Public Law 93-118 93rd Congress, H. J. Res. 753 Joint Resolution Making further continuing appropriations for the fiscal year 1974, and for other purposes. Resolved by the Senate and House of Representatives of the United 87 STAT. 424 States of America in Congress assembled, That clause (c) of section Continuing 102 of the joint resolution of July 1, 1973 (Public Law 93-52), is appropriations, hereby amended by striking out "September 30, 1973" and inserting in 1974. lieu thereof "October 11, 1973”. Approved October 4, 1973. Ante, p. 133. LEG IS LATIVE HISTORY: CONGRESSIONAL RECORD, Vol. 119 (1973): Oct. 3, considered and passed House and Senate. Public Law 93-124 Joint Resolution Making further continuing appropriations for the fiscal year 1974, and for other purposes. 87 STAT. 449 Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That clause (c) of section Continuing 102 of the joint resolution of July 1, 1973 (Public Law 93-52), is appropriations, hereby amended by striking out "September 30, 1973" and inserting 1974. in lieu thereof "the sine die adjournment of the first session of the Ante, p. 133, Ninety-third Congress". SEC. 2. The third proviso of section 101 (a) (4) of such joint resolution is amended to read as follows: ": Provided further, That the aggregate amounts made available to each State under Title I-A of 424. the Elementary and Secondary Education Act for grants to local edu- 79 Stat. 27. cational agencies within that State shall not be less than 90 per centum 20 USC 236. of such amounts as were made available for that purpose for fiscal year 1972, and the amount made available to each local educational agency under said Title I-A shall not be less than 90 per centum nor more than 115 per centum of the amount made available for that purpose for fiscal year 1973;". SEC. 3. None of the funds made available by this Act shall be used Prohibition. by the Cost of Living Council to formulate or carry out a program which discriminates among petroleum marketers in the method of establishing prices for petroleum products. SEC. 4. The fourth unnumbered clause of section 101(b) of such joint resolution is amended by inserting immediately before the semicolon at the end thereof a comma and the following: "except for the Export-Import Bank of the United States". Approved October 16, 1973. LEGISLATIVE HISTORY: HOUSE REPORTS: No. 93-519 (Comm. on Appropriations) and 93-566 (Comm. of Conference). SENATE REPORT No. 93-411 (Comm. on Appropriations). Sept. 25, considered and passed House. Oct. 3, considered and passed Senate, amended. Oct. Note.--Section 502 of P. L. 93-245 (Supplemental Appropriations Act, 1974) provides continuing appropriations for the Cabinet Committee on Opportunities for SpanishSpeaking People and the Department of Labor, Manpower Administration (Salaries and Expenses and Manpower Training Services) through June 30, 1974. AGRICULTURE ACTS Public Law 93-24 93rd Congress, H. R. 1975 April 20, 1973 An Act To amend the emergency loan program under the Consolidated Farm and Rural Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsections (a), Emergency farm (b), (c), (d), (e), and (f) of section 328 of the Consolidated Farm loans. and Rural Development Act, as amended by Public Law 92-385, are 86 Stat. 557. repealed. 7 USC 1969. SEC. 2. Subsection (a) of section 321 of the Consolidated Farm and Repeal. Rural Development Act is amended by striking out all of the language 75 Stat. 311. within the parentheses and inserting the following: "(including loans 7 USC 1961. the Secretary is authorized to make or insure under subtitles A and B of this title or any other Act of Congress)". 7 USC 1922, SEC. 3. Subsection (b) of section 321 of the Consolidated Farm and 1941. Rural Development Act is amended by deleting said subsection in its entirety and substituting in lieu thereof: "(b) The Secretary shall make loans in any such area designated by the Secretary in accordance with subsection (a) hereof and in any area designated as a major disaster by the President pursuant to the provisions of the Disaster Relief Act of 1970, as amended, (1) to estab- 84 Stat. 1745. lished farmers, ranchers, or oyster planters who are citizens of the 42 USC 4401 United States and (2) to private domestic corporations or partner- note. ships engaged primarily in farming, ranching, or oyster planting: 87 STAT, 24 Provided, That they have experience and resources necessary to assure 87 STAT. 25 a reasonable prospect for successful operation with the assistance of such loan, and are unable to obtain sufficient credit elsewhere to finance their actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time." SEC. 4. Section 324 of the Consolidated Farm and Rural Develop- Interest rate. ment Act is amended by striking out "3 per centum" and inserting in 7 USC 1964. lieu thereof "5 per centum". SEC. 5. Section 328 of the Consolidated Farm and Rural Develop- Insured loans. ment Act, as amended by Public Law 92-173, is further amended by 85 Stat. 491. striking out "$100,000,000" and inserting "$500,000,000". SEC. 6. Section 321(a) of the Consolidated Farm and Rural Development Act is amended by striking the word “may” and inserting in lieu thereof the word "shall". 7 USC 1968. Repeal. SEC. 7. Section 232 of Public Law 91-606 is repealed. SEC. 8. Notwithstanding the repeal herein of section 5 of Public Law 84 Stat. 1753. 92-385, and notwithstanding any other provision of law, the Secre- 42 USC 4452. tary of Agriculture shall make loans in accordance with the provi- Exception. sions of section 5 of Public Law 92-385 to eligible applicants in natural disaster areas determined or designated by the Secretary of Agriculture where such determination or designation had been made after January 1, 1972 and prior to December 27, 1972. The authority to accept applications for such loans shall expire 18 days after the effective date of this Act. SEC. 9. Notwithstanding the provisions of any other law, any loan made by the Small Business Administration in connection with any 87 STAT. 25 72 Stat. 387; 78 Stat. 7. disaster occurring on or after the date of enactment of this Act under sections 7(b) (1), (2), or (4) of the Small Business Act (15 U.S.C. 636(b) (1), (2), or (4)) shall bear interest at the rate determined under section 324 of the Consolidated Farm and Rural Development Act, as amended by section 4 of this Act. No portion of any such loan shall be subject to cancellation under the provisions of any law. Approved April 20, 1973. Rural electric and telephone direct loan programs. Restoration. 87 STAT. 65 87 STAT. 66 LEGISLATIVE HISTORY: HOUSE REPORTS: No. 93-15 (Comm. on Agriculture) and No. 93-119 (Comm. of Conference). SENATE REPORT No. 93-85 (Comm. on Agriculture and Forestry). Feb. 22, considered and passed House. Mar. 28, considered and passed Senate, amended. Apr. 12, House and Senate agreed to conference report. Public Law 93-32 93rd Congress, S. 394 An Act To amend the Rural Electrification Act of 1936, as amended, to establish a Rural Electrification and Telephone Revolving Fund to provide adequate funds for rural electric and telephone systems through insured and guaranteed loans at interest rates which will allow them to achieve the objectives of the Act, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That it is hereby declared to be the policy of the Congress that adequate funds should be made available to rural electric and telephone systems through direct, insured and guaranteed loans at interest rates which will allow them to achieve the objectives of the Rural Electrification Act of 1936, as amended, and that such rural electric and telephone systems should be encouraged and assisted to develop their resources and ability to achieve the financial strength needed to enable them to satisfy their credit needs from their own financial organizations and other sources at reasonable rates and terms consistent with the loan applicant's ability to pay and achievement of the Act's objectives. The Rural 49 Stat. 1363. Electrification Act of 1936, as amended (7 U.S.C. 901-950(b)), is therefore further amended as hereinafter provided. 85 Stat. 29. 7 USC 931, 932. 49 Stat. 1365. 61 Stat. 546. 7 USC 903. SEC. 2. Title III of the Rural Electrification Act of 1936, as amended, is amended by striking out all of sections 301 and 302 and inserting in lieu thereof the following new sections: "SEC. 301. RURAL ELECTRIFICATION AND TELEPHONE REVOLVING FUND.-(a) There is hereby established in the Treasury of the United States a fund, to be known as the Rural Electrification and Telephone Revolving Fund (hereinafter referred to as the 'fund'), consisting of: "(I) all notes, bonds, obligations, liens, mortgages, and property delivered or assigned to the Administrator pursuant to loans heretofore or hereafter made under sections 4, 5, and 201 of this Act and under this title, as of the effective date of this title, as revised herein, and all proceeds from the sales hereunder of such notes, bonds, obligations, liens, mortgages, and property, which shall be transferred to and be assets of the fund; "(2) undisbursed balances of electric and telephone loans made under sections 4, 5, and 201, which as of the effective date of this title, as revised herein, shall be transferred to and be assets of the fund; "(3) notwithstanding section 3(a) o: title I, all collections of principal and interest received on and after July 1, 1972, on notes, bonds, judgments, or other obligations made or held under titles I and II of this Act and under this title, except for net collection proceeds previously appropriated for the purchase of class A stock in the Rural Telephone Bank, which shall be paid into and be assets of the fund; "(4) all appropriations for interest subsidies and losses required under this title which may hereafter be made by the Congress; "(5) moneys borrowed from the Secretary of the Treasury pursuant to section 304 (a); and "(6) shares of the capital stock of the Rural Telephone Bank purchased by the United States pursuant to section 406(a) of this Act and moneys received from said bank upon retirement of said shares of stock in accordance with the provisions of title IV of this Act, which said shares and moneys shall be assets of the fund. "SEC. 302. LIABILITIES AND USES OF FUND.-(a) The notes of the Administrator to the Secretary of the Treasury to obtain funds for loans under sections 4, 5, and 201 of this Act, and all other liabilities against the appropriations or assets in the fund in connection with electrification and telephone loan operations shall be liabilities of the fund, and all other obligations against such appropriations or assets in the fund arising out of electrification and telephone loan operations shall be obligations of the fund. 49 Stat. 1363) 63 Stat. 948. 7 USC 901, 921. Post, p. 67, 85 Stat. 33. 7 USC 946. 7 USC 941. 49 Stat. 1365. 87 STAT. 56 (b) The assets of the fund shall be available only for the following 87 STAT. 67 purposes: "(1) loans which could be insured under this title, and for advances in connection with such loans and loans previously made, as of the effective date of this title, as revised herein, under sections 4, 5, and 201 of this Act; "(2) payment of principal when due (without interest) o outstanding loans to the Administrator from the Secretary of the Treasury for electrification and telephone purposes pursuant to section 3(a) of this Act and payment of principal and interest when due on loans to the Administrator from the Secretary of the Treasury pursuant to section 304 (a) of this title; "(3) payment of amounts to which the holder of notes is entitled on insured loans: Provided, That payments other than final payments need not be remitted to the holder until due or until the next agreed annual, semiannual, or quarterly remittance date; "(4) payment to the holder of insured notes of any defaulted installment or, upon assignment of the note to the Administrator at his request, the entire balance due on the note; "(5) purchase of notes in accordance with contracts of insurance entered into by the Administrator; (6) payment in compliance with contracts of guarantee; "(7) payment of taxes, insurance, prior liens, expenses necessary to make fiscal adjustments in connection with the application, and transmittal of collections or necessary to obtain credit reports on applicants or borrowers, expenses for necessary services, including construction inspections, commercial appraisals, loan servicing, consulting business advisory or other commercial and technical services, and other program services, and other expenses and advances authorized in section 7 of this Act in connection with insured loans. Such items may be paid in connection with guaranteed loans after or in connection with the acquisition of such loans or security thereof after default, to the extent determined to be necessary to protect the interest of the Government, or in connection with any other activity authorized in this Act; "(8) payment of the purchase price and any costs and expenses incurred in connection with the purchase, acquisition, or operation of property pursuant to section of this Act. "SEC. 303. DEPOSIT OF FUND MONEYS.-Moneys in the fund shall remain on deposit in the Treasury of the United States until disbursed. "SEC. 304. FINANCIAL TRANSACTIONS OF THE FUND.-(8) The Administrator is authorized to make and issue interim notes to the Secretary of the Treasury for the purpose of obtaining funds neces 61 Stat. 546. 7 USC 903. Infra. 49 Stat. 1365. 7 USC 907. Interim notes, issuance. 26-151 O-74-49 |