
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC9812a]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                CHAPTER 105--COMMUNITY SERVICES PROGRAMS
 
              SUBCHAPTER I--COMMUNITY ECONOMIC DEVELOPMENT
 
  Part C--Development Loans to Community Economic Development Programs
 
Sec. 9812a. Interest rates payable on certain rural development 
        loans; assignment of loan contracts
        

(a) Modification of interest rates

    Notwithstanding any other provision of law--
        (1) any outstanding loan made after December 31, 1982, by the 
    Secretary of Health and Human Services; or
        (2) any loan made after September 30, 1986;

with moneys from the Rural Development Loan Fund established by section 
9812(c)(1) of this title or with funds available (before October 27, 
1998) under section 9910(a) of this title (as in effect before October 
27, 1998) to an intermediary borrower shall bear interest at a fixed 
rate equal to the rate of interest that was in effect on the date of 
issuance for loans made in 1980 with such moneys or such funds if the 
weighted average rate of interest for all loans made after December 31, 
1982, by such intermediary borrower with such moneys or such funds does 
not exceed the sum of 6 percent and the rate of interest payable under 
this subsection by such intermediary borrower.

(b) Assignment of certain loan contracts

    Any contract for a loan made during the period beginning on December 
31, 1982, and ending on September 30, 1986, with--
        (1) moneys from the Rural Development Loan Fund established by 
    section 9812(c)(1) of this title; or
        (2) funds available (before October 27, 1998) under section 
    9910(a) of this title (as in effect before October 27, 1998);

to an intermediary borrower that is a county government may be assigned 
by such borrower to an entity to which such loan could have been made 
for the purpose for which such contract was made. Any entity to which 
such contract is so assigned shall be substituted as a party to such 
contract and shall be obligated to carry out such contract and the 
purpose for which such contract was made.

(Pub. L. 99-425, title IV, Sec. 407(a), (b), Sept. 30, 1986, 100 Stat. 
971; Pub. L. 105-285, title II, Sec. 202(c), Oct. 27, 1998, 112 Stat. 
2755.)

                       References in Text

    Section 9910 of this title, referred to in subsecs. (a) and (b)(2), 
was in the original a reference to section 681 of Pub. L. 97-35. Section 
681 of Pub. L. 97-35 was omitted, and a new section 681 enacted, in the 
general amendment of chapter 106 of this title by Pub. L. 105-285, title 
II, Sec. 201, Oct. 27, 1998, 112 Stat. 2728. The new section 681 is 
classified to section 9922 of this title.

                          Codification

    Section was enacted as part of the Human Services Reauthorization 
Act of 1986, and not as part of the Community Economic Development Act 
of 1981 which comprises this subchapter.


                               Amendments

    1998--Subsec. (a). Pub. L. 105-285, Sec. 202(c)(1), in concluding 
provisions, inserted ``(before October 27, 1998)'' after ``funds 
available'' and ``(as in effect before October 27, 1998)'' after 
``9910(a) of this title''.
    Subsec. (b)(2). Pub. L. 105-285, Sec. 202(c)(2), inserted ``(before 
October 27, 1998)'' after ``funds available'' and ``(as in effect before 
October 27, 1998)'' after ``9910(a) of this title''.


                             Effective Date

    Section effective Oct. 1, 1986, see section 1001 of Pub. L. 99-425, 
set out as an Effective Date of 1986 Amendment note under section 8621 
of this title.


    Transfer of Loan by Utah or Ohio Local Public Body to Nonprofit 
                               Corporation

    Pub. L. 99-500, Sec. 101(a) [title VI, Sec. 640], Oct. 18, 1986, 100 
Stat. 1783, 1783-35, and Pub. L. 99-591, Sec. 101(a) [title VI, 
Sec. 640], Oct. 30, 1986, 100 Stat. 3341, 3341-35, purported to amend 
section 623B(b)(2) of the Community Economic Development Act of 1981, a 
nonexistent section of that Act (Pub. L. 99-35, title VI, Sec. 611 et 
seq.), by adding at the end thereof the following new sentence: 
``Notwithstanding any other provision of law, any Utah or Ohio local 
public body to which a loan was made after December 31, 1982, from the 
Rural Development Loan Fund may, at the discretion of such local public 
body and with the approval of the Secretary of Health and Human 
Services, transfer such loan to a nonprofit corporation designated by 
such body to serve as an intermediate borrower and to carry out the 
purposes of the loan.''
