Source: http://www.law.cornell.edu/uscode/text/7/4201
Timestamp: 2013-05-19 02:32:46
Document Index: 139691035

Matched Legal Cases: ['§ 4201', '§ 4201', '§ 4201', '§ 1540', '§ 1539', '§ 1539', '§ 1465', '§ 201', '§ 730']

7 USC § 4201 - General provisions | Title 7 - Agriculture | U.S. Code | LII / Legal Information Institute
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7 USC § 4201 - General provisions
(Pub. L. 97–98, title XV, § 1540,Dec. 22, 1981, 95 Stat. 1341.)
Section 1549 ofPub. L. 97–98provided that: “The provisions of this subtitle [subtitle I (§§ 1539–1549) of title XV of Pub. L. 97–98, enacting this chapter] shall become effective six months after the date of enactment of this Act [Dec. 22, 1981].”
Section 1539 ofPub. L. 97–98provided that: “This subtitle [subtitle I (§§ 1539–1549) of title XV of Pub. L. 97–98, enacting this chapter] may be cited as the ‘Farmland Protection Policy Act’.”
Pub. L. 101–624, title XIV, ch. 2, §§ 1465–1470B,Nov. 28, 1990, 104 Stat. 3616–3619, as amended by Pub. L. 102–237, title II, §§ 201(b), (c), 203,Dec. 13, 1991, 105 Stat. 1847, 1848, provided that:
“(8) State trust fund.—The term ‘State trust fund’ means any trust fund or an account established by an eligible State, or other public instrumentality of the eligible State, where such eligible State is approved to participate by the Secretary in the program under application procedures set forth in section 1466
(j) or 1468.
“(1) Purpose.—The Secretary shall establish and implement a program, to be known as the ‘Agricultural Resource Conservation Demonstration Program’, to provide Federal guarantees and interest assistance for eligible loans described in section 1465
(c)(2) made to, or issued for the benefit of, State trust funds.
“(2) Assistance.—Under the program the Secretary shall guarantee for a period of 10 years the timely payment of the principal amount and interest due on each eligible loan described in section 1465
(c)(2) made to, or issued for the benefit of, State trust funds and shall for each such 10-year period subsidize the interest on such eligible loans at the allowable interest rate for the first 5 years after the loan is made, or issued, and at no less than 3 percentage points for the second 5 years under procedures described in subsection (b).
“(1) fully guarantee with the full faith and credit of the United States each eligible loan described in section 1465
(c)(2) made to, or issued for the benefit of, each State trust fund under procedures established by the Secretary;
“(2) annually pay to each State trust fund an amount calculated by applying the allowable interest rate to the amount of each loan described in section 1465
(c)(2) made to, or issued for the benefit of, each State trust fund during each of the first 5 years after the date on which each such loan was made or issued; and
“(3) annually pay to each State trust fund, for each year during the second 5-year period after each such eligible loan is made to, or issued for the benefit of, the State trust fund, an amount calculated by applying the interest rate difference, between the rate of interest charged to borrowers of direct loans as described in section 316(a)(2) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1946
(a)(2)) and the allowable interest rate, to the amount of each such loan made to, or issued for the benefit of, the State trust fund, as determined under procedures established by the Secretary.
“(1) Issuance of stock.—The Secretary of Agriculture shall make and issue stock, in the same manner as notes are issued under section 309(c) or 309A(d) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1929
(c) or 1929a
(d)), to the Secretary of the Treasury for the purpose of obtaining funds from the Secretary of the Treasury that are necessary for discharging the obligations of the Secretary of Agriculture under this chapter. The stock shall not pay dividends and shall not be redeemable.
“(3) Commodity credit corporation.—If the Secretary of Agriculture fails to issue stock as required under this chapter, or if funding is otherwise not provided as set forth in this chapter, for the eligible State described in section 1465
(c)(3)(A), notwithstanding any other provision of law, the Secretary of Agriculture shall use the funds, services and facilities of the Commodity Credit Corporation to carry out the requirements of this chapter. The procedure described in paragraph (2) shall be used to reimburse the Corporation for funds expended to carry out this paragraph.
“(f) Regulations.—Except regarding the eligible State described in section 1465
(c)(3)(A), the Secretary shall promulgate proposed and final regulations, under the prior public comment provisions of section 553 of title 5, United States Code, setting forth—
“(1) In general.—Funds from eligible loans (including proceeds from the sale of bonds or other obligations described in section 1465
(c)(2)) guaranteed under this chapter, and any earnings of the State trust funds, may be used—
“(i) State Use of Guaranteed Loan Funds.—The Secretary may issue regulations or procedures requiring each State trust fund to report to the Secretary regarding the uses of the eligible loans (described in section 1465
(c)(2)) guaranteed by the Secretary and the Secretary may monitor the uses of the funds to ensure that the loans are used for purposes related to this chapter. Neither the Secretary or [nor] the lending institution shall have the power to require approval of each specific use of the loans guaranteed by the Secretary, the specific terms of each use of the loan funds, or the specific provisions of each purchase or investment made with loans guaranteed by the Secretary. The Secretary may require that each State trust fund provide a State farmland preservation plan of operation to the Secretary setting forth the plans for administering the program in the State and may require each State trust fund to periodically report to the Secretary on the purchases of interests in farmland and on other specific uses of the funds.
“(j) Special Rules for the Pilot Project State.—Notwithstanding any other provisions of this chapter, the following special rules shall apply to the eligible State described in section 1465
(c)(3)(A):
“(A) the amount that was made available in fiscal year 1991 to the State trust fund (the Vermont Conservation and Housing Board regardless of whether the fund had been approved by the Secretary in fiscal year 1991), by the State described in section 1465
(c)(3)(A), political subdivisions thereof, charitable organizations, private persons, or any other entity, in addition to the proceeds from the sale of obligations of the State related to the purposes of the State trust fund and the fair market value of donations of interests in land to the State trust fund; and
“(B) the matching contribution calculated under section 1468
(c) for fiscal year 1992 for the State.
“(a) Applications.—In applying for assistance under this chapter an eligible State described in section 1465
(c)(3)(B) shall—
“(b) Annual Applications.—Eligible States described in section 1465
(c)(3)(B) may apply for Federal assistance under this chapter on an annual basis. The Secretary shall approve or disapprove each application for assistance, and notify the applicant of the action not later than 30 days after receipt of a complete application.
“(b) Regulations.—Not later than December 31, 1991, the Secretary of Agriculture shall publish in the Federal Register interim final regulations to implement this chapter. The regulations shall not require each State’s program to give a priority to the acquisition of land, or interests in land, that is subject to significant urban pressure.
“The Secretary shall issue the stock required to be issued to the Secretary of [the] Treasury under this chapter with respect to the eligible State described in section 1465
(c)(3)(A), for fiscal year 1992, on or before December 20, 1991.”
[Amendment by section 201(b), (c) ofPub. L. 102–237to sections 1466 and 1470 ofPub. L. 101–624, set out above, 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)(1) ofPub. L. 102–237, set out as an Effective Date of 1991 Amendment note under section 1421 of this title.]
Pub. L. 102–341, title VII, § 730,Aug. 14, 1992, 106 Stat. 909, provided that: “For loan guarantees authorized under sections 1465–1469 ofPublic Law 101–624 [set out above] for the Agricultural Resource Conservation Demonstration Program, $10,000,000. For the cost, as defined in section 502 of the Congressional Budget Act of 1974 [2 U.S.C. 661a], $3,644,000: Provided, That, hereafter, no other funds are available in this or any other Act to carry out this program, other than those provided for in advance in Appropriations Acts, except for the cost of administering the program: Provided further, That such limitation shall not apply with respect to the duties and obligations of the Secretary regarding any loan or note guarantees, interest assistance agreements, or other understandings entered into during fiscal year 1992, and the personnel of the Department shall carry out the duties and obligations of the Secretary, and any other requirements imposed on the Secretary regarding such Agricultural Resource Conservation Demonstration Loan Program with respect to the loan made and guaranteed in 1992.”