§ 921a. Policy of financing of rural telephone program

It is hereby declared to be the policy of the Congress that the growing capital needs of the rural telephone systems require the establishment of a rural telephone bank which will furnish assured and viable sources of supplementary financing with the objective that said bank will become an entirely privately owned, operated, and financed corporation. The Congress further finds that many rural telephone systems require financing under the terms and conditions provided in this subchapter.

(Pub. L. 92–12, § 1, May 7, 1971, 85 Stat. 29.)

Codification

Codification

The last sentence of section 1 of Pub. L. 92–12 provided that: “In order to effectuate this policy, the Rural Electrification Act of 1936, as amended (7 U.S.C. 921–924), is amended as hereinafter provided.”

Section was not enacted as part of title II of the Rural Electrification Act of 1936 which comprises this subchapter.

Effective Date

Effective Date

Pub. L. 92–12, § 7, May 14, 1971, 85 Stat. 37, provided that: “This Act [enacting sections 921a, 931, 932, and 941 to 950b of this title and amending sections 903 and 922 of this title] shall take effect upon enactment [May 7, 1971].”

Miscellaneous

Reservation of Right To Repeal, Alter, or Amend Pub. L. 92–12

Pub. L. 92–12, § 6, May 14, 1971, 85 Stat. 37, provided that: “The right to repeal, alter, or amend this Act [enacting sections 921a, 931, 932, and 941 to 950b of this title, amending sections 903 and 922 of this title and sections 856 and 868 of former Title 31, and enacting provisions set out as notes under sections 856 and 868 of former Title 31] is expressly reserved.”