The 5-Second Trick For 922 loans

"(two) are unable to, in accordance with normally recognized administration and accounting concepts and with out charging premiums to its customers or subscribers so significant as to produce a considerable disparity in between such prices as well as costs billed for equivalent service in precisely the same or nearby places by other suppliers, deliver support according to the aims of the chapter."

(bb) the typical for every capita earnings from the residents acquiring electrical company with the applicant is lower than the standard for each capita earnings on the inhabitants on the State by which the applicant presents services, or the median home income in the homes getting electric powered service with the applicant is a lot less than the median residence earnings with the homes in the State.

The Secretary in making such loans shall, insofar as feasible, attain assurance that the telephone services to be furnished or enhanced thereby is going to be produced available to the widest sensible range of rural people. When it is determined by the Secretary to generally be required as a way to furnish or make improvements to telephone assistance in rural places, such loans may very well be created for the advance, expansion, construction, acquisition, and Procedure of phone strains, amenities, or units without having regard for their geographical site. The Secretary is further approved and empowered for making loans for the purpose of refinancing excellent indebtedness of people furnishing phone assistance in rural locations, which includes indebtedness of recipients on another telecommunications mortgage produced under this chapter. Loans underneath this section shall not be created Unless of course the Secretary finds and certifies that in his judgment the security therefor in all fairness suitable and such mortgage might be repaid in the time agreed and that no duplication of lines, facilities, or devices, providing moderately satisfactory providers will end result therefrom.

(aa) the amount (if any) by which the price reduction the borrower been given by purpose with the prepayment exceeds the lower price the borrower would have gained had the price cut been dependant on the cost of funds for the Division on the Treasury at the time in the prepayment; and

The Secretary shall take into account the present recurring revenues from the entity at the time of application in deciding an enough volume of credit rating aid.

(II) the payment quantities that may be essential during the interval on the amounts getting refinanced or pay as you go Should the desire price about the financial loan were being equivalent into the then current cost of funds towards the Department from the Treasury for obligations of equivalent maturity to the loan currently being refinanced or pay as you go.

§922. Loans for phone company Part Textual content From these types of sums as are occasionally designed offered from the website Congress into the Secretary for these kinds of objective, pursuant to portion 903 of this title, the Secretary is approved and empowered to create loans to people now supplying or who may well hereafter offer phone service in rural parts, to public bodies now offering phone services in rural spots and also to cooperative, nonprofit, confined dividend, or mutual associations.

If a borrower fulfills the penalty demands of paragraph (one) by raising the exceptional principal balance from the mortgage advance that is remaining refinanced, the borrower shall generate a payment at time in the refinancing equivalent to 2.

The Secretary shall involve any entity receiving help beneath part 950bb–one of the title to submit a semiannual report for 5 yrs after completion from the venture, within a format specified through the Secretary, that describes—

inserted just before period of time at finish "; plus the term 'Secretary' shall be deemed to necessarily mean the Secretary of Agriculture".

The Secretary may well not charge any cost or charge not expressly delivered In this particular chapter in connection with any financial loan produced or confirmed below this chapter.

The Secretary is licensed and empowered to bid for and purchase at any foreclosure or other sale, or or else to obtain, residence pledged or mortgaged to secure any personal loan designed pursuant to this chapter; to pay the acquisition value and any costs and fees incurred in link therewith from the sums approved in section 903 of the title; to simply accept title to any house so bought or acquired during the title of The us of America; to work or lease such assets for this sort of interval as could be considered essential or highly recommended to protect the financial investment therein, but not to exceed five years following the acquisition thereof; also to sell these kinds of assets so bought or acquired, upon these types of terms and for this sort of thought given that the Secretary shall determine for being acceptable.

Loans underneath this part shall not be built Except the Secretary finds and certifies that in his judgment the safety therefor within reason suitable and such loan will be repaid within the time agreed.

In the case of zero interest loans, the Secretary shall build these kinds of sensible repayment terms as will persuade borrower participation.