United States Code (Last Updated: May 24, 2014) |
Title 42. THE PUBLIC HEALTH AND WELFARE |
Chapter 105. COMMUNITY SERVICES PROGRAMS |
SubChapter I. COMMUNITY ECONOMIC DEVELOPMENT |
Part C. Development Loans to Community Economic Development Programs |
§ 9812a. Interest rates payable on certain rural development loans; assignment of loan contracts
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(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 beforeOctober 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 afterDecember 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 onSeptember 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 beforeOctober 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.
References In Text
Section 9910 of this title, referred to in subsecs. (a) and (b)(2), was in the original a reference to section 681 of Pub. L. 97–35. Section 681 of Pub. L. 97–35 was omitted, and a new section 681 enacted, in the general amendment of chapter 106 of this title by Pub. L. 105–285, title II, § 201,
Codification
Section was enacted as part of the Human Services Reauthorization Act of 1986, and not as part of the Community Economic Development Act of 1981 which comprises this subchapter.
Amendments
1998—Subsec. (a). Pub. L. 105–285, § 202(c)(1), in concluding provisions, inserted “(before
Subsec. (b)(2). Pub. L. 105–285, § 202(c)(2), inserted “(before
Effective Date
Section effective
Miscellaneous
Pub. L. 99–500, § 101(a) [title VI, § 640],