New Step by Step Map For 922 loans
New Step by Step Map For 922 loans
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(iii) The normal per capita profits with the residents receiving electrical support from your applicant is less than the normal per capita revenue on the inhabitants of your Condition through which the applicant presents service, or maybe the median domestic income of the households receiving electric company in the applicant is less than the median home cash flow of the households while in the State.
The Secretary in generating these kinds of loans shall, insofar as you possibly can, acquire assurance that the phone support to be furnished or improved thereby might be created accessible to the widest sensible amount of rural customers. When it is set by the Secretary for being vital to be able to furnish or make improvements to telephone provider in rural areas, these loans could be manufactured for the advance, enlargement, building, acquisition, and operation of phone traces, amenities, or systems with out regard for their geographical site. The Secretary is even more licensed and empowered to create loans for the goal of refinancing excellent indebtedness of persons furnishing telephone support in rural areas, together with indebtedness of recipients on another telecommunications mortgage manufactured beneath this chapter. Loans underneath this section shall not be produced Unless of course the Secretary finds and certifies that in his judgment the security therefor within reason suitable and such financial loan will likely be repaid inside the time agreed Which no duplication of lines, facilities, or techniques, offering reasonably satisfactory companies will consequence therefrom.
inserted "sure" ahead of "electrical" in portion catchline and amended textual content usually. Previous to Modification, textual content browse as follows: "The Administrator may well not demand prior approval of, impose any necessity, restriction, or prohibition with respect on the functions of, or deny or hold off the granting of a lien accommodation to, any electrical borrower underneath this chapter whose Web well worth exceeds one hundred ten percent with the outstanding principal balance on all loans created or guaranteed to the borrower through the Administrator."
(aa) the amount (if any) by which the price cut the borrower received by reason of the prepayment exceeds the price reduction the borrower might have obtained had the lower price been dependant on the cost of cash for the Office of the Treasury at some time with the prepayment; and
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S.C. 901 et seq.] to finance the acquisition of existing era, transmission and distribution programs and facilities serving large Price tag, predominantly rural locations by entities able to and devoted to furnishing or increasing company in this sort of locations in an successful and affordable fashion.
The borrower shall shell out the fee necessary below this area at enough time the prevailing guarantee is prolonged by producing a payment in the amount of the expected charge.
(2) suggestions for any regulatory or legislative changes that would be appropriate to boost services to substantially underserved belief regions.
(four) work as an details clearinghouse and conduit to offer info to electric powered and phone borrowers below this chapter relating to handy and powerful rural advancement efforts that such borrowers might want to use inside their areas of operation and concerning Point out, regional, or regional programs for extensive-term rural financial enhancement;
(B) In the case of deferments made to allow the borrower to offer Local community improvement help, complex guidance to firms, and for other Neighborhood, company, or financial development assignments not incorporated underneath subparagraph (A), the deferment shall be repaid in equivalent installments, with no accrual of desire, around the one hundred twenty-thirty day period period starting within the day with the deferment, and the full volume of these types of payments shall be equal to the amount of the payment deferred.
Apart from as provided in subparagraph (D), the Secretary may well not come up with a loan under this paragraph to an applicant for the objective of furnishing or increasing electric powered support into a client located in an city space (as defined because of the Bureau on the Census) if the typical range of buyers for each mile of line of the overall electric technique from the applicant exceeds 17.
Subject to clause (ii), the interest fee explained In this particular subparagraph on a financial loan to the qualifying applicant shall be—
Pub. L. one hundred fifteen–334, § 6211, substituted “furnishing telephone services in rural places, which includes indebtedness of recipients on Yet another telecommunications mortgage made beneath this chapter.” for “furnishing telephone service in rural spots: Presented, That such refinancing shall be based on click here the Secretary to get needed in an effort to furnish and increase phone assistance in rural places: And provided even further, That these kinds of refinancing shall constitute not greater than 40 for every centum of any bank loan designed underneath this subchapter.”
Specified rural advancement investments by certified telephone borrowers not treated as dividends or distributions.