7 U.S.C. § 6616 — Loans to economically disadvantaged rural communities

FEDERAL · 7 U.S.C. · Chapter 95

Loans to economically disadvantaged rural communities

Current through Pub. L. 119-102

Title 7 — Agriculture·Ch. 95 — RURAL REVITALIZATION THROUGH FORESTRY·Subch. II

(a)In general The Secretary, under such terms and conditions as the Secretary shall establish, may make loans to economically disadvantaged rural communities for the purposes of securing technical assistance and services to aid in the development and implementation of action plans, including planning for—

(1)improving existing facilities in the community that may generate employment or revenue;

(2)expanding existing infrastructure, facilities, and services to capitalize on opportunities to diversify economies now dependent on National Forest System land resources; and

(3)supporting the development of new industries or commercial ventures unrelated to National Forest System land resources.

(b)Interest rates The interest rates on a loan made pursuant to this section shall be as determin

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(a) In general
The Secretary, under such terms and conditions as the Secretary shall establish, may make loans to economically disadvantaged rural communities for the purposes of securing technical assistance and services to aid in the development and implementation of action plans, including planning for—
(1) improving existing facilities in the community that may generate employment or revenue;
(2) expanding existing infrastructure, facilities, and services to capitalize on opportunities to diversify economies now dependent on National Forest System land resources; and
(3) supporting the development of new industries or commercial ventures unrelated to National Forest System land resources.
(b) Interest rates
The interest rates on a loan made pursuant to this section shall be as determined by the Secretary, but not in excess of the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturity of such loan, plus not to exceed 1 percent, as determined by the Secretary, and rounded to the nearest one-eighth of 1 percent.

7 U.S.C. § 6616 (Loans to economically disadvantaged rural communities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 101–624, title XXIII, §2378, Nov. 28, 1990, 104 Stat. 4048; Pub. L. 106–113, div. B, §1000(a)(3) [title III, §345(f)], Nov. 29, 1999, 113 Stat. 1535, 1501A–204.)

Editorial Notes

Editorial Notes

Amendments
1999—Subsec. (a)(2), (3). Pub. L. 106–113 substituted "National Forest System land resources" for "national forest resources".