Text: H.R.5549 — 102nd Congress (1991-1992)All Information (Except Text)

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HR 5549 IH
102d CONGRESS
2d Session
 H. R. 5549
To repeal the Rural Electrification Act of 1936, require the sale of all
loans made under such Act, and authorize the Secretary of Agriculture to
make loans to electric generation and transmission cooperatives which are
unable to obtain needed financing in the private sector.
IN THE HOUSE OF REPRESENTATIVES
July 2, 1992
Mr. SANTORUM introduced the following bill; which was referred to the
Committee on Agriculture
A BILL
To repeal the Rural Electrification Act of 1936, require the sale of all
loans made under such Act, and authorize the Secretary of Agriculture to
make loans to electric generation and transmission cooperatives which are
unable to obtain needed financing in the private sector.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. REPEAL OF RURAL ELECTRIFICATION ACT OF 1936.
  (a) REPEAL- The Rural Electrification Act of 1936 (7 U.S.C. 901-950b)
  is hereby repealed.
  (b) NO EFFECT ON EXISTING CONTRACTS- The repeal made by subsection (a)
  shall not be construed to permit the violation of any contract entered
  into before the enactment of this Act.
  (c) REFERENCES- Any reference in any law to the Administrator of the Rural
  Electrification Administration is deemed to be a reference to the Secretary
  of Agriculture.
SEC. 2. SALE OF OUTSTANDING LOANS.
  Notwithstanding any other provision of law, not later than the end of the
  3-year period that begins with the date of the enactment of this Act, the
  Secretary of Agriculture shall sell to private investors all interests of
  the United States in the loans made under the Rural Electrification Act
  of 1936 before the enactment of this Act that are outstanding at the time
  of the sale, for cash only, on the most favorable terms to the Federal
  Government that are then obtainable.
SEC. 3. LOANS FOR CERTAIN ELECTRIC GENERATION AND TRANSMISSION COOPERATIVES.
  Section 306(a)(15) of the Consolidated Farm and Rural Development Act
  (7 U.S.C. 1926(a)(15)) is amended by adding at the end the following:
  `(E) The Secretary may make loans, not to exceed $1,000,000 for any single
  loan, to any cooperative association for the supply and distribution of
  electric power if the Secretary determines that the association cannot
  obtain sufficient credit elsewhere from reliable sources at reasonable
  rates and terms for such purposes.'.