§6616 — Title 7 Agriculture | U.S. Code

Summary

The Secretary may lend money to economically disadvantaged rural communities so they can get technical help and services to make and carry out action plans. These plans can include fixing or expanding local facilities and infrastructure to create jobs or income, helping communities diversify economies that depend on National Forest System lands, or starting new businesses not tied to those lands. The Secretary sets the loan terms and the interest rate, but the rate cannot be higher than the current average market yield on U.S. marketable obligations with similar remaining time to maturity plus up to 1 percent, and it must be rounded to the nearest one-eighth of 1 percent.

Title 7, §6616

Agriculture — Source: USLM XML via OLRC

(a)The Secretary, under such terms and conditions as the Secretary shall establish, may make loans to economically disadvantaged rural communities for the purposes of securing technical assistance and services to aid in the development and implementation of action plans, including planning for—

(1)improving existing facilities in the community that may generate employment or revenue;

(2)expanding existing infrastructure, facilities, and services to capitalize on opportunities to diversify economies now dependent on National Forest System land resources; and

(3)supporting the development of new industries or commercial ventures unrelated to National Forest System land resources.

(b)The interest rates on a loan made pursuant to this section shall be as determined by the Secretary, but not in excess of the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturity of such loan, plus not to exceed 1 percent, as determined by the Secretary, and rounded to the nearest one-eighth of 1 percent.

Editorial Notes

Amendments

1999—Subsec. (a)(2), (3). Pub. L. 106–113 substituted “National Forest System land resources” for “national forest resources”.

§6616 Loans to Economically Disadvantaged Rural Communities

Summary

Title 7, §6616

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata