Establishment
There is hereby established a Farm Credit Insurance Fund (hereinafter referred to in this section as the “Insurance Fund”) for insuring the timely payment of principal and interest on insured obligations. The assets in the Fund shall be held by the Corporation for the uses and purposes of the Corporation.
Amounts in Fund
The Corporation shall deposit in the Insurance Fund all premium payments received by the Corporation under this part.
Uses of Fund
Mandatory use
Beginning , the Corporation shall expend amounts in the Insurance Fund to the extent necessary to insure the timely payment of interest and principal on insured obligations.
Other mandatory uses
section 2162 of this titleBeginning , the Corporation shall use amounts in the Insurance Fund to ensure the retirement of eligible borrower stock at par value under .
Permissive uses
section 2277a–10 of this titleThe Corporation may expend amounts in the Insurance Fund to carry out and to cover the operating costs of the Corporation.
Corporate payment or refunds
The Corporation shall make all payments and refunds required to be made by the Corporation under this part from amounts in the Insurance Fund.
Pub. L. 92–181, title V, § 5Pub. L. 100–233, title III, § 302101 Stat. 1616Pub. L. 100–399, title III, § 302(j)l102 Stat. 994Pub. L. 101–624, title XVIII, § 1836(a)104 Stat. 3833Pub. L. 115–334, title V, § 5411(38)132 Stat. 4683(.60, as added , , ; amended –(), , ; , , ; , , .)
Editorial Notes
Amendments
Pub. L. 115–334, § 5411(38)(A)2018—Subsec. (b). , struck out par. (2) designation and heading before “The Corporation” and struck out par. (1) which provided for transfer of amounts in the revolving fund into the Farm Credit Insurance Fund, with exception for transactions before .
Pub. L. 115–334, § 5411(38)(B)Subsec. (c)(2). , substituted “Insurance Fund to ensure” for “Insurance Fund to—
section 2278b–6(d)(3) of this title“(A) satisfy System institution defaults through the purchase of preferred stock or other payments as provided for in ; and
“(B) ensure”.
Pub. L. 101–6241990—Subsec. (c)(1), (2). substituted “” for “5 years after the date of the enactment of this part” in par. (1) and for “5 years after the date of enactment of this part” in par. (2).
Pub. L. 100–399, § 302(j)section 2151 of this title1988—Subsec. (b)(1). , struck out “(in effect immediately before )” after “”.
Pub. L. 100–399, § 302(k)Subsec. (b)(2). , substituted “The” for “Beginning 5 years after , the”.
Pub. L. 100–399, § 302lsection 2162(c)(2) of this titleSubsec. (c)(2)(B). (), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “ensure the retirement of borrower stock at par value and participation certificates or other similar equities at face value as provided for under .”
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Pub. L. 100–399Pub. L. 100–233section 1001(a) of Pub. L. 100–399section 2002 of this titleAmendment by effective as if enacted immediately after enactment of , which was approved , see , set out as a note under .