7 USC 2009g - Guarantee and commitment to guarantee loans

U.S Code last checked for updates: Nov 27, 2024

§ 2009g.

Guarantee and commitment to guarantee loans

(a)

“Eligible public entity” defined

(b)

Guarantee and commitment

(c)

Limitation

(d)

Payment of principal, interest, and costs

(e)

Repayment contract; security

(1)

In general

To ensure the repayment of notes or other obligations and charges incurred under this section and as a condition for receiving the guarantees, the Secretary shall require the issuer to—

(A)

enter into a contract, in a form acceptable to the Secretary, for repayment of notes or other obligations guaranteed under this section;

(B)

pledge any grant for which the issuer may become eligible under this subchapter; and

(C)

furnish, at the discretion of the Secretary, such other security as may be considered appropriate by the Secretary in making the guarantees.

(2)

Security

(f)

Pledged grants for repayments

(g)

Outstanding obligations

(h)

Purchase of guaranteed obligations by Federal Financing Bank

(i)

Full faith and credit

(Pub. L. 87–128, title III, § 381H, as added Pub. L. 104–127, title VII, § 761, Apr. 4, 1996, 110 Stat. 1145.)

cite as: 7 USC 2009g