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U.S Code last checked for updates: Nov 22, 2024
All Titles
Title 42
Chapter 105
Subchapter I
Part C
§ 9812. Development loan fund...
§ 9813. Model Community Economic...
§ 9812. Development loan fund...
§ 9813. Model Community Economic...
U.S. Code
Notes
§ 9812a.
Interest rates payable on certain rural development loans; assignment of loan contracts
(a)
Modification of interest rates
Notwithstanding any other provision of law—
(1)
any outstanding loan made after
December 31, 1982
, by the Secretary of Health and Human Services; or
(2)
any loan made after
September 30, 1986
;
with moneys from the Rural Development Loan Fund established by
section 9812(c)(1) of this title
or with funds available (before
October 27, 1998
) under
section 9910(a) of this title
(as in effect before
October 27, 1998
) to an intermediary borrower shall bear interest at a fixed rate equal to the rate of interest that was in effect on the date of issuance for loans made in 1980 with such moneys or such funds if the weighted average rate of interest for all loans made after
December 31, 1982
, by such intermediary borrower with such moneys or such funds does not exceed the sum of 6 percent and the rate of interest payable under this subsection by such intermediary borrower.
(b)
Assignment of certain loan contracts
Any contract for a loan made during the period beginning on
December 31, 1982
, and ending on
September 30, 1986
, with—
(1)
moneys from the Rural Development Loan Fund established by
section 9812(c)(1) of this title
; or
(2)
funds available (before
October 27, 1998
) under
section 9910(a) of this title
(as in effect before
October 27, 1998
);
to an intermediary borrower that is a county government may be assigned by such borrower to an entity to which such loan could have been made for the purpose for which such contract was made. Any entity to which such contract is so assigned shall be substituted as a party to such contract and shall be obligated to carry out such contract and the purpose for which such contract was made.
(
Pub. L. 99–425, title IV, § 407(a)
, (b),
Sept. 30, 1986
,
100 Stat. 971
;
Pub. L. 105–285, title II, § 202(c)
,
Oct. 27, 1998
,
112 Stat. 2755
.)
cite as:
42 USC 9812a
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