Not known Details About 922 loans
Not known Details About 922 loans
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The Secretary might not, with no consent from the borrower, demand, being a affliction of processing an software for approval, which the borrower conform to pay back the costs, costs, and charges of consultants hired to deliver technological or advisory services on the Secretary.
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(ii) If your applicant is eligible for a financial loan, make a personal loan for the applicant below this paragraph within an volume equal to the quantity that bears precisely the same ratio to the total amount of loans for which the applicant is qualified under this paragraph, as the quantity created obtainable for loans below this paragraph for the fiscal 12 months bears to the full amount created obtainable for loans less than this paragraph to the fiscal yr.
For uses of analyzing no matter whether to provide guidance for a task less than this part, the Secretary shall use conditions which can be technologically neutral.
The phrase "considerably underserved have confidence in place" means a community in "belief land" (as described in portion 3765 of title 38) with regard to which the Secretary determines includes a substantial need to have for the main advantages of an suitable method.
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(i) the amount of quarterly payment dates between the day on the refinancing or prepayment and also the maturity day for the mortgage advance; bears to
Any agreement of coverage or promise executed with the Secretary under this subchapter shall be an obligation supported by the entire faith and credit of The usa and incontestable aside from fraud or misrepresentation of which the holder had actual awareness at enough time it grew to become a holder.
§ 922. — Loans for rural phone assistance. [Guidelines in influence as of January 24, 2002] [Document not afflicted by Public Regulations enacted involving January 24, 2002 and December 19, 2002] [CITE: 7USC922] TITLE 7--AGRICULTURE CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE Support SUBCHAPTER II--RURAL TELEPHONE Company Sec. 922. Loans for rural telephone assistance From this kind of sums as are on occasion produced available because more info of the Congress for the Secretary for such reason, pursuant to portion 903 of the title, the Secretary is approved and empowered to help make loans to people now delivering or who may hereafter offer phone service in rural locations, to general public bodies now delivering phone services in rural regions and to cooperative, nonprofit, constrained dividend, or mutual associations. Apart from as or else supplied by this subchapter, such loans shall be built under the identical terms and conditions as are offered in portion 904 of the title, for the purpose of funding the improvement, enlargement, building, acquisition, and operation of phone strains, amenities, or methods to furnish and strengthen phone support in rural parts: Provided, nonetheless, The Secretary, in building such loans, shall give preference to persons furnishing telephone services in rural locations, to public bodies now supplying telephone support in rural places, and to cooperative, nonprofit, limited, dividend, or mutual associations: And furnished further, That for just a period of one particular yr from and soon after October 28, 1949, applications for loans obtained from the Secretary from folks who on October 28, 1949, are engaged while in the operation of present phone service in rural places shall be regarded and acted upon before motion is taken on any application obtained from any other man or woman for virtually any bank loan to finance the furnishing or improvement of telephone service to substantially the identical subscribers. The Secretary in making these loans shall, insofar as you can, attain assurance that the phone assistance for being furnished or enhanced thus is going to be made available to the widest simple number of rural users. When it is set via the Secretary for being important so that you can furnish or boost phone company in rural locations, such loans could possibly be made for the development, growth, development, acquisition, and Procedure of telephone lines, facilities, or programs without the need of regard for their geographical locale.
(ii) the quantity of quarterly payment dates between the 1st quarterly payment date that occurs twelve years following the finish with the year during which the quantity currently being refinanced was Superior as well as maturity day from the bank loan advance; and
"(A) notify the Administrator in producing, in just 30 days following the issuance of polices to execute this area, on the intent on the borrower to prepay; and
(ii) in the situation of the certain mortgage, The existing applicable market amount for the bank loan of comparable maturity; and
An qualified entity that receives a grant less than This system shall supply a money contribution within an volume that's not fewer than fifteen percent of the level of the grant.
, That these types of refinancing shall represent not more than forty for each centum of any financial loan made under this subchapter."