7 CFR 1786.158 - Terms and conditions of prepayment agreement.

§ 1786.158 Terms and conditions of prepayment agreement.
Upon receipt of a satisfactory application, RUS shall provide to the borrower for its execution a prepayment agreement, in form and substance satisfactory to RUS, which may include the following:
(a) Provide for the prepayment of one or more Qualified Notes from time to time, but no more than two closings may be scheduled in any calendar year unless a third closing is for the prepayment of all outstanding electric loans of the borrower;
(b) Set forth procedures and forms through which the borrower will notify the Government of each election it makes to prepay certain Qualified Notes upon a requested closing date and the Government will notify the borrower of the established closing date and prepayment amount for the Qualified Notes for each closing;
(c) Reserve to the Administrator the right to reschedule closing dates to meet administrative considerations;
(d) Set forth closing requirements identifying the location and manner of payment, and all documentation and information to be delivered prior to or at closing, including opinions of counsel and certificates from the borrower;
(e) Provide for notice by either telephone or facsimile to be given by RUS to the borrower not more than 8 nor less than 3 business days before a scheduled closing date of the amount to be paid at closing which shall include all accrued interest and the discounted present value of the Qualified Notes to be prepaid;
(f) Provide for notice of the 120 month period during which the borrower's eligibility for direct or insured loans will be restricted;
(g) Set forth representations and warranties;
(h) Require the borrower to prepay each Qualified Note specified in full;
(i) Require the borrower to identify the source of the financing that will be used directly or indirectly to refinance the Qualified Notes. If the source is other than internally generated funds, the borrower must certify in writing whether such financing will be tax exempt, and if tax exempt financing will be used, furnish all information on the terms and conditions of the financing as RUS may require;
(j) Require the borrower to rescind the unadvanced balance of all outstanding electric loans as of the date of initial closing;
(k) Require the borrower, if it is a party to a wholesale power contract with a power supply borrower, to provide the Administrator with such assurances as the Administrator may require that it is in compliance with and will continue to comply with its obligation to such power supply borrower;
(l) Provide RUS, if the Administrator determines it necessary, with security for all outstanding rural development loans and amendments to any outstanding rural development loan agreements in form and substance, and on terms and conditions, satisfactory to RUS;
(m) Prescribe remedies for violating the terms and conditions of the prepayment agreement;
(n) Provide for termination by RUS of the right for the borrower to prepay thereunder;
(o) Provide evidence that any approvals required from any supplemental lender have been obtained; and
(p) Set forth such other terms and conditions as the Administrator shall deem appropriate.

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].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


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 - Repealed.

§ 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

§ 921 - Congressional declaration of policy

§ 921a - Policy of financing of rural telephone program

§ 921b - Policy of expansion of markets for debentures

§ 922 - Loans for rural telephone service

§ 923 - State regulation of telephone service

§ 924 - Definition of telephone service and rural area

§ 925 - Loan feasibility

§ 926 - Certain rural development investments by qualified telephone borrowers not treated as dividends or distributions

§ 927 - General duties and prohibitions

§ 928 - Prompt processing of telephone loans

§ 930 - Congressional declaration of policy

§ 931 - Rural Electrification and Telephone Revolving Fund

§ 931a - Level of loan programs under Rural Electrification and Telephone Revolving Fund

§ 932 - Liabilities and uses of Rural Electrification and Telephone Revolving Fund

§ 933 - Moneys in the Rural Electrification and Telephone Revolving Fund

§ 934 - Authorized financial transactions; interim notes; purchase of obligations for resale; sale of notes and certificates; liens

§ 935 - Insured loans; interest rates and lending levels

§ 936 - Guaranteed loans; accommodations and subordination of liens; interest rates; assignability of guaranteed loans and related guarantees

§ 936a - Prepayment of loans

§ 936b - Sale or prepayment of direct or insured loans

§ 936c - Refinancing and prepayment of FFB loans

§ 936d - Eligibility of distribution borrowers for loans, loan guarantees, and lien accommodations

§ 936e - Administrative prohibitions applicable to certain electric borrowers

§ 936f - Substantially underserved trust areas

§ 937 - Loans from other credit sources

§ 938 - Full faith and credit of the United States

§ 939 - Loan terms and conditions

§ 940 - Refinancing of rural development loans

§ 940a - Repealed.

§ 940b - Use of funds

§ 940c - Cushion of credit payments program

7 U.S. Code § 940c–1 - Guarantees for bonds and notes issued for electrification or telephone purposes

§ 940d - Limitations on authorization of appropriations

§ 940e - Expansion of 911 access

§ 940f - Extension of period of existing guarantee

§ 940g - Electric loans for renewable energy

§ 940h - Bonding requirements

§ 941 - Telephone Bank

§ 942 - General powers

§ 943 - Special provisions governing telephone bank as a Federal agency until conversion of ownership, control, and operation

§ 944 - Governor of telephone bank; functions, powers, and duties

§ 944a - Publication of rural telephone bank policies and regulations

§ 945 - Board of directors

§ 946 - Capitalization

§ 947 - Borrowing power; telephone debentures; issuance; interest rates; terms and conditions; ratio to paid-in capital and retained...transactions of the United States; exclusion of transactions from budget totals

§ 948 - Lending power

§ 949 - Telephone bank receipts; availability for obligations and expenditures

§ 950 - Conversion of ownership, control, and operation of telephone bank

§ 950a - Liquidation or dissolution of telephone bank

§ 950b - Borrower net worth

§ 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

Statutes at Large
Public Laws