§ 921a. — Policy of financing of rural telephone program.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC921a]
TITLE 7--AGRICULTURE
CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE SERVICE
SUBCHAPTER II--RURAL TELEPHONE SERVICE
Sec. 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, Sec. 1, May 7, 1971, 85 Stat. 29.)
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
Section 7 of Pub. L. 92-12 provided that: ``This Act [enacting
sections 921a, 931, 932, and 941 to 950b of this title and amending
sections 903(f) and 922 of this title] shall take effect upon enactment
[May 7, 1971].''
Reservation of Right To Repeal, Alter, or Amend Pub. L. 92-12
Section 6 of Pub. L. 92-12 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.''
