The 2-Minute Rule for 922 loans
The 2-Minute Rule for 922 loans
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(ii) The common residential profits per kilowatt-hour offered from the applicant isn't below one hundred twenty p.c of the normal residential income for every kilowatt-hour marketed by all utilities within the State where the applicant delivers provider.
The Secretary in producing these types of loans shall, insofar as feasible, get hold of assurance that the telephone company being furnished or enhanced thus will be produced accessible to the widest useful number of rural buyers. When it is set by the Secretary being essential so that you can furnish or increase phone services in rural regions, this kind of loans can be produced for the improvement, growth, design, acquisition, and Procedure of telephone lines, services, or devices with out regard to their geographical area. The Secretary is even further licensed and empowered to make loans for the purpose of refinancing fantastic indebtedness of persons furnishing telephone support in rural places, which include indebtedness of recipients on An additional telecommunications mortgage manufactured underneath this chapter. Loans less than this portion shall not be produced Unless of course the Secretary finds and certifies that in his judgment the safety therefor within reason adequate and such loan will probably be repaid within the time agreed Which no duplication of lines, facilities, or programs, giving moderately enough companies will consequence therefrom.
"(b) Assertion of Coverage.—It's the coverage from the Congress that The agricultural Electrification Administration make loans that facilitate the event and enhancement of The agricultural telecommunications infrastructure as a way to make contemporary telecommunications technologies and services out there at realistic charges to the best practicable quantity of people in rural parts in America."
The Secretary could generate a personal loan below this area to an unexpected emergency conversation devices service provider to extend or enhance 911 access or other communications or technologies described in subsection (a) When the neighborhood federal government which has jurisdiction in excess of the task will not be permitted to amass the financial debt resulting in the mortgage.
(II)(aa) the average earnings for each kilowatt-hour sold because of the applicant is over the average earnings per kilowatt-hour bought by all utilities while in the State wherein the applicant delivers support; and
The rate of the personal loan underneath this segment shall be equivalent to the common tax-exempt municipal bond price of comparable maturities.
(i) the number of quarterly payment dates involving the date on the refinancing or prepayment and the maturity date for that mortgage advance; bears to
(i) a borrower which has prepaid a financial loan, possibly before or soon after October 21, 1992, at a discount fee as supplied by paragraph (three), shall not be qualified, other than for the discretion of the Secretary, to apply for or receive immediate or insured loans underneath this chapter throughout the 120-month interval commencing over the day with the prepayment; and
Being qualified to receive a grant less than This system, an qualified entity shall submit into the Secretary an software at this sort of time, in this sort of manner, and made up of these kinds of details because the Secretary may involve.
§6502, inserted section catchline and substituted "associations." for "associations: And delivered even further, That for any duration of one particular year from and just after October 28, 1949, apps for loans obtained via the Secretary from individuals who on Oct 28, 1949, are engaged inside the Procedure of existing telephone company in rural places shall be considered and acted upon in advance of action is taken upon any software been given from some other human being for any financial loan to finance the furnishing or advancement of telephone support to considerably the same subscribers.
The Secretary shall be certain that the sort and amount of, and way of security accustomed to safe, any personal loan or mortgage promise less than this segment is commensurate to the danger involved with the financial loan or personal loan assure, notably in almost any scenario through which the personal loan or loan ensure is issued into a fiscally solid and steady entity, as based on the Secretary.
"(A) consider if the recipient is or might be serving a place that's unserved or has company degrees under the minimum suitable level of broadband assistance set more info up underneath subsection (e); and
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With the ask for of A non-public lender giving funding to this type of borrower for your funds investment, the Secretary shall, expeditiously, possibly offer to share The federal government's lien over the borrower's system or offer to subordinate The federal government's lien on that residence financed because of the personal lender.