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with interest at a rate of 134 per centum per annum upon the security of the obligations of borrowers from the Administrator appointed pursuant to the provisions of this chapter or from the Administrator of the Rural Electrification Administration established by Executive Order Numbered 7037. Interest rates on the unpaid balance of any loans made by the Reconstruction Finance Corporation to the Administrator prior to September 21, 1944 shall be adjusted to a rate of 134 per centum per annum: Provided, That no such loan shall be in an amount exceeding 85 per centum of the principal amount outstanding of the obligations constituting the security therefor: And provided further, That such obligations incurred for the purpose of financing the construction and operation of generating plants, electric transmission and distribution lines, or systems shall be fully amortized over a period not to exceed thirty-five years, and that the maturity of such obligations incurred for the purpose of financing the wiring of premises and the acquisition and installation of electrical and plumbing appliances and equipment shall not exceed' two-thirds of the assured life thereof and not more than five years. The Administrator is hereby authorized to make all such endorsements, to execute all such instruments, and to do all such acts and things as shall be necessary to effect the valid transfer and assignment to the Reconstruction Finance Corporation of all such obligations. The amount of the notes, honds, 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.
(b) Appropriations.-There are hereby authorized to be appropriated such sums as the Congress may from time to time determine to be necessary for the purposes of this chapter as hereinafter provided.
(c) Allotment of funds for loans in States.--Fifty per centum of the annual sums herein made available or appropriated for the purposes of this chapter shall be allotted yearly by the Administrator for loans in the several States in the proportion which the number of their farms not then receiving central station electric service bears to the total number of farms of the United States not then receiving such service. The Administrator, shall within ninety days after the beginning of each fiscal year, determine for each State and for the United States the number of farms not then receiving such service.
(d) Loans of unallotted funds.-The remaining 50 per centum of such annual sums shall be available for loans in the several States and in the Territories, without allotment as hereinabove provided, in such amounts for each State and Territory as, in the opinion of the Administrator, may be effectively employed for the purposes of this chapter, and to carry out the provisions of section 907 of this title: Provided, however, That not more than 10 per centum of said unallotted annual sums may be employed in any one State, or in all of the Territories.
(e) Unexpended funds; limitation on loans by Reconstruction Finance Corporation. If any part of the annual sums made available for the purposes of this chapter shall not be loaned or obligated during the fiscal year for which such sums are made available, such unexpended or unobligated sums shall be available for loans by the administrator in the following year or years without allotment: Provided, however, That not more than 10 per centum of said sums may be employed in any one State or in all of the Territories.
(f) Disposition of payments on loans.—All moneys representing payments of principal and interest on loans made by the Administrator under this chapter shall be covered into the Treasury as miscellaneous receipts, except that any such moneys representing payments of principal and interest on obligations constituting the security for loans made by the Reconstruction Finance Corporation to the Administrator shall be paid to the Reconstruction Finance Corporation in payment of such loans. ((May 20, 1936, ch. 432, § 3, 49 Stat. 1364; June 21, 1938, ch. 554, title IV,
401, 52 Stat. 818; Sept. 21, 1944, ch. 412, title V, 88 501, 503, 504, 58 Stat. 739, 740.)
HISTORICAL NOTE The Rural Electrification Administration was established on May 11, 1935 by Executive Order Numbered 7037. Following enactment of the Rural Electrification Act of 1936, Act May 20, 1936, cited to text, the functions, property and personnel of the old agency were transferred to the new agency by Executive Order Numbered 7458, Sept. 29, 1936, 1 Fed. Reg. 1477.
RESTRICTIONS ON BORROWER Act June 21, 1938, cited to text, in addition to amending subsections (a) and (e), provided in part as follows: “In making loans pursuant to this title and pursuant to the Rural Electrification Act of 1936, the Administrator of the Rural Electrification Administration shall require that, to the extent practicable and the cost of which is not unreasonable, the borrower agree to use in connection with the expenditure of such funds only such unmanufactured articles, materials, and supplies, as have been mined or produced in the United States, and only such manufactured articles, materials, and supplies as have been manufactured in the United States substantially all from articles, materials, or supplies mined, produced, or manufactured, as the case may be, in the United States."
AMENDMENTS 1944–Subsec. (a) amended by act Sept. 21, 1944, cited to text, which struck out words “The Reconstruction Finance Corporation
at 3 per centum per annum" and inserted in lieu thereof "The Reconstruction Finance Corporation * * * of 134 per centum per annum", changed colon to period following “Numbered 7037”, inserted “Interest rates on centum per annum:”, added sentence “The amount of the notes the provisions hereof.", and substituted "thirty-five years” for “twenty-five years” in second proviso.
Subsec. (b) amended by act Sept. 21, 1944, cited to text, which struck out entire subsec. limiting amount of appropriation and renewal of appropriations to eight years after June 30, 1938, and inserted in lieu thereof new subsec.
Subsec. (e) amended by act Sept. 21, 1944, cited to text, which struck out "and provided further, *** after June 30, 1939.”, and changed colon to period following "Territories”.
CODIFICATION This section was originally amended by the Work Relief and Public Works Appropriation Act of 1938, Act June 21, 1938, cited to text. These amendments were abrogated when the section was further amended by the Department of Agriculture Organic Act of 1944, Act Sept. 21, 1944, cited to text.
* 134 per
8 904. Loans by Administrator for electrical plants and transmission lines; preferences; consent of State authorities.—The Administrator is authorized and empowered, from the sums hereinbefore authorized, to make loans to persons, corporations, States, Territories, and subdivisions and agencies thereof, municipalities, peoples' utility districts and cooperative, non-profit, or limited-dividend associations, organized under the laws of any State or Terrtory of the Unted States, for the purpose of financing the construction and operation of generating plants, electric transmission and distribution lines or systems for the furnishing of electric energy to persons in rural areas who are not receiving central station service, and loans, from funds available under the provisions of section 903 (d) and 903 (e) of this title but without regard to the 10 per centum limitation therein contained, to cooperative associations for the purpose of enabling said cooperative associations to discharge or refinance long-term debts owed by them to the Tennessee Valley Authority on account of loans made or credit extended under the terms of sections 831831dd of Title 16: Provided, That the Administrator, in making such loans, shall give preference to States, Territories, and subdivisions and agencies thereof, municipalities, peoples' utility districts, and cooperative, nonprofit, or limited-dividend associations, the projects of which comply with the requirements of this chapter. Such loans shall be on such terms and conditions relating to the expenditure of the moneys loaned and the security therefor as the Administrator shall determine and may be made payable in whole or in part out of the income: Provided further, That all such loans shall be self-liquidating within a period of not to exceed thirty-five years, and shall bear interest at the rate of 2 per centum per annum; interest rates on the unmatured and unpaid balance of any loans made pursuant to this section prior to December 23, 1944, shall be adjusted to 2 per centum per annum, and the maturity date of any such loans may be readjusted to occur at a date not beyond thirty-five years from the date of such loan: And provided further, That no loan for the construction, operation, or enlargement of any generating plant shall be made unless the consent of the State authority having jurisdiction in the premises is first obtained. Loans under this section and section 905 of this title shall not be made unless the Administrator finds and certifies that in his judgment the security therefor is reasonably adequate and such loans will be repaid within the time agreed. (May 23, 1936, ch. 432, § 4, 49 Stat. 1365; Sept. 21, 1944, ch. 412, title V, SS 502 (a), 503, 58 Stat. 739; Dec. 23, 1944, ch. 725, 58 Stat. 925.)
AMENDMENTS 1944–Act Dec. 23, 1944, cited to text, amended_section by adding “and loans, from funds * * * of sections 831-831dd of Title 16” preceding first proviso.
Act Sept. 21, 1944, cited to text, amended section by substituting “thirtyfive years” for “twenty-five years”, striking out “at a rate equal *** such obligations were issued” and inserting in lieu thereof “at a rate of 2 * * * date of such loan” both in second proviso.
CODIFICATION This section was amended by the Department of Agriculture Organic Act, Sept. 21, 1944, and by Act Dec. 22, 1944, both cited to text.
& 905. Loans for electrical and plumbing equipment; persons eligible for loans.—The Administrator is authorized and empowered, from the sums hereinbefore authorized to make loans for the purpose of financing the wiring of the premises of persons in rural areas and the acquisition and installation of electrical and plumbing appliances and equipment. Such loans may be made to any of the borrowers of funds loaned under the provisions of section 904 of this title, or to any person, firm, or corporation supplying or installing the said wiring, appliances, or equipment. Such loans shall be for such terms, subject to such conditions, and so secured as reasonably to assure repayment thereof, and shall be at a rate of interest of 2 per centum per annum; interest rates on the unmatured and unpaid balance of any loans made pursuant and unpaid balance of any loans made pursuant to this section prior to September 21, 1944, shall be adjusted to 2 per centum per annum. (May 20, 1936, ch. 432, $ 5, 49 Stat. 1365; Sept. 21, 1944, ch. 412, title V, $ 502 (b), 58 Stat. 739.)
AMENDMENT 1944–Act Sept. 21, 1944, cited to text, amended section by striking out "at a rate of interest * * such obligations were issued.”, and inserted in lieu thereof "at a rate of interest 2 per centum per annum."
CODIFICATION This section was amended by the Department of Agriculture Organic Act of 1944, Act Sept. 21, 1944, cited to text.
§ 906. Appropriations authorized.—For the purpose of administering this chapter and for the purpose of making the studies, investigations, publications, and reports herein provided for, there is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, such sums as shall be necessary. (May 20, 1936, ch. 432, § 6, 49 Stat. 1365.)
§ 907. Acquisition of property pledged for loans; disposition; sale of pledged property by borrower.-The Administrator is authorized and empowered to bid for and purchase at any foreclosur or other sale, or otherwise, to acquire, property pledged or mortgaged to secure any loans made pursuant to this chapter; to pay the purchase price and any costs and expenses incurred in connection therewith from the sums authoried in section 903 of this title; to accept title to any property so purchased or acquired in the name of the United States of America; to operate or lease such property for such period as may be deemed necessary or advisable to protect the investment therein, but not to exceed five years after the acquisition thereof; and to sell such property so purchased or acquired, upon such terms and for such consideration as the Administrator shall determine to be reasonable.
No borrower of funds under section 904 of this title shall, without the approval of the Administrator, sell or dispose of its property, rights, or franchises, acquired under the provisions of this chapter, until any loan obtained from the Rural Electrification Administration, including all interest and charges, shall have been repaid. (May 20, 1936, ch. 432, $ 7,49 Stat. 1365.)
§ 908. Transfer of duties, functions and property of Administration created by Executive Order.-The administration of loans and contracts entered into by the Rural Electrification Administration established by Executive Order Numbered 7037, dated May 11, 1935, may be vested by the President in the Administrator authorized to be appointed by this chapter; and in such event the provisions of this chapter shall apply to said loans and contracts to the extent that said provisions are not inconsistent therewith. The President may transfer to the Rural Electrification Administration created by this chapter the jurisdiction and control of the records, property (including office equipment), and personnel used or employed in the exercise and performance of the functions of the Rural Electrification Administration established by such Executive order. (May 20, 1936, ch. 432, § 8, 49 Stat. 1366.)
8 909. Administration on nonpolitical basis; dismissal of officers or employees for violating provision. This chapter shall be administered entirely on a nonpartisan basis, and in the appointment of officials, the selection of employees, and in the promotion of any such officials or employees, no political test or qualification shall be permitted or given consideration, but all such appointments and promotions shall be given and made on the basis of merit and efficiency. If the Administrator herein provided for is found by the President of the United States to be guilty of a violation of this section, he shall be removed from office by the President, and any appointee or selection of officials or employees made by the Administrator who is found guilty of a violation of this chapter shall be removed by the Administration. (May 20, 1936, ch. 432, § 9, 49 Stat. 1366.)
§ 910. Annual report of Administrator.—The Administrator shall present annually to the Congress not later than the 20th day of January in each year a full report of his activities under this chapter. (May 20, 1936, ch. 432, § 10, 49 Stat. 1366.)
$ 911. Acceptance of services of Federal or State officers; application of civil service laws; expenditures for supplies and equipment. In order to carry out the provisions of this chapter the Administrator may accept and utilize such voluntary and uncompensated services of Federal, State, and local officers and employees as are available, and he may without regard to the provisions of civil-service laws applicable to officers and employees of the United States appoint and fix the compensation of attorneys, engineers, and experts, and he may, subject to the civilservice laws, appoint such other officers and employees as he may find necessary and prescribe their duties. The Administrator is authorized, from sums appropriated pursuant to section 906 of this title, to make such expenditures (including expenditures for personal services; supplies and equipment; lawbooks and books of reference; directories and periodicals; travel expenses; rental at the seat of government and elsewhere; the purchase, operation, or maintenance of passenger-carrying vehicles; and printing and binding) as are appropriate and necessary to carry out the provisions of this chapter. (May 20, 1936, ch. 432, § 11, 49 Stat.