The expression "broadband service" usually means any engineering identified through the Secretary as acquiring the ability to transmit information to empower a subscriber to the company to originate and receive superior-quality voice, facts, graphics, and movie.
(ii) has the lawful ability and authority to enter into a agreement, to comply with relevant Federal legislation, also to personal and function broadband amenities, as proposed in the appliance submitted because of the entity for any grant underneath the Program.
Besides hardship loans that are created below subparagraph (A), the Secretary may well make an insured electrical loan at an curiosity rate of 5 p.c annually to an applicant for a financial loan if, in the only discretion of your Secretary, the applicant has professional a severe hardship.
(ii) in periodic installments of interest and, at the end of the phrase on the bond or Take note, as relevant, because of the repayment with the superb principal; or
(i) post to your Secretary an application at this kind of time, in these method, and that contains these details as the Secretary may possibly require;
§two(a), amended subsec. (a) normally. Just before amendment, subsec. (a) read through as follows: "A immediate or insured bank loan produced below this chapter shall not be bought or prepaid at a price fewer than the encounter worth of any outstanding principal balance on these types of mortgage, other than when offered to or prepaid via the borrower on the lesser with the fantastic principal equilibrium due within the loan or perhaps the bank loan's current benefit discounted in the confront worth at maturity at the speed set because of the Administrator.
The price cut rate to get set because of the Secretary for direct or insured loans prepayments hereunder shall be determined by The existing cost of cash to the Division of the Treasury for obligations of similar maturity to Those people getting pay as you go. If a borrower prepays making use of tax exempt financing, the lower price shall be altered to produce the discounted comparable to completely taxable financing. The borrower shall certify in crafting whether the funding will likely be tax exempt and shall adjust to these types of other conditions and terms as the Secretary might build that are sensible and necessary to carry out this provision. As employed During this section, the term "direct bank loan" suggests a financial loan made below part 904 of this title.
(I) the expense of borrowing for the Division with the Treasury for obligations of equivalent maturity; or
(bb) desire on the amount explained in product (aa), with the period of time starting within the date with the prepayment and ending within the day of your repayment, at a rate equal to the common annual expense of borrowing via the Department of the Treasury.
§6502, inserted part catchline and substituted "associations." for "associations: And offered additional, That for a period of just one 12 months from and right after Oct 28, 1949, applications for loans gained from the Secretary from persons who on October 28, 1949, are engaged during the operation of existing phone support in rural spots shall be considered and acted on just before action is taken upon any software been given from some other individual for any financial loan to finance the furnishing or advancement of telephone support to significantly the exact same subscribers.
struck out at end "On or right before February 15, of each and every calendar year starting with calendar calendar year 1976, or these other date as could possibly be specified by the appropriate committee, the Secretary of Agriculture shall testify prior to the Home Committee on Agriculture as well as Senate Committee on Agriculture, Nutrition, and Forestry and provide justification intimately of the quantity asked for while in the price range to generally be appropriated for the following fiscal 12 months for the goal of administering this chapter and for the objective of creating the scientific tests, investigations, publications, and reports herein authorized."
The fascination amount explained During this subparagraph with a financial loan to an applicant for the loan shall not exceed seven p.c if—
Subject matter to paragraph more info (two), for functions of the part, the minimum acceptable degree of broadband support for the rural place shall be at the least—
(1) in coordination with Condition rural progress initiatives, make grants and loans to folks, States, political subdivisions of States, and also other entities structured underneath the regulations of States to accumulate, construct, lengthen, update, and usually make improvements to Vitality era, transmission, or distribution services serving communities where the normal household expenditure for household Electricity is not less than 275 p.c of your countrywide average household expenditure for dwelling Electrical power (as based on the Strength Data Agency utilizing the most recent data available);