7 U.S.C. § 903

Editorial Notes

Amendments

Pub. L. 104–1271996— amended section generally, inserting section catchline and substituting current provisions for provisions relating to funds of Secretary, including provisions for loans by Secretary of the Treasury, authorization of appropriations, allotment of funds for loans in States, loans of unallotted funds, and unexpended funds and limitation on use.

Pub. L. 103–3541994— substituted “Secretary” for “Administrator, upon the request and approval of the Secretary of Agriculture,” and for “Administrator appointed pursuant to the provisions of this chapter or from the Administrator of the Rural Electrification Administration established by Executive Order Numbered 7037” in first sentence of subsec. (a) and substituted “Secretary” for “Administrator” wherever appearing.

Pub. L. 93–321973—Subsec. (f). struck out subsec. (f) which made provision for the disposition of payments on loans that had been made by the Administrator.

Pub. L. 92–121971—Subsec. (f). inserted introductory text “Except as otherwise provided in sections 931 and 946(a) of this title”.

June 15, 19551955—Subsec. (c). Act , reduced the funds which may be allotted for loans from fifty to twenty-five per centum of the available or appropriated sum, and inserted two provisos.

June 15, 1955Subsec. (d). Act , substituted “75 per centum” for “50 per centum”, and “25 per centum” for “10 per centum”.

June 15, 1955Subsec. (e). Act , substituted “25 per centum” for “10 per centum”.

Oct. 28, 1949May 20, 19361949—Act , § 2, inserted “title I,” in credit of act .

Oct. 28, 1949Subsec. (a). Act , § 4(a), authorized loans for financing facilities to render telephone service.

Oct. 28, 1949Subsec. (c). Act , § 4(b), substituted “for loans for rural electrification pursuant to sections 904 and 905 of this title” for “for the purposes of this chapter”.

Oct. 28, 1949Subsec. (d). Act , § 4(c), inserted “rural electrification” after “available for”.

Oct. 28, 1949Subsec. (e). Act , § 4(d), inserted “for rural electrification loans” after “sums” in proviso.

July 30, 19471947—Subsec. (a). Act , amended subsec. (a) generally, and among other things transferred from the Reconstruction Finance Corporation to the Secretary of the Treasury the power to make loans.

July 30, 1947Subsec. (f). Act , substituted Secretary of the Treasury for Reconstruction Finance Corporation.

Sept. 21, 1944June 30, 1937June 30, 1939June 30, 19451944—Subsec. (a). Act , struck out “The Reconstruction Finance Corporation is hereby authorized and directed to make loans to the Administrator, upon his request approved by the President, not exceeding in aggregate amounts $50,000,000 for the fiscal year ending , and $100,000,000 for the fiscal year ending , with interest at 3 per centum per annum” and inserted in lieu thereof “The Reconstruction Finance Corporation is hereby authorized and directed to make loans to the Administrator, upon the request and approval of the Secretary of Agriculture, in such amounts in the aggregate for each fiscal year commencing with the fiscal year ending , as the Congress may from time to time determine to be necessary, with interest at a rate of 1¾ per centum per annum”, changed colon to period following “numbered 70037”, inserted “Interest rates on the unpaid balance of any loans made by the Reconstruction Finance Corporation to the Administrator prior to the effective date of this amendment shall be adjusted to a rate of 1¾ per centum per annum”, inserted sentence “The amount of the notes, bonds, debentures, and other such obligations which the Reconstruction Finance Corporation is authorized and empowered to issue and to have outstanding at any one time under existing law is hereby increased by an amount sufficient to carry out the provisions hereof”, and substituted “thirty-five years” for “twenty-five years” in second proviso.

Sept. 21, 1944June 30, 1938Subsec. (b). Act , struck out subsec. (b) limiting amount of appropriation and renewal of appropriations to eight years after , and inserted a new subsec. (b).

Sept. 21, 1944June 30, 1939Subsec. (e). Act , struck out “and provided further, that no loans shall be made by the Reconstruction Finance Corporation to the Administrator after ”, and changed colon to period after “territories”.

June 21, 1938June 30, 1939June 30, 1937June 30, 1939June 30, 19371938—Subsecs. (a), (e). Act , inserted “and $100,000,000 for the fiscal year ending ” after “,” in subsec. (a), and substituted “” for “” in subsec. (e).

Statutory Notes and Related Subsidiaries

Effective Date of 1973 Amendment

Pub. L. 93–32May 11, 1973section 12 of Pub. L. 93–32section 930 of this titleAmendment by effective , see , set out as an Effective Date note under .

Effective Date of 1971 Amendment

Pub. L. 92–12May 7, 1971section 7 of Pub. L. 92–12section 931 of this titleAmendment by effective , see , set out as an Effective Date note under .

Restrictions on Borrower

Act June 21, 1938, ch. 554, title IV, § 401 52 Stat. 818 Pub. L. 103–182, title III, § 381(d)Dec. 8, 1993107 Stat. 2129 Pub. L. 103–354, title II, § 235(b)(3)Oct. 13, 1994108 Stat. 3221 Pub. L. 103–465, title III, § 342(g)Dec. 8, 1994108 Stat. 4954

section 342(g) of Pub. L. 103–465June 21, 1938Jan. 1, 1995section 344(b) of Pub. L. 103–465section 2512 of Title 19[Amendment by to section 401 of act , set out above, effective on the date on which the WTO Agreement enters into force with respect to the United States (), see , set out as an Effective Date of 1994 Amendment note under , Customs Duties.]

section 381(d) of Pub. L. 103–182June 21, 1938Jan. 1, 1994section 381(e) of Pub. L. 103–182section 2511 of Title 19[Amendment by to section 401 of act , set out above, effective on the date the North American Free Trade Agreement enters into force with respect to the United States (), see , formerly set out as an Effective Date of 1993 Amendment note under , Customs Duties.]