Getting My 922 loans To Work
Getting My 922 loans To Work
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The expression "broadband assistance" suggests any technological know-how determined because of the Secretary as obtaining the capability to transmit info to allow a subscriber to the service to originate and receive high-quality voice, facts, graphics, and movie.
The Secretary may well deny the ask for of the lender for the promise of the bond or Take note under this part When the Secretary determines that—
A penalty shall be assessed in opposition to a borrower that refinances or prepays a financial loan or bank loan progress, or any part of a financial loan or progress, beneath this part. Except as provided in paragraph (two), the penalty shall be equivalent to the lesser of—
The applicant might not find a phrase that finishes over 35 years after the start of the very first expression the applicant selects beneath clause (i).
If, not later on than one yr immediately after remaining polices are promulgated to execute this paragraph, any Point out, possibly by statute or from the community utility commission in the State, develops a telecommunications modernization approach that satisfies the necessities of subparagraph (B), the Secretary shall approve the program to the Condition.
No sums Along with the payment in the fantastic principal equilibrium owing within the loan may be charged as the results of this sort of prepayment against the borrower, the fund, or perhaps the Secretary.
In the case from the refinancing of the loan of the borrower pursuant to this part as well as inclusion of a penalty from the superb principal balance from the refinanced mortgage pursuant to subsection (b)(three)—
(I) the price of borrowing to your Office of your Treasury for obligations of equivalent maturity; or
§ 922. — Loans for rural telephone provider. [Legislation in influence as of January 24, 2002] [Doc not impacted by Public Guidelines enacted in between January 24, 2002 and December 19, 2002] [CITE: 7USC922] TITLE seven--AGRICULTURE CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE Services SUBCHAPTER II--RURAL Phone Provider Sec. 922. Loans for rural telephone services From this kind of sums as are every so often built out there by the Congress for the Secretary for this sort of objective, pursuant to area 903 of this title, the Secretary is licensed and empowered to make loans to people now supplying or who may hereafter present telephone assistance in rural areas, to community bodies now furnishing telephone services in rural regions also to cooperative, nonprofit, confined dividend, or mutual associations. Besides as in any other case supplied by this subchapter, these loans shall be created beneath the exact conditions and terms as are offered in part 904 of the title, for the objective of financing the advance, expansion, building, acquisition, and operation of telephone traces, amenities, or devices to furnish and boost phone services in rural areas: Supplied, however, That the Secretary, in creating these kinds of loans, shall give choice to folks supplying telephone support in rural parts, to community bodies now furnishing phone company in rural spots, also to cooperative, nonprofit, confined, dividend, or mutual associations: And provided further, That to get a period of one year from and following October 28, 1949, purposes for loans been given via the Secretary from folks who on Oct 28, 1949, are engaged inside the operation of existing phone company in rural spots shall be regarded and acted on in advance of action is taken on any software obtained from every other person for virtually any financial click here loan to finance the furnishing or enhancement of phone provider to considerably the exact same subscribers. The Secretary in generating this sort of loans shall, insofar as you possibly can, obtain assurance that the phone service to generally be furnished or improved thus will likely be built available to the widest practical range of rural end users. When it is decided through the Secretary to become required so as to furnish or strengthen phone provider in rural areas, these loans might be made for the improvement, enlargement, construction, acquisition, and operation of phone strains, services, or devices without having regard for their geographical area.
Loans and grants expected underneath this part shall be designed to the complete extent on the amounts produced accessible below subsection (e).
The Secretary shall be certain that the sort and quantity of, and way of stability utilized to protected, any mortgage or financial loan warranty below this area is commensurate to the danger involved with the bank loan or financial loan guarantee, specifically in any situation wherein the personal loan or bank loan assurance is issued to some economically strong and steady entity, as determined by the Secretary.
The objective of this section is to supply grants, present loans, and supply mortgage guarantees to supply cash for The prices of the development, improvement, and acquisition of services and devices for broadband service in rural parts.
§ 926. Particular rural growth investments by skilled phone borrowers not dealt with as dividends or distributions
§918a. Vitality technology, transmission, and distribution amenities effectiveness grants and loans in rural communities with really substantial Vitality fees