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Code · STATUTE-COMPILATIONS · Compilation 10317 · Sec. 251

Sec. 251. AUTHORITY TO PROVIDE LOAN IN CONNECTION WITH BOLL WEEVIL ERADICATION

183 words·~1 min read·/statute-compilations/comps-10317/sec-251

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## SEC. 251 AUTHORITY TO PROVIDE LOAN IN CONNECTION WITH BOLL WEEVIL ERADICATION ###
(a)Loan Authority Notwithstanding any other provision of law, the Secretary, acting through the Farm Service Agency, shall use $10,000,000 of funds of the Commodity Credit Corporation to make a loan to the Texas Boll Weevil Eradication Foundation, Inc., to enable the Foundation to retire certain debt associated with boll weevil eradication zones which have ended their participation, in whole or in part, in the federally funded boll weevil eradication program. ###
(b)Repayment Terms and Conditions The loan provided under subsection
(a)shall be subject to the following terms and conditions: ####
(1)Repayment shall be scheduled to begin on January 1 of the year following the first year during which the boll weevil eradication zone, or any part thereof, responsible for the debt retired using the loan resumes participation in any federally funded boll weevil eradication program. ####
(2)No interest shall be charged. ###
(c)Limitation The cost of the loan made under this section shall not exceed the loan subsidy sufficient to make the loan.
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