On the ask for on the borrower, the Secretary is authorized and directed to refinance with loans that may be insured under this chapter within the curiosity fees provided in segment 935 of this title any loans manufactured for rural electrical and telephone facilities below any provision from the Consolidated Farm and Rural Advancement Act [7 U.S.C. 1921 et seq.].
A borrower of the insured or guaranteed electrical financial loan beneath this chapter may, with out restriction or prior acceptance of the Secretary, make investments its possess resources or make loans or assures, not in excess of 15 percent of its complete utility plant.
These loans shall be on these types of terms and conditions relating to the expenditure in the moneys loaned and the safety therefor because the Secretary shall figure out and should be created payable in whole or partly out with the profits, other than that no personal loan for the development, operation, or enlargement of any producing plant shall be produced Unless of course the consent of your State authority having jurisdiction during the premises is to start with acquired.
Within this segment, the expression "cybersecurity and grid stability enhancements" signifies expenditure in the development, enlargement, and modernization of rural utility infrastructure that addresses acknowledged cybersecurity and grid security challenges.
From such sums as are every so often built readily available with the Congress towards the Secretary for these types of function, pursuant to section 903 of this title, the Secretary is licensed and empowered to produce loans to persons now delivering or who might hereafter deliver telephone assistance in rural locations, to public bodies now delivering telephone provider in rural places also to cooperative, nonprofit, minimal dividend, or mutual associations. Except as if not supplied by this subchapter, such loans shall be manufactured underneath the similar terms and conditions as are provided in section 904 of the title, for the objective of funding the advance, enlargement, building, acquisition, and operation of phone strains, amenities, or methods to furnish and strengthen phone service in rural places: Furnished, nevertheless, That the Secretary, in creating these kinds of loans, shall give desire to people providing telephone company in rural regions, to community bodies now furnishing phone company in rural areas, also to cooperative, nonprofit, confined dividend, or mutual associations.
§2(a), amended subsec. (a) generally. Just before Modification, subsec. (a) study as follows: "A immediate or insured loan manufactured under this chapter shall not be offered or pay as you go at a worth lower than the deal with price of any exceptional principal harmony on this kind of bank loan, besides when marketed to or pay as you go through the borrower for the lesser of the excellent principal balance because of to the personal loan or the loan's current benefit discounted in the confront worth at maturity at the rate set through the Administrator.
On request of any applicant for a loan underneath this paragraph through any fiscal 12 months, the Secretary shall—
Yearly, the Secretary shall submit to your Congress a report that describes the extent of participation within the broadband help plans administered with the Secretary for your previous fiscal calendar year, like an outline of—
(i) The average quantity of subscribers for every mile of line within the provider place in the applicant will not be much more than four.
(A) proof satisfactory to the Secretary that a Federal or State agency with jurisdiction and know-how has produced an official perseverance, which include through a licensing proceeding, extending the valuable lifetime of a building plant or transmission line pledged as collateral to or beyond the new last maturity date currently being asked for via the borrower, or
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In the situation of the financial loan Highly developed under an settlement that permits the refinancing or prepayment of your financial loan progress depending on the payment of one year of interest to the exceptional principal equilibrium of the financial loan advance, a borrower may perhaps, in lieu in the penalty expected by paragraph (one)(A), shell out a penalty as furnished by—
(7) the general progress toward fulfilling the intention of strengthening the quality of rural daily life by expanding rural broadband entry, as shown by metrics, which includes—