Earmark - Guarantees for Bonds and Notes Issued for Electrification or Telephone Purposes

Agency:		Department of Agriculture
Bureau:		Rural Utilities Service
Account:		Rural Electrification and Telecommunications Direct Loan Financi (12-4208)
Certifying Official:		Supervisory Budget Analyst
Contact Information:		http://WWW.USDA.GOV 202-720-4623

Guarantees for Bonds and Notes Issued for Electrification or Telephone Purposes

1 recipient will receive $0. This is a first-time earmark.

Year Enacted: 2002

Description: Established under the Farm Security and Rural Investment Act of 2002, Public Law 107-171. Subject to subsection (b), the Secretary shall guarantee payments on bonds or notes issued by cooperative or other lenders organized on a not-for-profit basis if the proceeds of the bonds or notes are used to make loans for any electrification or telephone purpose eligible for assistance under this Act, including section 4 or 201 or to refinance bonds or notes issued for such purposes.

Beneficiary/Recipient	Amount ($K)	Program	Type	Address
Cooperative Finance Corporation	$0	12-1230	For-Profit	2201 Cooperative Way Herndon, VA
Comment: $2.5 billion in bonds have been guaranteed for this corporation

Citation

Source: Authorization Statute

Reference: Public Law 107-171, Title VI, section 6101

Citation Excerpt: Section 6101. Guarantees for Bonds and Notes Issued for Electrification or Telephone Purposes. The Rural Electrification Act of 1936 is amended by inserting after section 313 (7 U.S.C. 940c) the following: SEC. 313A Guarantees for Bonds and Notes Issued for Electrification or Telephone Purposes.

Citation Comment: No funds have been appropropriated. Fees are collected under subsection (c) for the cost of providing guarantees of bonds and notes.

Last Modified: 24-Jul-2007