7 USC 1922, 1941. 15 USC 636. 7 USC 1965, 7 USC 1961, 7 USC 1970. 7 USC 1971 7 USC 1993. of the applicant, is adequate security for the loan, and (ii) make such loan repayable at such times as he may determine, not later than that provided under subtitles A and B of this title, as justified by the needs of the applicant: Provided further, That for any disaster occurring after January 1, 1975, the Secretary, if the loan is for a purpose described in subtitle B of this title, may make the loan repayable at the end of a period of more than seven years, but not more than twenty years, if the Secretary determines that the need of the loan applicant justifies such a longer repayment period: Provided further. That notwithstanding the provisions of any other law, any loan made by the Small Business Administration in connection with a disaster occurring on or after the date of enactment of this amendment under section 7(b) (1), (2), or (4) of the Small Business Act shall bear interest at the rate determined in the first paragraph following section 7(b) (8) of such Act for loans under paragraphs (3), (5), (6), (7), or (8) of section 7(b).“. SEC. 6. Section 325 of the Act is amended to read as follows: "The Secretary may delegate authority to any State director of the Farmers Home Administration to make emergency loans in any area within a State of the United States, Puerto Rico, or the Virgin Islands on the same terms and conditions set out in section 321 (a) without any formal area designation being made: Provided, That the State director finds that a natural disaster has substantially affected twenty-five or less farming, ranching, or aquaculture operations in the area.”. SEC. 7. At the end of subtitle C of the Act, add a new section 329 stating: “An applicant seeking financial assistance based on production losses must show that a single enterprise which constitutes a basic part of his farming, ranching, or aquaculture operation has sustained at least a 20 per centum loss of normal per acre or per animal production as a result of the disaster.". SEC. 8. At the end of subtitle C of the Act, add a new section 330 stating: "Subsequent loans, to continue the farming, ranching, or aquaculture operation may be made under this subtitle on an annual basis, for not to exceed five additional years, to eligible borrowers, at the prevailing rate of interest in the private market for similar loans as determined by the Secretary, when the financial situation of the farming, ranching, or aquaculture operation has not improved sufficiently to permit the borrower to obtain such financing from other sources. SEC. 9. At the end of subtitle D of the Act, add a new section 345 to read as follows: "SEC. 345. On or before February 15 of each calendar year beginning with calendar year 1976, or such other date as may be specified by the appropriate Committee, the Secretary of Agriculture shall testify before the Senate Committee on Agriculture and Forestry and the House Committee on Agriculture and provide justification in detail of the amount requested in the budget to be appropriated for the next fiscal year for the purposes authorized in the Consolidated Farm and Rural Development Act, as amended, and of the amounts estimated to be utilized during such fiscal year from the Agricultural Credit Insurance Fund and the Rural Development Insurance Fund.". Approved August 5, 1975. Testimony before congressional committees, 7 USC 1993. 7 USC 1921 note, LEGISLATIVE HISTORY: HOUSE REPORTS: No. 94-211 (Comm. on Agriculture) and No. 94-378 Mar. 26, considered and passed Senate. Public Law 94-184 An Act To amend the Farm Credit Act of 1971 relating to credit eligibility for cooperatives serving agricultural producers, and to enlarge the access of production credit associations to Federal district courts. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the Farm Credit Act of 1971 (Public Law 92-181, 85 Stat. 583) is amended as follows: (a) Section 3.8(d) is amended by inserting after "80 per centum" the following: "(70 per centum in the case of rural electric, telephone. and public utility cooperatives)". (b) Section 5.24 is amended by striking out all after the first sentence. Approved December 31, 1975. Farm Credit Act of 1971, amendments. 12 USC 2001 note. 12 USC 2129. 12 USC 2258. LEGISLATIVE HISTORY: HOUSE REPORT No. 94-609 (Comm. on Agriculture). SENATE REPORT No. 94-554 (Comm. on Agriculture and Forestry). Nov. 4, considered and passed House. Dec. 17, considered and passed Senate. (425) To repeal section 610 of the Agricultural Act of 1970 pertaining to the use of Commodity Credit Corporation funds for research and promotion and to amend section 7(e) of the Cotton Research and Promotion Act to provide for an additional assessment and for reimbursement of certain expenses incurred by the Secretary of Agriculture. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 610 of the Agricultural Act of 1970, as amended (7 U.S.C. 2119), is repealed effective October 1, 1977. SEC. 2. Section 7(e) of the Cotton Research and Promotion Act (7 U.S.C. 2106 (e)) is amended as follows: Cotton research and promotion. (1) At the end of the first sentence strike the period and add the following: ", and for reimbursing the Secretary (1) for expenses not to exceed $200,000 incurred by him in connection with any referendum conducted under section 8, and (2) for administrative costs 7 USC 2107. incurred by the Secretary for supervisory work up to 5 employee years after an order or amendment to an order has been issued and made effective.". (2) At the end of the second sentence strike the period and add the following: ", unless specifically authorized by provisions of this subsection.". (3) At the end of the third sentence strike the period and add the following: "but, subject to approval in a referendum as provided in section 8, the Secretary shall issue an amendment to the order which shall provide that, in each marketing year, the rate shall be supplemented by an additional per bale amount to be collected or paid as provided in this subsection, such amount to be at a rate as prescribed in the amendment to the order, but not to exceed 1 per centum of the value of cotton as determined by the Cotton Board and the Secretary. Neither the amendment to the order authorized by the foregoing provisions nor the disapproval of such amendment in a referendum shall operate to decrease or otherwise affect the amount of the assessment of $1 per bale in effect under the order published in the Federal Register on December 31, 1966. No authority under this Act may be used as a basis to advertise or solicit votes in any referendum relating to the rate of assessment with funds collected under this Act.". (426) Cotton Board, consumer advisors. SEC. 3. Section 7(b) of the Cotton Research and Promotion Act (7 U.S.C. 2106(b)) is amended by adding at the end thereof the following: "The Secretary may appoint a number of consumer advisors to the Cotton Board not to exceed 15 per centum of the membership of the Cotton Board. The Cotton Board shall reimburse the consumer advisors for expenses incurred in attending meetings of the Board in the same manner as the Cotton Board members.". Approved July 14, 1976. LEGISLATIVE HISTORY: HOUSE REPORT No. 94-1157 (Comm. on Agriculture). June 3, considered and passed House. |