Rural Electrification and Telephone Revolving Fund Self-Sufficiency Act of 1983

Summary

Rural Electrification and Telephone Revolving Fund Self-Sufficiency Act of 1983 - Amends the Rural Electrification Act of 1936 (REA) to eliminate the requirement for a State certificate of convenience and necessity before the Administrator may make loans to provide rural telephone service. Revises the liabilities and uses of the Rural Electrification and Telephone Revolving Fund established under the REA to provide that notes of the Administrator to the Secretary of the Treasury to obtain funds for loans shall be equity capital of the Fund. States that assets of the Fund shall be available only for: (1) payment of interest and principal on loans to the Administrator from the Secretary of the Treasury; and (2) for certificates of beneficial ownership issued to such Secretary or in the private market. Requires the Administrator to maintain two separate accounts within the fund: (1) the Electrification Account; and (2) the Telephone Account. Lists the items that shall be accounted for in each Account respectively, and restricts the purposes for which the assets of each Account shall be available. Authorizes the Administrator to repurchase specified certificates of beneficial ownership under certain conditions affecting their interest rates. Establishes guidelines for interest-bearing insured loans made by the Administrator to electric and telephone borrowers. Requires the Secretary of Agriculture to request in each annual supplemental budget estimate the amount needed to replenish the Fund for anticipated and actual costs resulting from loans made at less than a specified rate during the preceding fiscal year. Directs the Administrator to guarantee loans to specified borrowers or to accommodate or subordinate liens or mortgages held in the Fund, according to prescribed rules and regulations. Directs the Administration to promulgate such rules and regulations within 90 days after the effective date of this Act. Prescribes guidelines under which certain lenders are authorized to adjust interest rates on loans guaranteed by the Administrator. Requires rural electrification borrowers to obtain concurrent supplemental financing according to prescribed guidelines in any fiscal year in which the minimum loan level for insured rural electrification loans is less than $1,000,000,000. Repeals the loan-making authority of the Governor of the Rural Telephone Bank which require approval by the Secretary of Agriculture of facilities or lines to be acquired with such loans. Eliminates loan restrictions placed upon potential borrowers whose net worth exceed their assets by twenty percent.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 18 May 1983

   Introduced

   Referred to House Committee on Agriculture.

   Source: IntroReferral

2. 18 May 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 May 1983

   Introduced

   Introduced in House

   Source: IntroReferral

4. 25 May 1983

   Referred

   Referred to Subcommittee on Conservation Credit and Rural Development.

   Source: Committee

5. 4 October 1983

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 5 October 1983

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 26 October 1983

   Committee

   Forwarded by Subcommittee to Full Committee (Amended).

   Source: Committee

8. 26 October 1983

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

9. 28 October 1983

   Reported

   Ordered to be Reported (Amended).

   Source: Committee

10. 28 October 1983

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

11. 9 December 1983

    Introduced

    Referred to House Committee on Banking, Finance and Urban Affairs Sequentially, for a Period Ending not Later than Feb 24, 84.

    Source: IntroReferral

12. 9 December 1983

    Reported

    Reported to House (Amended) by House Committee on Agriculture. Report No: 98-588 (Part I).

    Source: Committee

13. 9 December 1983

    Reported

    Reported to House (Amended) by House Committee on Agriculture. Report No: 98-588 (Part I).

    Source: Committee

14. 28 February 1984

    Reported

    Rules Committee Resolution H.Res.447 Reported to House.

    Source: Floor

15. 28 February 1984

    Floor

    Rule Granted Providing an Open Rule with 1 Hour of Debate. Waiver of Points of Order.

    Source: Floor

16. 29 February 1984

    Floor

    Called up by House by Rule.

    Source: Floor

17. 29 February 1984

    Passed

    Rule Passed House.

    Source: Floor

18. 1 March 1984

    Vote

    Passed House (Amended) by Yea-Nay Vote: 283 - 111 (Record Vote No: 36).

    Source: Floor

19. 1 March 1984

    Vote

    Passed/agreed to in House: Passed House (Amended) by Yea-Nay Vote: 283 - 111 (Record Vote No: 36).

    Source: Floor

20. 1 March 1984

    Passed

    House Agreed to Amendments Adopted by the Committee of the Whole.

    Source: Floor

21. 1 March 1984

    Reported

    The Clerk Reported Committee Amendments.

    Source: Floor

22. 5 March 1984

    Introduced

    Received in the Senate and read twice and referred to the Committee on Agriculture.

    Source: IntroReferral

23. 20 March 1984

    Committee

    Subcommittee on Agricultural Credit. Hearings held.

    Source: Committee

24. 12 April 1984

    Committee

    Subcommittee on Agricultural Credit. Hearings held.

    Source: Committee

25. 15 May 1984

    Committee

    Subcommittee on Agricultural Credit. Hearings held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Passed House amended

  summary · EN · 1 March 1984

  Open at official source

• Reported to House amended, Part I

  summary · EN · 9 December 1983

  Open at official source

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• Introduced in House

  summary · EN · 18 May 1983

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Jones, Ed [D-TN-8] · D · Sponsor
• Rep. Coleman, E. Thomas [R-MO-6] · R · Sponsor
• Rep. de la Garza, E. [D-TX-15] · D · Sponsor
• Rep. Marlenee, Ron [R-MT-2] · R · Sponsor
• Rep. Albosta, Donald J. [D-MI-10] · D · Sponsor
• Rep. Alexander, Bill [D-AR-1] · D · Sponsor
• Rep. Anthony, Beryl, Jr. [D-AR-4] · D · Sponsor
• Rep. Barnard, Doug, Jr. [D-GA-10] · D · Sponsor
• Rep. Bedell, Berkley W. [D-IA-6] · D · Sponsor
• Rep. Bevill, Tom [D-AL-4] · D · Sponsor
• Rep. Boner, William H. [D-TN-5] · D · Sponsor
• Rep. Bonior, David E. [D-MI-10] · D · Sponsor
• Rep. Boucher, Rick [D-VA-9] · D · Sponsor
• Sen. Breaux, John B. [D-LA] · D · Sponsor
• Rep. Britt, Robin [D-NC-6] · D · Sponsor
• Rep. Brown, George E., Jr. [D-CA-42] · D · Sponsor
• Sen. Brown, Hank [R-CO] · R · Sponsor
• Rep. Broyhill, James T. [R-NC-10] · R · Sponsor
• Rep. Carr, Bob [D-MI-8] · D · Sponsor
• Rep. Chappell, Bill, Jr. [D-FL-4] · D · Sponsor
• Rep. Clarke, James McC. [D-NC-11] · D · Sponsor
• Rep. Clay, William (Bill) [D-MO-1] · D · Sponsor
• Rep. Coelho, Anthony Lee [D-CA-15] · D · Sponsor
• Rep. Cooper, Jim [D-TN-5] · D · Sponsor
• Rep. Corcoran, Tom [R-IL-14] · R · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Sponsor
• Rep. Derrick, Butler C. [D-SC-3] · D · Sponsor
• Rep. Duncan, John J. [R-TN-2] · R · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Rep. Emerson, Bill [R-MO-8] · R · Sponsor
• Rep. English, Glenn [D-OK-6] · D · Sponsor
• Rep. Evans, Lane [D-IL-17] · D · Sponsor
• Rep. Foley, Thomas S. [D-WA-5] · D · Sponsor
• Rep. Ford, Harold E. [D-TN-9] · D · Sponsor
• Rep. Fuqua, Don [D-FL-2] · D · Sponsor
• Rep. Gaydos, Joseph M. [D-PA-20] · D · Sponsor
• Rep. Gephardt, Richard A. [D-MO-3] · D · Sponsor
• Rep. Gingrich, Newt [R-GA-6] · R · Sponsor
• Sen. Gore, Albert, Jr. [D-TN] · D · Sponsor
• Rep. Gunderson, Steve [R-WI-3] · R · Sponsor
• Rep. Hance, Kent R. [D-TX-19] · D · Sponsor
• Sen. Harkin, Tom [D-IA] · D · Sponsor
• Rep. Hartnett, Thomas F. [R-SC-1] · R · Sponsor
• Rep. Hatcher, Charles [D-GA-2] · D · Sponsor
• Rep. Hefner, W. G. (Bill) [D-NC-8] · D · Sponsor
• Rep. Hightower, Jack E. [D-TX-13] · D · Sponsor
• Rep. Hillis, Elwood H. [R-IN-5] · R · Sponsor
• Rep. Hubbard, Carroll, Jr. [D-KY-1] · D · Sponsor

Showing 48 of 183 sponsors and actors.

Related records

• related to → A resolution providing for the consideration of the bill (H.R. 3050) to amend the Rural Electrification Act of 1936 to ensure the continued financial integrity of the Rural Electrification and Telephone Revolving Fund, and for other purposes.
• related to ← Rural Electrification and Telephone Revolving Fund Solvency Act of 1984
• related to ← Rural Electrification and Telephone Revolving Fund Act of 1984
• related to ← Rural Electrification and Telephone Revolving Fund Self-Sufficiency Act of 1984
• amends ← An amendment to require prior approval by the President of the Federal Financing Bank before repurchase of a certificate.
• amends ← An amendment to add a new section that restricts eligibility for financial assistance. The amendment requires that the Secretary, after consultation with the Secretary of the Treasury, determine that extension of assistance will not tend to restrict availability of credit, or increase the cost of credit to borrowers not receiving the benefit of federal credit assistance programs, prior to granting financial assistance under the act. This restriction is not to apply to loans made or extended at the special interest rate as provided in this act unless the Administration determines it shall apply and does so under established regulations.
• amends ← A substitute amendment. The amendment raises the bill's variable interest formula for REA direct loans; requires REA to pay back both the principal and the interest on CBO's in annual installments; caps the revolving fund loan program at its current level; eliminates the current requirement that REA provide at least 70 percent of the capital needs of rural coops and phone companies; and sets the hardship loan level at half the variable interest rate. It requires REA to begin paying back to the Treasury the 7.9 billion dollars made available to the revolving fund in 1973. It eliminates provisions that allow refinancing of CBO's and guaranteed loans, and deletes requirements that REA give up its first claim of assets in case of default.