7 CFR 1767.23 - Interest charges.

§ 1767.23 Interest charges.
The interest charges accounts identified in this section shall be used by all RUS borrowers.
Interest Charges
427Interest on Long-Term Debt
427.3Interest Charged to Construction—Credit
428Amortization of Debt Discount and Expense
428.1Amortization of Loss on Reacquired Debt
429Amortization of Premium on Debt—Credit
429.1Amortization of Gain on Reacquired Debt—Credit
430Interest on Debt to Associated Companies
431Other Interest Expense
432Allowance for Borrowed Funds Used During Construction—Credit
Interest Charges
427Interest on Long-Term Debt
A. This account shall include the amount of interest on outstanding long-term debt issued or assumed by the utility, the liability for which included in Account 221, Bonds, or Account 224, Other Long-Term Debt.
B. This account shall be so kept or supported as to show the interest accruals on each class and series of long-term debt.
Note:
This account shall not include interest on nominally issued or nominally outstanding long-term debt, including securities assumed.
427.3Interest Charged to Construction—Credit
This account shall include concurrent credits for interest charged to construction based upon the net cost for the period of construction of borrowed funds used for construction purposes.
428Amortization of Debt Discount and Expense
A. This account shall include the amortization of unamortized debt discount and expense on outstanding long-term debt. Amounts charged to this account shall be credited concurrently to Account 181, Unamortized Debt Expense, and Account 226, Unamortized Discount on Long-Term Debt—Debit.
B. This account shall be so kept or supported as to show the debt discount and expense on each class and series of long-term debt.
428.1Amortization of Loss on Reacquired Debt
A. This account shall include the amortization of the losses on reacquisition of debt. Amounts charged to this account shall be credited concurrently to Account 189, Unamortized Loss on Reacquired Debt.
B. This account shall be maintained so as to allow ready identification of the loss amortized applicable to each class and series of long-term debt reacquired. (See § 1767.15 (q).)
429Amortization of Premium on Debt—Credit
A. This account shall include the amortization of unamortized net premium on outstanding long-term debt. Amounts credited to this account shall be charged concurrently to Account 225, Unamortized Premium on Long-Term Debt.
B. This account shall be so kept or supported as to show the premium on each class and series of long-term debt.
429.1Amortization of Gain on Reacquired Debt—Credit
A. This account shall include the amortization of the gains realized from reacquisition of debt. Amounts credited to this account shall be charged concurrently to Account 257, Unamortized Gain on Reacquired Debt.
B. This account shall be maintained so as to allow ready identification of the amortized gains applicable to each class and series of long-term debt reacquired. (See § 1767.15 (q).)
430Interest on Debt to Associated Companies
A. This account shall include the interest accrued on amounts included in Account 223, Advances from Associated Companies, and on all other obligations to associated companies.
B. The records supporting the entries to this account shall be so kept as to show to whom the interest is to be paid, the period covered by the accrual, the rate of interest, and the principal amount of the advances or other obligations on which the interest is accrued.
431Other Interest Expense
This account shall include all interest charges not provided for elsewhere.
Items
1. Interest on notes payable on demand or maturing one year or less from date and on open accounts, except notes and accounts with associated companies.
2. Interest on customers' deposits.
3. Interest on claims and judgments, tax assessments, and assessments for public improvements past due.
4. Income and other taxes levied upon bondholders of the utility and assumed by it.
432Allowance for Borrowed Funds Used During Construction—Credit
This account shall include concurrent credits for allowance for borrowed funds used during construction, not to exceed amounts computed in accordance with the formula prescribed in § 1767.16(c)(17).
Note:
This account shall not be recorded in Account 427.3, Interest Charged to Construction—Credit.
[58 FR 59825, Nov. 10, 1993, as amended at 73 FR 30285, May 27, 2008]

Title 7 published on 2014-01-01

no entries appear in the Federal Register after this date.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

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United States Code
U.S. Code: Title 7 - AGRICULTURE

§ 901 - Short title

§ 902 - General authority of Secretary of Agriculture

§ 903 - Authorization of appropriations

§ 904 - Loans for electrical plants and transmission lines

§ 905 - Fees for certain loan guarantees

§ 906 - Funding for administrative expenses

§ 906a - Use of funds outside the United States or its territories prohibited

§ 907 - Acquisition of property pledged for loans; disposition; sale of pledged property by borrower

§ 908 - Repealed.

§ 909 - Administration on nonpolitical basis; dismissal of officers or employees for violating provision

§ 910 - Repealed.

§ 911 - Acceptance of services of Federal or State officers; application of civil service laws; expenditures for supplies and equipment

§ 911a - Repealed.

§ 912 - Extension of time for repayment of loans

§ 912a - Rescheduling and refinancing of loans

§ 913 - Definitions

§ 914 - Separability

§ 915 - Purchase of financial and credit reports

§ 916 - Criteria for loans

§ 917 - Prohibition on restricting water and waste facility services to electric customers

§ 918 - General prohibitions

§ 918a - Energy generation, transmission, and distribution facilities efficiency grants and loans in rural communities with extremely high energy costs

§ 918b - Acquisition of existing systems in rural communities with high energy costs

§ 918c - Rural and remote communities electrification grants

§ 1921 - Congressional findings

§ 6941 - Under Secretary of Agriculture for Rural Development

§ 6941a - Coordinator for Chronically Underserved Rural Areas

§ 6942 - Rural Utilities Service

§ 6943 - Rural Housing and Community Development Service

§ 6944 - Rural Business and Cooperative Development Service

§ 6945 - Rural Development Disaster Assistance Fund