106 STAT. 4110 PUBLIC LAW 102-552—OCT. 28, 1992 Farm Credit System Insurance Corporation; or "(bb) the amount that, if appropriated to the account in equal amounts m each year thereafter until the maturity of the obligation referred to in subparagraph (A), would cause the amount in the account to equal the par value of the preferred stock issued by the institution with respect to the obligation; plus "(11) any amount that had been appropriated to the account in a previous year but had thereafter been offset by losses. "(iii) LIMITATION. —An annual appropriation shall not be made to the extent that the appropriation would exceed the institution's net income (as determined pursuant to generally accepted accounting principles) m that year or to the extent that the appropriation would cause the institution's preferred stock to be impaired. "(iv) USE.—The amount in the appropriated unallocated surplus account shall be unavailable to pay dividends or other allocations or distributions to shareholders or holders of participation certificates. The account shall be senior to all other unallocated surplus accounts but junior to all preferred and common stock for purposes of the application of operating losses. "(v) PREFERRED STOCK.— The appropriations of surplus by an institution shall not anect the treatment of its preferred stock (and of the appropriated unallocated surplus) as equity for purposes of regulatory permanent capital requirements.". SEC. 303. SYSTEMWIDE REPAYMENT OBLIGATION. Subparagraph (C) of section 6.26(d)(l) (12 U.S.C. 2278b- 6(d)( IXC;)) is amended to read as follows: "(C) SYSTEMWIDE REPAYMENT. — "(i) IN GENERAL.—In order to enable the Financial Assistance Corporation to repay the obligations issued to provide assistance under subsections (c) and (e) of section 410 of the Agricultural Credit Act of 1987 (12 U.S.C. 2011 note) and section 4.9A(c) of this Act, or issued to provide funds to cover the expenses of the Assistance Board or the Financial Assistance Corporation under sections 6.7(a) and 6.24, respectively, of this Act, each System bank shall pay to the Financial Assistance Corporation a proportion, as calculated by the Financial Assistance Corporation, of the obligation equal to— "(I) the average accruing retail loan volume of the bank and its affiliated associations for the preceding 15 years; divided by "(ID the average accruing retail loan volume of all such banks and their affiliated associations for the same period. "(ii) EXPENSE ITEM.—The annual increase in the present value of the estimated obligation of each bank
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