§ 931. — Rural Electrification and Telephone Revolving Fund.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 7USC931]
TITLE 7--AGRICULTURE
CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE SERVICE
SUBCHAPTER III--RURAL ELECTRIC AND TELEPHONE DIRECT LOAN PROGRAMS
Sec. 931. Rural Electrification and Telephone Revolving Fund
There is hereby established in the Treasury of the United States a
fund, to be known as the Rural Electrification and Telephone Revolving
Fund (hereinafter referred to as the ``fund''), consisting of:
(1) all notes, bonds, obligations, liens, mortgages, and
property delivered or assigned to the Secretary pursuant to loans
heretofore or hereafter made under sections 904, 905,\1\ and 922 of
this title and under this subchapter, as of May 11, 1973, and all
proceeds from the sales hereunder of such notes, bonds, obligations,
liens, mortgages, and property, which shall be transferred to and be
assets of the funds;
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\1\ See References in Text note below.
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(2) undisbursed balances of electric and telephone loans made
under sections 904, 905,\1\ and 922 of this title, which as of May
11, 1973, shall be transferred to and be assets of the fund;
(3) all collections of principal and interest received on and
after July 1, 1972, on notes, bonds, judgments, or other obligations
made or held under subchapters I and II of this chapter and under
this subchapter, except for net collection proceeds previously
appropriated for the purchase of class A stock in the Rural
Telephone Bank, which shall be paid into and be assets of the fund;
(4) all appropriations for interest subsidies and losses
required under this subchapter which may hereafter be made by the
Congress and the unobligated balances of any funds made available
for loans under the item ``Rural Electrification Administration'' in
the Department of Agriculture and Agriculture-Environmental and
Consumer Protection Appropriations Acts;
(5) moneys borrowed from the Secretary of the Treasury pursuant
to section 934(a) of this title;
(6) shares of the capital stock of the Rural Telephone Bank
purchased by the United States pursuant to section 946(a) of this
title and moneys received from said bank upon retirement of said
shares of stock in accordance with the provisions of subchapter IV
of this chapter, which said shares and moneys shall be assets of the
fund.
(May 20, 1936, ch. 432, title III, Sec. 301, as added Pub. L. 92-12,
Sec. 2, May 7, 1971, 85 Stat. 29; amended Pub. L. 93-32, Sec. 2, May 11,
1973, 87 Stat. 66; Pub. L. 94-570, Sec. 2, Oct. 20, 1976, 90 Stat. 2701;
Pub. L. 103-354, title II, Sec. 235(a)(13), Oct. 13, 1994, 108 Stat.
3221; Pub. L. 104-127, title VII, Sec. 772(b)(1), Apr. 4, 1996, 110
Stat. 1149.)
References in Text
Section 905 of this title, referred to in pars. (1) and (2), was
repealed by Pub. L. 104-127, title VII, Sec. 774(a), Apr. 4, 1996, 110
Stat. 1150.
Amendments
1996--Pub. L. 104-127 struck out ``(a)'' before ``There is hereby''
in introductory provisions and struck out ``notwithstanding section
903(a) of this title,'' before ``all collections'' in par. (3).
1994--Subsec. (a)(1). Pub. L. 103-354 substituted ``Secretary'' for
``Administrator''.
1976--Subsec. (a)(4). Pub. L. 94-570 provided for inclusion in the
fund the unobligated balances of any funds made available for loans
under item ``Rural Electrification Administration'' in the Department of
Agriculture and Agriculture-Environmental and Consumer Protection
Appropriation Acts.
1973--Pub. L. 93-32 substituted provisions establishing the Rural
Electrification and Telephone Revolving Fund and enumerating its
constituent parts, for provisions establishing a rural telephone account
in the United States Treasury.
Effective Date of 1976 Amendment
Amendment by Pub. L. 94-570 effective Oct. 20, 1976, see section 4
of Pub. L. 94-570, set out as a note under section 935 of this title.
Effective Date of 1973 Amendment
Amendment by Pub. L. 93-32 effective May 11, 1973, see section 12 of
Pub. L. 93-32, set out as an Effective Date note under section 930 of
this title.
Effective Date
Section effective May 7, 1971, see section 7 of Pub. L. 92-12, set
out as a note under section 921a of this title.
Section Referred to in Other Sections
This section is referred to in section 946 of this title.
