There is hereby established in the Treasury of the United States a fund, to be known as the Rural Electrification and Telephone Revolving Fund (hereinafter referred to as the “fund”), consisting of:
(1)all notes, bonds, obligations, liens, mortgages, and property delivered or assigned to the Secretary pursuant to loans heretofore or hereafter made under sections
922 of this title and under this subchapter, as of May 11, 1973, and all proceeds from the sales hereunder of such notes, bonds, obligations, liens, mortgages, and property, which shall be transferred to and be assets of the funds;
(2)undisbursed balances of electric and telephone loans made under sections
922 of this title, which as of May 11, 1973, shall be transferred to and be assets of the fund;
(3)all collections of principal and interest received on and after July 1, 1972, on notes, bonds, judgments, or other obligations made or held under subchapters I and II of this chapter and under this subchapter, except for net collection proceeds previously appropriated for the purchase of class A stock in the Rural Telephone Bank, which shall be paid into and be assets of the fund;
(4)all appropriations for interest subsidies and losses required under this subchapter which may hereafter be made by the Congress and the unobligated balances of any funds made available for loans under the item “Rural Electrification Administration” in the Department of Agriculture and Agriculture-Environmental and Consumer Protection Appropriations Acts;
(5)moneys borrowed from the Secretary of the Treasury pursuant to section
934(a) of this title; and
(6)shares of the capital stock of the Rural Telephone Bank purchased by the United States pursuant to section
946(a) of this title and moneys received from said bank upon retirement of said shares of stock in accordance with the provisions of subchapter IV of this chapter, which said shares and moneys shall be assets of the fund.
1996—Pub. L. 104–127struck out “(a)” before “There is hereby” in introductory provisions and struck out “notwithstanding section
903(a) of this title,” before “all collections” in par. (3).
1994—Subsec. (a)(1). Pub. L. 103–354substituted “Secretary” for “Administrator”.
1976—Subsec. (a)(4). Pub. L. 94–570provided for inclusion in the fund the unobligated balances of any funds made available for loans under item “Rural Electrification Administration” in the Department of Agriculture and Agriculture-Environmental and Consumer Protection Appropriation Acts.
1973—Pub. L. 93–32substituted provisions establishing the Rural Electrification and Telephone Revolving Fund and enumerating its constituent parts, for provisions establishing a rural telephone account in the United States Treasury.
Amendment by Pub. L. 93–32effective May 11, 1973, see section 12 ofPub. L. 93–32, set out as an Effective Date note under section
930 of this title.
Section effective May 7, 1971, see section 7 ofPub. L. 92–12, set out as a note under section
921a of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.