89th Congress, S. 688 An Act 80 STAT. 1478 To amend title III of the Bankhead-Jones Farm Tenant Act, as amended, to provide for additional means and measures for land conservation and land utilization, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 31 Agriculture. of title III of the Bankhead-Jones Farm Tenant Act, as amended Land conserva(7 U.S.C. 1010), is amended by inserting "developing and protecting tion and utilrecreational facilities," immediately after "protecting fish and ization, prowildlife,". (b) Section 32(e) of title III of such Act is amended by visión. (1) inserting "and local nonprofit organizations" immediately 7 USC 1011. after "public agencies" each place it occurs in the first sentence thereof; and (2) inserting "and to local nonprofit organizations" immediately after "local public agencies" in the second sentence thereof. Approved November 8, 1966. LEGISLATIVE HISTORY: HOUSE REPORT No. 2046 accompanying H. R. 13669 (Comm. on Agriculture). SENATE REPORT No. 1676 (Comm. on Agriculture & Forestry). Oct. 7: Considered and passed Senate. Oct. 17: Considered and passed House, in lieu of H. R. 13669. 54-539 O-71-24 (361) 90th Congress, S. 2565 An Act To amend the Federal Farm Loan Act and the Farm Credit Act of 1933, as amended, and for other purposes. 81 STAT. 612 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the Federal Agriculture. Farm Loan Act and the Farm Credit Act of 1933, as amended, are Loan interest amended as hereinafter provided to remove the 6 per centum interest rates, removal rate limitations therein on loans made by Federal land banks and of limitations, banks for cooperatives; and to permit interest rates on such loans and on loans made by production credit associations to be determined as provided in such Acts of Congress to cover the cost of loan funds and other expenses and reserves so that the lending may continue on a selfsustaining basis. SEC. 2. Section 12 of the Federal Farm Loan Act, as amended (12 Federal land U.S.C. 771), relating to loans made by Federal land banks, is amended banks. by substituting "such rate of interest as the board of directors of the 39 Stat. 370. bank shall from time to time determine with the approval of the Farm Credit Administration" for "6 per centum per annum" in paragraph Third thereof and for "6 per centum per annum" in the first and second sentences of paragraph Ninth thereof. SEC. 3. The Farm Credit Act of 1933, as amended, is amended (a) by inserting the following sentence between the present Production credfirst and second sentences of section 23 thereof, relating to loans it associations, made by production credit associations (12 U.S.C. 1131g): "Such 69 Stat. 663. loans shall be made on such terms and conditions, at such rates of interest, and with such security as may be prescribed in such rules and regulations."; and (b) by deleting from each of the second sentences in sections Banks for coop34 and 41 thereof (12 U.S.C. 1134j and 1134c), relating to loans eratives. made by banks for cooperatives, ", but in no case shall the rate 50 Stat. 7173 of interest exceed 6 per centum per annum on the unpaid principal 80 Stat. 334. of a loan". Approved December 15, 1967. LEGISLATIVE HISTORY: HOUSE REPORT No. 971 accompanying H. R. 13706 (Comm. on Agriculture). CONGRESSIONAL RECORD, Vol. 113 (1967): Nov. 20: Considered and passed Senate. Nov. 29: Considered and passed House, amended, in lieu of H. R. 13706. Nov. 30: Senate concurred in House amendment. 90th Congress, S. J. Res. 168 Joint Resolution To authorize the temporary funding of the Emergency Credit Revolving Fund. Resolved by the Senate and IIouse of Representatives of the United States of America in Congress assembled. That the Commodity Credit Corporation is hereby authorized and directed to make advances to the Emergency Credit Revolving Fund (7 U.S.C. 1966) in a total amount not to exceed $30,000,000. Such advances together with interest at a rate which will compensate Commodity Credit Corporation for its cost of money during the period in which the advance was outstanding shall be reimbursed out of appropriations to the fund hereafter made. Approved June 4, 1968. LEGISLATIVE HISTORY: HOUSE REPORT No. 1345 accompanying H. J. Res. 1227 (Comm. on Agriculture). SENATE REPORT No. 1127 (Comm. on Agriculture & Forestry). May 20: Considered and passed Senate. May 23: Considered and passed House in lieu of H. J. Res. 1227. (363) 90th Congress, H. R. 16674 June 18, 1968 An Act To amend the Federal Farm Loan Act and the Farm Credit Act of 1933, as amended, to improve the capitalization of Federal intermediate credit banks and production credit associations, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Federal Farm Loan Act, as amended, is hereby amended (a) by substituting "twenty" for "twelve" in section 203 (a) thereof (12 U.S.C. 1041); (b) by changing the heading over section 205 thereof (12 U.S.C. 1061) to read "CAPITAL STOCK AND PARTICIPATION CERTIFICATES" instead of "CAPITAL STOCK” and by adding the following new subsection (c) at the end of section 205 thereof (12 U.S.C. 1061): "(c) PARTICIPATION CERTIFICATES IN ADDITION TO THOSE ISSUED IN PAYMENT OF Patronage RefunDS.-In addition to the participation certificates issued in payment of patronage refunds, each Federal intermediate credit bank may issue further amounts of such participation certificates, with the same rights, privileges, and conditions, for purchase by institutions other than production credit associations that are entitled to receive participation certificates from the bank in payment of patronage refunds."; and (c) by inserting the following new paragraph between the present second and third paragraphs of subsection (a) of section 206 thereof (12 U.S.C. 1072(a)): "If and when the relative amounts of class B stock in a Federal intermediate credit bank owned by the production credit associations are adjusted to reestablish the proportion of such class B stock owned by each association, as provided in the second or third paragraphs of section 205 (a) (2) of this Act (12 U.S.C. 1061 (a) (2)), amounts in the reserve account that are allocated to production credit associations may be adjusted in the same manner, so far as practicable, to reestablish the holdings of the production credit associations in the allocated legal reserve accounts into substantially the same proportion as are their holdings of class B stock.". SEC. 2. The Farm Credit Act of 1933, as amended, is hereby amended by inserting "or otherwise, except as may be authorized under rules and regulations prescribed or approved by the Farm Credit Administration," immediately after the word "loan" in the last sentence of the first paragraph of section 23 thereof (12 U.S.C. 1131g). Approved June 18, 1968. Federal Farm Loan Act, amen ment. 79 Stat. 922. 82 STAT. 182 82 STAT. 183 70 Stat. 660. 70 Stat. 662. Class B stocks owned by production credit associations, adjustment. Farm Credit Act of 1933, amendment. 69 Stat. 663. LEGISLATIVE HISTORY: HOUSE REPORT No. 1334 (Comm. on Agriculture). SENATE REPORT No. 1166 (Comm. on Agriculture & Forestry). May 20: Considered and passed House. 90th Congress, S. 1504 An Act To amend the Consolidated Farmers Home Administration Act of 1961, as amended, to provide for loans for enterprises to supplement farm income and for farm conversion to recreation, remove the annual ceiling on insured loans, increase the amount of unsold insured loans that may be made out of the fund, raise the aggregate annual limits on grants, establish a flexible loan interest rate, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Consoli- Consolidated dated Farmers Home Administration Act of 1961, as amended, is fur- Farmers Home ther amended as follows: Administration amendment. The first sentence of section 303 is amended to read as follows: Act of 1961, "Loans may be made or insured under this subtitle for (1) acquiring, enlarging, or improving farms, including farm buildings, land and 75 Stat. 307. water development, use and conservation, (2) recreational uses and facilities, (3) enterprises needed to supplement farm income, (4) refinancing existing indebtedness, and (5) loan closing costs." 7 USC 1923. SEC. 2. Section 304 is amended by inserting "(a)" after "subtitle", 7 USC 1924. and by changing the period at the end of the section to a comma and adding the following: "not including recreational uses and facilities, and (b) without regard to the requirements of sections 302 (2) and (3), to individual farmowners or tenants to finance outdoor recrea- 7 USC 1922. tional enterprises or to convert to recreational uses their farming or ranching operations, including those heretofore financed under this title." SEC. 3. Section 306 (a) (2) is amended by changing "$50,000,000" to 79 Stat. 931. "$100,000,000". SEC. 4. The last sentence of section 306 (a) (3) is amended by changing "1968" to "1971". SEC. 5. Section 306 (a) (6) is amended by changing "$5,000,000" to $15,000,000". 7 USC 1926. SEC. 6. Section 308 is amended by striking the word "Loans" from 7 USC 1928. the beginning of the first sentence and inserting in lieu thereof "Until October 1, 1971, loans" and by striking the comma after the word "Secretary" and the phrase "aggregating not more than $450,000,000, 80 STAT. 770 in any one year,". 80 STAT. 771 SEC. 7. Section 309 (f) is amended by changing "$50,000,000" to 7 USC 1929. "$100,000,000". SEC. 8. Section 312 is amended by (a) revising subsection (4) to 7 USC 1942. read as follows: "(4) financing land and water development, use, and conservation,"; (b) inserting new items (5) and (6) to read as follows: "(5) without regard to the requirements of section 311 (2) and (3), to individual farmers or ranchers to finance outdoor recrea- 7 USC 1941. tional enterprises or to convert to recreational uses their farming or ranching operations, including those heretofore financed under this title, (6) enterprises needed to supplement farm income,"; and (c) by renumbering the present items (5), (6), and (7)" to "(7), (8), and (9)". SEC. 9. Section 313 is amended by changing the colon after "$35,000" 7 USC 1943. to a comma, and by striking the proviso in item (1). SEC. 10. Section 316 is amended by (a) striking from the first sen- Interest rates. tence "at an interest rate not to exceed 5 per centum per annum," and 7 USC 1946. (b) adding at the end of the section the following: "Loans made under this subtitle shall bear interest at a rate determined by the Secretary of the Treasury taking into consideration the current average_market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, adjusted to the nearest one-eighth of 1 per centum, |