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Code · BILL · 115th Congress · H.R. 2 (Introduced in House) — To provide for the reform and continuation of agricultural and other programs of the Department of Agriculture throug... · Sec. 6303

Sec. 6303. Improvements to the guaranteed underwriter program

300 words·~1 min read·/bill/115/hr/2/ih/section-6303

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Section 313A of the Rural Electrification Act of 1936 ( 7 U.S.C. 940c-1 ) is amended— by striking subsection
(a)and inserting the following: Subject to subsection (b), the Secretary shall guarantee payments on bonds or notes issued by cooperative or other lenders organized on a not-for-profit basis, if the proceeds of the bonds or notes are used to make utility infrastructure loans, or refinance bonds or notes issued for such purposes, to a borrower that has at any time received, or is eligible to receive, a loan under this Act. A bond or note guaranteed under this section shall— have a term of 35 years; and by agreement between the Secretary and the borrower, be repaid by the borrower by— periodic installments of principal and interest; periodic installments of interest and, at the end of the term of the bond or note, by the repayment of the outstanding principal; or a combination of the methods for repayment provided under clauses
(i)and (ii). ; and in subsection (b)— in paragraph (1), by striking for eligible electrification or telephone purposes consistent with this Act and inserting to borrowers described in subsection
(a); and in paragraph (3)— in subparagraph (A), by striking for electrification or telephone purposes and inserting to borrowers under this Act ; and in subparagraph (C), by striking for eligible purposes described in subsection
(a)and inserting to borrowers described in subsection
(a). The Secretary shall carry out section 313A of the Rural Electrification Act of 1936 ( 7 U.S.C. 940c-1 ), including the amendments made by this section, under a Notice of Solicitation of Applications until all regulations necessary to carry out the amendments made by this section are fully implemented. Paragraph
(1)shall take effect on the date of the enactment of this Act.
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Sec. 6303
Improvements to the guaranteed underwriter program
U.S.C.§ 940c–1
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