fund to which shall be credited, on a monthly basis, and inserting the following: “Fund, to be known as the rural economic development subaccount (referred to in this paragraph as the subaccount ). For each month through September 2021, the Secretary shall credit to the subaccount ; and in clause
(ii)(as so designated), by striking the 5 percent and all that follows through the period at the end and inserting 5 percent. ; in subparagraph (B)— by striking is authorized, from the interest differential sums credited this subaccount and inserting shall, from interest differential sums credited under subparagraph (A)(ii) to the subaccount ; and by striking to provide and inserting provide ; in subparagraph (E), by striking rural economic development ; and by adding at the end the following: Of the funds of the Commodity Credit Corporation, the Secretary shall credit to the subaccount to use for the cost of grants and loans under subparagraphs
(B)through
(E)$5,000,000 for each of fiscal years 2022 and 2023, to remain available until expended. In addition to other amounts available in the subaccount for the cost of grants and loans under subparagraphs
(B)through (E), there is authorized to be appropriated to the subaccount for the cost of the grants and loans $5,000,000 for each of fiscal years 2022 and 2023, to remain available until expended. . Section 12(b)(3)(D) of the Rural Electrification Act of 1936 ( 7 U.S.C. 912(b)(3)(D) ) is amended by striking 313(b)(2)(A) and inserting 313(b)(2)(A)(ii) . Section 313A of the Rural Electrification Act of 1936 ( 7 U.S.C. 940c–1 ) is amended in subsections (c)(4)(A) and (e)(2) by striking 313(b)(2)(A) each place it appears and inserting 313(b)(2)(A)(i) .
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- 7 USC 940c–1
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