922 loans - An Overview
922 loans - An Overview
Blog Article
The expression "eligible broadband company" means broadband service which includes the capability to transmit details at a speed specified through the Secretary, which may not be a lot less than the applicable bare minimum download and upload speeds set up via the Federal Communications Fee in defining the phrase "advanced telecommunications capacity" for reasons of portion 1302 of title 47.
The Secretary in creating these loans shall, insofar as you can, receive assurance that the telephone service to be furnished or enhanced thereby will likely be made available to the widest functional range of rural people. When it is determined because of the Secretary being essential in order to furnish or strengthen phone services in rural areas, such loans may very well be built for the improvement, enlargement, building, acquisition, and Procedure of phone traces, facilities, or units with no regard to their geographical spot. The Secretary is further more authorized and empowered to create loans for the purpose of refinancing superb indebtedness of persons furnishing phone assistance in rural areas, which includes indebtedness of recipients on An additional telecommunications personal loan built underneath this chapter. Loans beneath this area shall not be produced Until the Secretary finds and certifies that in his judgment the security therefor within reason sufficient and such mortgage are going to be repaid inside the time agreed Which no duplication of strains, services, or programs, furnishing moderately adequate products and services will result therefrom.
An eligible entity that receives a grant underneath This system shall utilize the grant to execute a project that—
(A) right after offering detect essential by subsection (a)(1), afford to pay for assistance vendors not a lot less than forty five days to voluntarily post data required via the Secretary onto the company's on line mapping Resource with regard to regions which are coterminous Together with the proposed support space of the application (or any elements thereof), these types of which the Secretary could evaluate no matter if the appliance submitted meets the eligibility demands under this subchapter; and
(iii) the standard price of by far the most subscribed tier of broadband company inside of a proposed assistance spot;
(II) the payment amounts that here might be necessary throughout the interval to the amounts remaining refinanced or pay as you go In case the fascination amount on the personal loan were being equal on the then present price of funds for the Division with the Treasury for obligations of comparable maturity to the mortgage being refinanced or pay as you go.
§934. Authorized economical transactions; interim notes; buy of obligations for resale; sale of notes and certificates; liens
(I) the cost of borrowing towards the Section of the Treasury for obligations of equivalent maturity; or
The Secretary shall evaluate the bonding prerequisites for all courses administered by The agricultural Utilities Provider beneath this chapter to make certain bonds will not be essential if—
Except as furnished in clause (ii), subparagraph (A)(ii) shall not use to an incumbent service company within the percentage of a proposed services territory during which the provider is upgrading broadband assistance to meet the least acceptable amount of broadband service proven less than subsection (e) for the existing territory with the incumbent service supplier.
The amount of the once-a-year fee compensated with the warranty of the bond or Notice beneath this segment shall be equal to thirty basis points of the amount of the unpaid principal of the bond or Take note confirmed less than this part.
A borrower of the personal loan produced by the Federal Funding Financial institution and assured beneath segment 936 of the title may perhaps, at the choice on the borrower, refinance or prepay the financial loan or an advance about the bank loan, or any portion of the personal loan or progress.
Nothing at all in this part limits the authority with the Secretary to establish stipulations with regard towards the use by borrowers with the proceeds of loans produced or certain under this chapter or to just take another action exclusively licensed by law.
§6201(eight), included subsec. (i) and struck out former subsec. (i). Ahead of amendment, textual content examine as follows: "Notwithstanding every other provision of the chapter, the proceeds of any financial loan created or certain by the Secretary beneath this chapter may very well be used by the recipient in the financial loan for the goal of refinancing An impressive obligation from the recipient on A different telecommunications personal loan produced below this chapter if the use of the proceeds for that function will assist the construction, enhancement, or acquisition of facilities and equipment for the provision of broadband service in rural locations."