An Act to amend the Rural Electrification Act of 1936, as amended, to enhance the ability of the Rural Telephone Bank to obtain funds for the supplementary financing program on favorable terms and conditions
PL 92-324 (H.R.14423), enacted 06/30/1972

390 
PUBLIC LAW 92-324-JUNE 30, 1972 
[86 STAT. 
June 30, 1972 
[H. R.14423] 
Public Law 92-324 
AN ACT 
To amend the Rural Electrification Act of 1936, as amended, to enhance the 
ability of the Rural Telephone Bank to obtain funds for the supplementary 
financing program on favorable terms and conditions. 
Rural Telephone 
Bank. 
Financing. 
49 Stat. 1363; 
85 Stat. 2 9. 
Debentures, 
sale to Treasury. 
85 Stat. 34. 
7 u s e 947. 
4 0 Stat. 2 88; 
85 Stat. 5. 
31 u s e 774. 
Effective date. 
Be it enacted hy the Senate and House of Beyresentatives 
of the 
United States of America hi Congress assembled^ That it is hereby 
declared to be the policy of the Congress that the Rural Telephone 
Bank should have the capability of obtaining adequate funds for its 
supplementary financing program at the lowest possible costs. In order 
to effectuate this policy, it will be necessary to expand the market for 
debentures to be issued by the Telephone Bank. The Rural Electrifi-
cation Act of 1936, as amended (7 U.S.C. 901-950(b)), is therefore 
further amended as hereinafter provided. 
SEC. 2. Section 407 of the Rural Electrification Act of 1936, as 
amended, is amended by inserting " ( a ) " immediately preceding the 
first sentence thereof and adding at the end thereof the following: 
"(b) The Telephone Bank is also authorized to issue telephone 
debentures to the Secretary of the Treasury, and the Secretary of the 
Treasury may in his discretion purchase any such debentures, and 
for such purpose the Secretary of the Treasury is authorized to use 
as a public debt transaction the proceeds of the sale of any securities 
hereafter issued under the Second Liberty Bond Act. as now or here-
after in force, and the purposes for which securities may be issued 
under the Second Liberty Bond Act as now or hereafter in force 
are extended to include such purchases. Each purchase of telephone 
debentures by the Secretary of the Treasury under this subsection 
shall be upon such terms and conditions as to yield a return at a rate 
not less than a rate determined by the Secretary of the Treasury, tak-
ing into consideration the current average yield on outstanding mar-
ketable obligations of the United States of comparable maturity. 
The Secretary of the Treasury may sell, upon such terms and condi-
tions and at such price or prices as he shall determine, any of the 
telephone debentures acquired by him under this subsection. All pur-
chases and sales by the Secretary of the Treasury of such debentures 
under this subsection shall be treated as public debt transactions of the 
United States.". 
SEC. 3. The right to repeal, alter, or amend this Act is expressly 
reserved. 
SEC. 4. This Act shall take effect upon enactment. 
- Approved June 30, 1972. 
June 30, 1972 
[S. 3715] 
Public Law 92-325 
AN ACT 
To amend and extend the Defense Production Act of 19o(). 
Defense Produc-
tion Act of 1950, 
amendment. 
65 Stat. 133; 
78 Stat. 235. 
67 Stat. 131; 
84 Stat. 796. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States ofAmerica 
in Congress assembled, That section 303 (b) 
of the Defense Broduction Act of 1950, as amended (50 U.S.C. App. 
2093(b)), is amended by striking out "June 30, 1975"' and inserting in 
lieu thereof "June 30, 1985". 
SEC. 2. The first sentence of section 717(a) of the Defense. Produc-
tion Act of 1950, as amended (50 U.S.C. App. 2166(a)), is amended 
by striking out "June 30,1972" and inserting in lieu tliereof "June 30, 
1974". 
Approved June 30, 1972.