5 Essential Elements For 922 loans
5 Essential Elements For 922 loans
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(iii) The normal for every capita earnings on the citizens receiving electrical provider through the applicant is below the common for each capita profits on the residents of your Condition by which the applicant presents provider, or the median domestic revenue of the households acquiring electrical company with the applicant is lower than the median residence money of your homes from the Condition.
A borrower of an insured or assured electrical personal loan below this chapter may perhaps, with out restriction or prior approval on the Secretary, devote its personal money or make loans or ensures, not in excess of 15 per cent of its overall utility plant.
The Secretary in making this kind of loans shall, insofar as possible, obtain assurance that the phone provider for being furnished or enhanced thereby will probably be built available to the widest sensible range of rural end users. When it is determined via the Secretary to get necessary to be able to furnish or improve phone provider in rural places, this sort of loans might be built for the development, expansion, development, acquisition, and Procedure of telephone traces, amenities, or methods without the need of regard for their geographical place. The Secretary is further more authorized and empowered to generate loans for the purpose of refinancing superb indebtedness of individuals furnishing phone services in rural parts, which includes indebtedness of recipients on An additional telecommunications financial loan made beneath this chapter. Loans underneath this section shall not be created Until the Secretary finds and certifies that in his judgment the safety therefor within reason adequate and this sort of financial loan will probably be repaid inside the time agreed and that no duplication of lines, facilities, or methods, offering reasonably suitable services will result therefrom.
The Secretary shall, Together with the consent of the lender, construction the program for payment in the cost to make certain that ample money can be obtained to pay for the subsidy costs for Be aware or bond ensures as furnished for in subsection (e)(two).
Provisions which authorized the appointment and correcting of 922 loans payment of Lawyers, engineers, and industry experts "without regard towards the provisions in the civil support rules applicable to officers and workers of the United States" were omitted through the Code as obsolete and superseded. This kind of appointments are now issue to your civil assistance legislation Except if particularly excepted by These legislation or by regulations enacted subsequent to Government Purchase 8743, Apr. 23, 1941, issued from the President pursuant to act Nov.
The rate of the personal loan below this section shall be equal to the common tax-exempt municipal bond level of comparable maturities.
The Secretary may possibly waive the requirement of subparagraph (A)(ii) in almost any situation by which the Secretary establishes (and sets forth the reasons with the waiver in composing) the requirement would reduce unexpected emergency restoration of the telephone process of your applicant or lead to intense hardship on the applicant.
(i) a borrower that has prepaid a mortgage, either just before or immediately after Oct 21, 1992, at a reduction amount as supplied by paragraph (three), shall not be qualified, besides with the discretion with the Secretary, to make an application for or receive direct or insured loans beneath this chapter in the a hundred and twenty-thirty day period interval commencing to the day on the prepayment; and
The time period "incumbent company service provider", with regard to an application submitted beneath this area, suggests an entity that, as with the day of submission of the appliance, is offering broadband support to not less than five per cent in the households in the provider territory proposed in the applying.
substituted provisions setting up an fascination rate at 5 for each centum for each annum in addition to a reduced fee, although not less than 2 per cent, beneath the enumerated conditions, for provisions creating regular and Exclusive rates, with Unique costs applicable beneath enumerated standards.
(B) a certificate from an impartial licensed engineer concluding, on the basis of an intensive engineering Evaluation satisfactory on the Secretary, the helpful lifetime of the making plant or transmission line pledged as collateral extends to or outside of the new remaining maturity day getting requested via the borrower.
The borrower may not select a time period pursuant to paragraph (three) that finishes once the maturity day established for your personal loan ahead of the refinancing on the financial loan beneath this area.
§ 926. Sure rural development investments by certified telephone borrowers not treated as dividends or distributions
The Secretary shall build a system, to generally be generally known as the "Neighborhood Join Grant System", to deliver grants to suitable entities to finance broadband transmission in rural locations.