7 CFR 1720.12 - Reporting requirements.

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§ 1720.12 Reporting requirements.

(a) As long as any guaranteed bonds remain outstanding, the guaranteed lender shall provide the Secretary with the following items each year within 90 days of the guaranteed lender's fiscal year end:

(1) Consolidated financial statements and accompanying footnotes, audited by independent certified public accountants;

(2) A review and certification of the security of the government guarantee, audited by reputable, independent certified public accountants or a federal banking regulator, who in the judgment of the Secretary, has the requisite skills, knowledge, reputation, and experience to properly conduct such a review;

(3) Pro forma projection of the guaranteed lender's balance sheet, income statement, and statement of cash flows over the ensuing five years;

(4) Credit assessment issued by a Rating Agency;

(5) Credit rating, by a Rating Agency, on its senior secured debt or its corporate credit rating, as applicable, without regard to the guarantee and satisfactory to the Secretary; and

(6) Other such information requested by the Secretary.

(b) The bond documents shall specify such bond monitoring and financial reporting requirements as deemed appropriate by the Secretary.

[69 FR 63049, Oct. 29, 2004, as amended at 75 FR 42575, July 22, 2010]

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.

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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§ 908 - Repealed. Pub. L. 104–127, title VII, § 776, Apr. 4, 1996, 110 Stat. 1150

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

§ 910 - Repealed. Pub. L. 104–127, title VII, § 777, Apr. 4, 1996, 110 Stat. 1150

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

§ 911a - Repealed. Pub. L. 103–354, title II, § 235(a)(5), Oct. 13, 1994, 108 Stat. 3221

§ 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

§ 940c - Cushion of credit payments program

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