§ 6616. — Loans to economically disadvantaged rural communities.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC6616]
TITLE 7--AGRICULTURE
CHAPTER 95--RURAL REVITALIZATION THROUGH FORESTRY
SUBCHAPTER II--NATIONAL FOREST-DEPENDENT RURAL COMMUNITIES
Sec. 6616. Loans to economically disadvantaged rural communities
(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.
(Pub. L. 101-624, title XXIII, Sec. 2378, Nov. 28, 1990, 104 Stat. 4048;
Pub. L. 106-113, div. B, Sec. 1000(a)(3) [title III, Sec. 345(f)], Nov.
29, 1999, 113 Stat. 1535, 1501A-204.)
Amendments
1999--Subsec. (a)(2), (3). Pub. L. 106-113 substituted ``National
Forest System land resources'' for ``national forest resources''.
