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Amendment by Pub. L. 102-237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101-624, to which the amendment relates, see section 1101(b)(3) of Pub. L. 102-237, set out as a note under section 1421 of this title.

8 2006f. Rural Development Administration

8 2006c. Supervised credit

The Secretary shall provide adequate training to employees of the Farmers Home Administration on credit analysis and financial and farm management to

(1) better acquaint the employees with what constitutes adequate financial data on which to base a direct or guaranteed loan approval decision; and

(2) ensure proper supervision of farmer program loans. (Pub. L. 87-128, title III, § 361, as added Pub. L. 101-624, title XVIII, § 1820, Nov. 28, 1990, 104 Stat. 3830.)

(a) Establishment

There is established in the Department of Agriculture the Rural Development Administration, which shall be headed by an Administrator appointed by the Secretary. (b) Administration

Except as provided in subsection (c) of this section, or as otherwise provided in this section, the Secretary shall carry out this Act through the Farmers Home Administration.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 1948, 1949 of this title.

8 2006d. Market placement

The Secretary shall establish a market placement program for qualified beginning farmers and ranchers and other borrowers of farmer program loans that the Secretary believes have a reasonable chance of qualifying for commercial credit with a guarantee provided under this chapter. (Pub. L. 87-128, title III, § 362, as added Pub. L. 101-624, title XVIII, § 1821, Nov. 28, 1990, 104 Stat. 3831.)

REFERENCES IN TEXT For definition of “this chapter”, referred to in text, see note set out under section 1921 of this title.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 1948, 1949, 1983a of this title.

(c) Exceptions

The Secretary shall carry out section 1923 of this title (in the case of loans made for purposes specified in paragraphs (2) and (3) of section 1923(a) of this title), section 1924(b) of this title, section 1926(a) of this title, section 1926b of this title, section 1931 of this title, section 1932 of this title, section 1942(a) of this title (in the case of loans made for the purposes specified in paragraphs (5) and (6) of section 1942(a) of this title), section 1323 of the Food Security Act of 1985 (7 U.S.C. 1932 note), title VI of the Rural Development Act of 1972, and such other rural development programs as the Secretary determines appropriate through the Rural Development Administration. (d) References

Any reference in any law, regulation, or order in effect immediately before November 28, 1990, to the Farmers Home Administration or to the Administrator of the Farmers Home Administration or of the Farmers Home Administration relating to any function, power, or duty that is, on or after such date, a function, power, or duty of the Rural Development Administration or the Administrator of the Rural Development Administration, shall be deemed to be a reference to the Rural Development Administration or to the Administrator of the Rural Development Administration, as the case may be.

8 2006e. Prohibition on use of loans for certain pur

poses The Secretary shall not approve any loan under this chapter to drain, dredge, fill, level, or otherwise manipulate a wetland (as defined in section 3801(a)(16) of title 16), or to engage in any activity that results in impairing or reducing the flow, circulation, or reach of water, except in the case of activity related to the maintenance of previously converted wetlands, or in the case of such activity that is already commenced before November 28, 1990.

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(1) Nonabatement of actions

This section does not abate any proceeding commenced

(A) by or against any entity any function of which is transferred by this section; or

(B) by or against any officer of any entity referred to in subparagraph (A) in the official capacity of such individual as such an officer.

(2) Effect on parties

If an officer of the Farmers Home Administration, in the official capacity of such officer, is a party to a proceeding pending on November 28, 1990, and under this section the officer or any function of the officer is transferred to the Rural Development Administration, Department of Agriculture, then such action shall be continued with the Secretary or the Administrator, Rural Development Administration, or other appropriate officer of the Department substituted or added as a party.

(3) Transfer of certain rights of Farmers Home Administration to Rural Development Administration

The rights, interests, obligations, and duties of the Farmers Home Administration arising before November 28, 1990, from any loan made, insured, or guaranteed, or any grant or contract made, by the Farmers Home Administration in the exercise of its functions shall

(A) with respect to any function to be exercised on or after such date by the Farmers Home Administration under subsection (b) of this section, continue to be vested in the Farmers Home Administration; and

(B) with respect to any function to be exercised on or after such date by the Rural Development Administration under subsection (c) of this section, be vested in the Rural Development Administration.

(f) Compensation of Administrator

The Administrator of the Rural Development Administration shall be compensated in accordance with subchapter VIII of chapter 53 of title 5.

(g) Rural economic development

(1) In general

A borrower of a loan or loan guarantee under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.) shall be eligible for assistance under all programs administered by the Rural Development Administration. (2) Participation

The Administrator of the Rural Development Administration shall encourage and facilitate the full and equal participation of all entities to participate in programs administered by the Rural Development Administration.

(Pub. L. 87-128, title III, § 364, as added Pub. L. 101-624, title XXIII, § 2302(a)(1), Nov. 28, 1990, 104 Stat. 3979; amended Pub. L. 102-237, title

Page 802

VII, § 701(d), Dec. 13, 1991, 105 Stat. 1879; Pub. L. 103-129, § 4, Nov. 1, 1993, 107 Stat. 1366.)

REFERENCES IN TEXT

This Act, referred to in subsec. (b), refers to the Agricultural Act of 1961, Pub. L. 87-128, Aug. 8, 1961, 75 Stat. 294, as amended. For classification of this Act to the Code, see Short Title note set out under section 1911 of this title and Tables. However, the reference was probably intended to be "this title" meaning the Consolidated Farm and Rural Development Act, title III of Pub. L. 87-128, as amended, which is classified principally to this chapter. For classification of this title to the Code, see Short Title note set out under section 1921 of this title and Tables.

Section 1323 of the Food Security Act of 1985 [Pub. L. 99-1981, referred to in subsec. (c), is set out as a note under section 1932 of this title.

The Rural Development Act of 1972, referred to in subsec. (c), is Pub. L. 92-419, Aug. 30, 1972, 86 Stat. 657, as amended. Title VI of the Act enacted sections 2204a and 2212a of this title, amended sections 1006a, 2201, 2204, 2204b of this title, section 5315 of Title 5, Government Organization and Employees, sections 590g, 590h, and 5900 of Title 16, Conservation, and section 3122 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title of 1972 Amendment note set out under section 1921 of this title and Tables.

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REGULATIONS

Except as provided in sections 902(b) and 2008e of this title, not later than 45 days after Nov. 1, 1993, interim final regulations to be issued by Rural Development Administration to carry out amendments made by Pub. L. 103-129 to programs administered by Administrator, and by Secretary of Agriculture to carry out amendments made by Pub. L. 103-129 to programs administered by Farmers Home Administration, see section 6 of Pub. L. 103-129, set out as a note under section 901 of this title.

TRANSFER OF FUNCTIONS

Section 2302(b) of Pub. L. 101-624, as amended by Pub. L. 102-237, title VII, § 702(a), Dec. 13, 1991, 105 Stat. 1880, provided that:

"(1) Notwithstanding the provisions of section 331 of the Consolidated Farm and Rural Development Act [7 U.S.C. 19811, as soon as practicable, but in no case later than 180 days after November 28, 1990, the Secretary shall transfer to the Rural Development Administration the powers, duties, and assets of the agencies, offices, and other entities in the Department of Agriculture, or elements thereof, related to the per

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formance of rural development functions, including,
but not limited to, the agencies, offices, and other en-
tities in the Department of Agriculture, or elements
thereof, that administer sections 303 [7 U.S.C. 1923)
(in the case of loans made for purposes specified in
paragraphs (2) and (3) of subsection (a) of section
303), 304(b), 306(a), 306B, 310A, 310B, and section
312(a) 17 U.S.C. 1924(b), 1926(a), 1926b, 1931, 1932,
and 1942(a)) (in the case of loans made for the pur.
poses specified in paragraphs (5) and (6) of section
312(a) 17 U.S.C. 1942(a)]) of the Consolidated Farm
and Rural Development Act, section 1323 of the Food
Security Act of 1985 (7 U.S.C. 1932 note), title VI of
the Rural Development Act of 1972 (see References in
Text note above), and such other rural development
programs as the Secretary determines appropriate.

(2) INCIDENTAL TRANSFERS.- -The Secretary shall
make such determinations, and shall transfer such
personnel from the Farmers Home Administration, as
may be necessary or appropriate with regard to the
functions transferred to the Rural Development Ad-
ministration under this section or the amendments
made by this section (enacting this section and amend-
ing section 1929 of this title). The Secretary shall also
make such additional incidental dispositions of person-
nel, assets, liabilities, contracts, property, records, and
unexpended balances of appropriations, authoriza-
tions, allocations, and other funds held, used, arising
from, available, or to be made available in connection
with the functions transferred by this section or the
amendments made by this section, as the Secretary
may deem necessary to accomplish the purposes of
this section.

"(3) EFFECTIVE AND EFFICIENT TRANSFER OF AUTHOR-
ITY.–The Administrator of the Farmers Home Admin-
istration and the Secretary shall take whatever steps
are necessary to assure the effective and efficient
transfer of authority as provided for in this section."

(b) Selection of States
(1) Rural investment partnerships

The Secretary shall select not more than 5
States to which to make sections 2007a to
2007e of this title applicable during any par-
ticular period, to the extent of qualifying ap-
plications therefor.
(2) Rural economic development review panels

The Secretary shall select not more than 5
States to which to make sections 2008 and
2008a of this title applicable during any par-
ticular period, to the extent of qualifying ap-

plications therefor.
(c) Duration of projects
(1) Rural investment partnerships

Sections 2007a to 2007e of this title shall
apply to any State selected by the Secretary
under subsection (b)(1) of this section until
September 30, 1996.
(2) Rural economic development review panels

Chapter 3 shall apply to any State selected
by the Secretary under subsection (b)(2) of

this section until September 30, 1996.
(d) Effective date

Sections 2007a to 2007e of this title and sec-
tions 2008, 2008a, 2008b, and 2008c(b) of this
title shall take effect on October 1, 1991.
(Pub. L. 101-624, title XXIII, § 2310, Nov. 28,
1990, 104 Stat. 3982.)

OPERATION OF REGIONAL OFFICES AFTER APRIL 1, 1994

Pub. L. 103-111, title VII, 8 722, Oct. 21, 1993, 107
Stat. 1080, provided that: “Notwithstanding any other
provision of this Act (see Tables for classification),
none of the funds in this Act may be used to operate
the seven regional offices of the Rural Development
Administration after April 1, 1994."

REFERENCES IN TEXT
Chapter 3, referred to in subsec. (c)(2), is chapter 3
(sections 2316 and 2317) of subtitle B of title XXIII of
Pub. L. 101-624, Nov. 28, 1990, 104 Stat. 4000, which
enacted sections 2008 to 2008c of this title and amend-
ed section 1926 of this title. For complete classification
of this chapter to the Code, see Tables.

CODIFICATION

Section was enacted as part of the Rural Economic
Development Act of 1990, and also as part of the Food,
Agriculture, Conservation, and Trade Act of 1990, and
not as part of the Consolidated Farm and Rural Devel-
opment Act which comprises this chapter.

ESTABLISHMENT OF RURAL DEVELOPMENT

ADMINISTRATION
Pub. L. 102-237, title X, $ 1010, Dec. 13, 1991, 105
Stat. 1898, provided that: “Notwithstanding any other
provision of law, the Secretary of Agriculture is direct-
ed immediately to implement the establishment
within the Department of Agriculture of the Rural
Development Administration established by subtitle A
of title XXIII of the Food, Agriculture, Conservation,
and Trade Act of 1990 (7 U.S.C. 2006f et seq.) and the
amendments made by such subtitle (subtitle A
(88 2302, 2303) of title XXIII of Pub. L. 101-624, enact-
ing this section, amending sections 1929, 1981, 1981a,
1985, and 1988 of this title, sections 657, 658, 1006, and
1014 of Title 18, Crimes and Criminal Procedure, and
sections 9812 and 9817 of Title 42, The Public Health
and Welfare, and enacting provisions set out above)."

PRESERVATION OF ELIGIBILITY FOR CREDIT ASSISTANCE

UNDER FEDERAL LAW
Section 2395 of title XXIII of Pub. L. 101-624 pro-
vided that: “Notwithstanding any other provision of
law, this title (see Short Title of 1990 Amendment
note set out under section 1921 of this title) shall not
be construed to adversely affect the eligibility, as it
existed on the date of enactment of this Act (Nov. 28,
1990), of cooperatives and other entities for any other
credit assistance under Federal law.”

8 2007. General provisions

(a) Application for participation

If a State desires to participate in the pro-
gram established in sections 2007a to 2007e of
this title or the program established in sections
2008 and 2008a of this title, the Governor of
the State may submit to the Secretary of Agri-
culture (in this section referred to as the “Sec-
retary") an application therefor.

REGULATIONS
Section 2396 of title XXIII of Pub. L. 101-624 pro-
vided that: “Except as otherwise provided in this title
(see Short Title of 1990 Amendment note set out
under section 1921 of this title), no later than 180 days
after the date of the enactment of this Act (Nov. 28,
1990), the Secretary shall promulgate such regulations
as may be necessary to carry out this title and the
amendments made by this title."

SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 2007a, 2007c,
2008 of this title.

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8 2007a. Definitions

apart from records and accounts not relatAs used in sections 2007a to 2007e of this title:

ed to that business concern; and

(ii) is independently or cooperatively (1) Approved local business

(not including borrowers under the Rural The term "approved local business" means

Electrification Act of 1936 (7 U.S.C. 901 et a local business that is approved to receive as. seq.]) owned and operated as defined by sistance from the revolving fund of an eligible

the Board; or entity as provided under the provisions of sec

(B) an individual who plans to organize tions 2007a to 2007e of this title.

and operate an entity of the type described (2) Eligible entity

in subparagraph (A), The term "eligible entity" means an

that meets any additional requirements that entity

are established by the Board to carry out the (A) that is—

intent of sections 2007a to 2007e of this title. (i) a nonprofit private corporation or a

(5) Rural area public entity that is

(I) the governing body of each public The term “rural area" means all territory of regional organization (such as the gov- a State that is not within the outer boundary erning body of an economic develop- of any city or town having a population of ment district) that is chartered or 20,000 or more based on the latest decennial otherwise organized under State law for census of the United States, and any neighthe purpose of promoting economic de- boring urbanized area as defined by the velopment;

Board.
(II) the agency of each State that is

(6) Rural Fund
primarily responsible for rural economic
development programs within the State;

The terms “Rural Fund" and "Fund" mean
(III) the governing body of a county

the Rural Business Investment Fund estab
or other political subdivision of a State;

lished under section 2007c(a) of this title.
(IV) the governing body of a town or (7) Secretary
township within a State; or

The term "Secretary" means the Secretary
(V) an incorporated public organiza-

of Agriculture, unless otherwise specified in
tion or a nonprofit private community

sections 2007a to 2007e of this title.
development corporation, or similar
nonprofit private organization, that is

(8) State
chartered or otherwise organized under The term “State” means any State to which
State law for the purpose of promoting the Secretary has made sections 2007a to
economic development; or

2007e of this title applicable under section
(ii) an Indian tribe (as defined in section

2007(b)(1) of this title. 450b(e) of title 25), an Indian organization (Pub. L. 101-624, title XXIII, $ 2311, Nov. 28, or entity chartered under the Act of June 1990, 104 Stat. 3982; Pub. L. 102-237, title VII, 18, 1934 [25 U.S.C. 461 et seq.), commonly § 702(b), Dec. 13, 1991, 105 Stat. 1880.) known as the "Indian Reorganization Act", or any tribal organization (as de

REFERENCES IN TEXT fined in section 450b(l) of title 25); and

Act of June 18, 1934, referred to in par. (2)(AXII), is

act June 18, 1934, ch, 576, 48 Stat. 984, as amended, (B) that

popularly known as the Indian Reorganization Act, (i) possesses the powers reasonably nec

which enacted sections 461, 462, 463, 464, 465, 466 to essary to perform the functions and ac

470, 471, 472, 473, 474, 475, 476 to 478, and 479 of Title tivities described in sections 2007a to

25, Indians. For complete classification of this Act to 2007e of this title;

the Code, see Short Title note set out under section (ii) has a professional staff and manage- 461 of Title 25 and Tables. ment ability (including adequate account- The Rural Electrification Act of 1936, referred to in ing, legal, and business servicing abilities par. (4)(A)(ii), is act May 20, 1936, ch. 432, 49 Stat.

1363, as amended, which is classified generally to or experience); and (iii) meets any other requirements es

chapter 31 (8 901 et seq.) of this title. For complete tablished by the Board to carry out sec

classification of this Act to the Code, see section 901 of

this title and Tables. tions 2007a to 2007e of this title. (3) Investment Board

CODIFICATION The terms "Investment Board" and

Section was enacted as part of the Rural Economie “Board” mean the Rural Partnerships Invest

Development Act of 1990. and also as part of the Food ment Board established in section 2007b(a) of

Agriculture, Conservation, and Trade Act of 1990, and

not as part of the Consolidated Farm and Rural Develthis title.

opment Act which comprises this chapter. (4) Local business

AMENDMENTS The term “local business” means(A) a business concern, located in a rural 1991--Par. (2XA)(ii). Pub. L. 102-237, $ 702b41)

substituted "section 450b(e) of title 25" for "section (i) is incorporated or otherwise orga

450b(b) of title 25" and "section 4506(1)

of title 25" for

"the section 450b(c) of title 25". nized under State law so that financial records and accounts are maintained re

Par. (4). Pub. L. 102-237, Š 702(6x2), substituted

"sections 2007a to 2007e of this title" for "this Act" in garding the business concern separate and

concluding provisions.

area, that

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EFFECTIVE DATE OF 1991 AMENDMENT Amendment by Pub. L. 102-237 effective as if includ. ed in provision of Pub. L. 101-624 to which it relates, see section 1101(b)(7) of Pub. L. 102-237, set out as a note under section 1421 of this title.

EFFECTIVE DATE Section effective Oct. 1, 1991, see section 2007(d) of this title.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 2007, 2007b, 2007c, 2007d, 2007e of this title.

(6) Compensation Members of the Board

(A) specified under subparagraphs (A), (B), and (C) of paragraph (1) shall receive reasonable allowances for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Investment Board, as set forth in the bylaws issued by the Board of Directors, except that such level shall not exceed the maximum fixed by subchapter 1 2 of chapter 57 of title 5 for officers and employees of the United States; and

(B) appointed under subparagraph (D) of paragraph (1) shall receive compensation for the time devoted to meetings and other activities at a daily rate not to exceed the daily rate of compensation prescribed for level III of the Executive Schedule under section 5314 of title 5, and reasonable allowances for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Investment Board, as set forth in the bylaws issued by the Board of Directors, except that such level shall not exceed the maximum fixed by subchapter 1 2 of chapter 57 of title 5 for officers and employees of the

United States. (7) Rules and records

The Board shall adopt such rules and procedures as it may consider appropriate for the transaction of the business of the Investment Board, and shall keep permanent and accurate records and minutes of its acts and proceedings.

8 2007b. Rural Partnerships Investment Board (a) Establishment

There is established a “Rural Partnerships Investment Board" to provide lines of credit to eligible entities to enable such entities to establish, maintain, or expand revolving funds that are used to make or guarantee loans, or to make capital investments in new or expanding local businesses in conjunction with loans or investments made by depository institutions (as defined in section 1813(c)(1) of title 12,1 State owned banks whose deposits are backed by the full faith and credit of the State, or community development credit unions chartered by the National Credit Union Administration under the Federal Credit Union Act (12 U.S.C. 1751 et seq.). (b) Board of Directors (1) In general

The Board of Directors of the Investment Board shall consist of

(A) the Administrator of the Rural Electrification Administration;

(B) the Administrator of the Rural Development Administration;

(C) the Administrator of the Extension Service of the Department of Agriculture; and (D) two members who shall be

(i) experienced in rural development and related matters;

(ii) appointed by the President with the advice and consent of the Senate; and

(iii) from different political parties. (2) Chairperson

The Chairperson of the Board shall be the Administrator of the Rural Development Administration. (3) Vacancies

Vacancies on the Board shall be filled in the same manner as the vacant position was previously filled. (4) Chief executive officer

A chief executive officer shall be selected by the Board and shall serve at the pleasure of the Board. (5) Quorum

A quorum shall consist of three members of the Board. All decisions made by the Board shall require an affirmative vote of a majority of the members.

(c) Powers of Investment Board

The Investment Board shall be a body corporate that shall have the power to

(1) operate under the direction of its Board;

(2) adopt, alter, and use a corporate seal, which shall be judicially noted;

(3) provide for one or more officers, employees, and agents, as may be necessary, define their duties, and require surety bonds or make other provisions against losses occasioned by acts of such persons;

(4) hire, promote, compensate, and discharge officers and employees of the Investment Board, without regard to title 5, except that no such officer or employee shall receive an annual rate of basic pay in excess of the rate prescribed for level III of the Executive Schedule under section 5314 of title 5;

(5) prescribe by its Board its bylaws, that shall be consistent with law, and that shall provide for the manner in which

(A) its officers, employees, and agents are to be selected;

(B) its property is to be acquired, held, and transferred;

(C) its general operations are to be conducted; and

(D) the privileges granted by law are to be exercised and enjoyed;

So in original. A closing parenthesis probably should precede the comma.

* So in original. Probably should be subchapter "I".

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