82 STAT. 771 Valueless liens. 7 USC 1981. 7 USC 1983. plus not to exceed 1 per centum per annum as determined by the Secretary." SEC. 11. Section 331 is amended by adding a new subsection (f) at the end thereof to read as follows: "(f) Release mortgage and other contract liens if it appears that they have no present or prospective value or that their enforcement likely would be ineffectual or uneconomical.” SEC. 12. Section 333 (b) of the Consolidated Farmers Home Administration Act of 1961 is amended by striking the word “farming”. Approved August 15, 1968. LEGISLATIVE HISTORY: HOUSE REPORT No. 1635 accompanying H. R. 18209 (Comm. on Agriculture). CONGRESSIONAL RECORD: Vol. 113 (1967): Aug. 28, considered and passed Senate. Vol. 114 (1968): Aug. 2, considered and passed House, amended, in lieu of H. R. 18209. Aug. 2, Senate concurred in House amendments. 90th Congress, S. 3986 An Act To amend the Federal Farm Loan Act and the Farm Credit Act of 1933, as amended, to expedite retirement of Government capital from Federal intermediate credit banks, production credit associations and banks for cooperatives, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 205 (a)(1) of the Federal Farm Loan Act, as amended (12 U.S.C. 1061 (a)(1)), is amended by adding the following two paragraphs at the end thereof: "As to any class A stock held by the Governor of the Farm Credit Administration on behalf of the United States at enactment of this paragraph, the Governor may at any time require the bank to retire such class A stock if, in his judgment, the bank has resources available therefor, and he may accept in payment for such stock, such amount not in excess of par as in his judgment and with the concurrence of the Secretary of the Treasury represents a fair value of such stock, or such retirement may be effected upon delivery to the Governor of an amount of United States Government bonds the market value of which on the date of transaction represents the fair value of the class A shares as determined by the Governor with the concurrence of the Secretary of the Treasury. "After all class A stock held by the Governor of the Farm Credit Administration on behalf of the United States has been retired from all of the Federal intermediate credit banks, and full private ownership has thus been achieved, short-term Federal investments in such class A stock to help one or several of the banks to meet emergency credit needs shall not be deemed to change this ownership status: Provided, however, That this sentence shall not alter the application of the Government Corporation Control Act, as amended (31 U.S.C. 841870), and section 206(a)(4) of the Federal Farm Loan Act, as amended (12 U.S.C. 1072(a) (4)) (relating to payment of a franchise tax to the United States if the bank has outstanding capital stock held by the United States)." 82 STAT. 1145 Federal Farm Loan Act and Farm Credit Act of 1933, amendments. 70 Stat. 660; 79 Stat. 922. 59 Stat. 597. retirement and cancellation. SEC. 2. (a) Section 6 of the Farm Credit Act of 1933, as amended Class A stock, (12 U.S.C. 1131c), is amended by adding the following sentence at the end thereof: "If an association is deemed not to have resources available to retire and cancel any class A stock held by the Governor in such association, but in the judgment of the Governor the Federal intermediate credit bank of the district has resources available to do so, the Governor may require such bank to invest in an equivalent amount of class A stock of said association and the association then shall pay the proceeds thereof into such revolving fund in retirement of the class A stock held by the Governor." (b) Section 16(a) of the Farm Credit Act of 1953, as amended (12 U.S.C. 1131e-1(a)), is amended by adding the following sentence at the end thereof: "If an association is deemed not to have resources available to retire and cancel any class C stock held by the Governor in such association, but in the judgment of the Governor the Federal intermediate credit bank of the district has resources available to do so, the Governor may require such bank to invest in an equivalent amount of class A or class C stock of said association and the association then shall pay the proceeds thereof into such revolving fund in retirement of the class C stock held by the Governor." SEC. 3. Section 43 of the Farm Credit Act of 1933 (12 U.S.C. 1134e) is amended by adding the following two paragraphs at the end thereof: "As to any class A stock of any such bank held by the Governor of the Farm Credit Administration on behalf of the United States at Class C stock, retirement and cancellation. Government stock, retire ment. 48 Stat. 265. 82 STAT. 1146 59 Stat. 597. 69 Stat. 658. enactment of this paragraph, he may accept in payment for such stock, such amount not in excess of par as in his judgment and with the concurrence of the Secretary of the Treasury represents a fair value of such stock, or such retirement may be effected upon delivery to the Governor of an amount of United States Government bonds the market value of which on the date of transaction represents the fair value of the class A shares as determined by the Governor with the concurrence of the Secretary of the Treasury. "After all class A stock held by the Governor of the Farm Credit Administration on behalf of the United States has been retired from all of the banks for cooperatives, and full private ownership has thus been achieved, short-term Federal investments in such class A stock to help one or several of the banks to meet emergency credit needs shall not be deemed to change this ownership status: Provided, however, That this sentence shall not alter the application of the Government Corporation Control Act, as amended (31 U.S.C. 841-870), and section 36(a)(3) of the Farm Credit Act of 1933, as amended (12 U.S.C. 11341(a)(3)) (relating to payment of a franchise tax to the United States if the bank has outstanding capital stock held by the United States)." Approved October 17, 1968. LEGISLATIVE HISTORY: HOUSE REPORT No. 1897 accompanying H. R. 19418 (Comm. on Agriculture). SENATE REPORT No. 1573 (Comm. on Agriculture & Forestry). Sept. 20: Considered and passed Senate. Oct. 1: Considered and passed House,in lieu of H. R. 19418. 91st Congress, H. R. 6508 An Act To provide additional assistance for the reconstruction of areas damaged by major disasters. Disaster Relief Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That Congress hereby recognizes that a number of States have experienced extensive property loss and damage as a result of recent major disasters including, but not limited to, hurricanes, storms, floods. and high waters and wind-driven waters and that there is a need for special measures 83 STAT. 126 designed to aid and accelerate the efforts of these affected States to reconstruct and rehabilitate the devastated areas. 83 STAT. 125 SEC. 2. The President is authorized to allocate funds hereafter appro- Highway repairs. priated to carry out this section to those States affected by a major disaster for the permanent repair and reconstruction of those permanent street, road, and highway facilities not on any of the Federal-aid systems which were destroyed or damaged as a result of such a major disaster. No funds shall be allocated under this section for repair or reconstruction of such a street, road, or highway facility unless the affected State agrees to pay not less than 50 per centum of all costs of such repair or reconstruction. contracts. SEC. 3. (a) Where an existing timber sale contract between the Secre- Timber sale tary of Agriculture or the Secretary of the Interior and a timber purchaser does not provide relief from major physical change not due to negligence of the purchaser prior to approval of construction of any section of specified road or other specified development facility and, as a result of a major disaster in an affected State a major physical change results in additional construction work in connection with such road or facility by such purchaser with an estimated cost as determined by the appropriate Secretary (1) of more than $1,000 for sales under one million board feet, or (2) of more than $1 per thousand board feet for sales of one to three million board feet, or (3) of more than $3,000 for sales over three million board feet, such increasedconstruction cost shall be borne by the United States. Cancellation (b) Where the Secretary determines that damages are so great that restoration, reconstruction, or construction is not practical under the authority. cost-sharing arrangement authorized by subsection (a) of this section, the Secretary may allow cancellation of the contract notwithstanding provisions therein. (c) The Secretary of Agriculture is authorized to reduce to seven days the minimum period of advance public notice required by the first section of the Act of June 4, 1897 (16 U.S.C. 476), in connection with the sale of timber from national forests, whenever the Secretary determines that (1) the sale of such timber will assist in the reconstruction of any area of an affected State damaged by a major disaster, (2) the sale of such timber will assist in sustaining the economy of such affected area, or (3) the sale of such timber is necessary to salvage the value of timber damaged in such major disaster or to protect undamaged timber. (d) The President, whenever he determines it to be in the public interest, and acting through the Director of the Office of Emergency Preparedness, is authorized to make grants to any State or political subdivision thereof, for the purpose of removing from privately owned lands timber damaged as a result of a major disaster and such State or political subdivision is authorized, upon application, to make payments to any person for reimbursement of expenses actually incurred by such person in the removal of damaged timber, but not to exceed the amount that such expenses exceed the salvage value of such timber. Public notice of sale. 30 Stat. 35; 31 Stat. 661. Public land ent rymen. 83 STAT. 126 83 STAT. 127 Repeal. 80 Stat. 1010. SBA disaster loans. 72 Stat. 387. Emergency farm loans. 75 Stat. 311. SEC. 4. The Secretary of the Interior is authorized to give any public land entryman such additional time in which to comply with any requirement of law in connection with any public land entry for lands in any State affected by a major disaster as the Secretary finds appropriate because of interference with the entryman's ability to comply with such requirement as a result of such major disaster. SEC. 5. The last paragraph under the center heading "Administrative Provisions" in title II of the Public Works Appropriation Act, 1967 (Public Law 89-689), is hereby repealed. SEC. 6. In the administration of the disaster loan program under section 7(b)(1) of the Small Business Act, as amended (15 U.S.C. €36(b)), in the case of property loss or damage in any affected State resulting from a major disaster the Small Business Administration— (1) to the extent such loss or damage is not compensated for by insurance or otherwise, (A) shall at the borrower's option on that part of any loan in excess of $500 cancel (i) the interest due on the loan, or (ii) the principal of the loan, or (iii) any combination of such interest or principal except that the total amount so canceled shall not exceed $1,800, and (B) may defer interest payments or principal payments, or both, in whole or in part, on such loan during the first three years of the term of the loan without regard to the ability of the borrower to make such payments. (2) may grant any loan for the repair, rehabilitation, or replacement of property damaged or destroyed, without regard to whether the required financial assistance is otherwise available from private sources, except that (A) any loan made under authority of this paragraph shall bear interest at a rate equal to the average annual interest rate on all interest-bearing obligations of the United States having maturities of 20 years or more and forming a part of the public debt as computed at the end of the fiscal year next preceding the date of the loan, adjusted to the nearest one-eighth of one per centum, and (B) no part of any loan made under authority of this paragraph shall be eligible for cancellation or deferral as authorized in paragraph (1) of this section. (3) may in the case of the total destruction or substantial property damage of a home or business concern refinance any mortgage or other liens outstanding against the destroyed or damaged property if such financing is for the repair, rehabilitation, or replacement of property damaged or destroyed as a result of such disaster and any such refinancing shall be subject to the provisions of paragraphs (1) and (2) of this section. SEC. 7. In the administration of the emergency loan program under subtitle C of the Consolidated Farmers Home Administration Act of 1961, as amended (7 U.S.C. 1961-1967), in the case of property loss or damage in any affected State resulting from a major disaster the Secretary of Agriculture (1) to the extent such loss or damage is not compensated for by insurance or otherwise, (A) shall at the borrower's option on that part of any loan in excess of $500 cancel (i) the interest due on the loan, or (ii) the principal of the loan, or (iii) any combination of such interest or principal except that the total amount so cancelled shall not exceed $1,800, and (B) may defer interest payments or principal payments, or both, in whole or in part, on such loan during the first three years of the term of the loan without regard to the ability of the borrower to make such payments. (2) may grant any loan for the repair, rehabilitation, or replacement of property damaged or destroyed, without regard to whether the required financial assistance is otherwise available |