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Page:United States Statutes at Large Volume 61 Part 1.djvu/570

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PUBLIC LAWS-CH. 356-JULY 30, 1947 40 Stat. 288 . 31 U. S. C. §774 (2). 50 Stat. 869. 49 Stat.1363 . Infra. 49 Stat. 1364 ,1365 . 7U. .c.. 903- 905, 907. Infra. 49 Stat. 1364. 7U.S.C. 903 (a), (f). Loans to Adminis- trator. 49 Stat. 1365. 7 U.S . C. §§904,905. Amortization of des- ignated obligations. Authority ofadmin- istrator. purpose of making such loans or advances, the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act are extended to include such loans or advances to the Secretary of Agriculture. Repayments to the Secretary of Treasury on such loans or advances shall be treated as a public-debt transaction of the United States. WATER FACILITIES, ARID AND SEMIARID AREAS To carry into effect the provisions of the Act to promote conserva- tion in the arid and semiarid areas of the United States by aiding in the development of facilities for water storage and utilization, approved August 28, 1937, as amended (16 U. S . C . 590r-590x, 590z-5), $1,750,000, of which not to exceed $11,000 may be expended for per- sonal services in the District of Columbia. RURAL ELECTRIFICATION ADMINISTRATION To carry into effect the provisions of the Rural Electrification Act of 1936, approved May 20, 1936, as amended (7 U. S . C . 901-915), as follows: Salaries and expenses: For administrative expenses, including personal services in the District of Columbia; not to exceed $500 for newspapers; and not to exceed $500 for financial and credit reports, $5,000,000. Loans: For loans in accordance with sections 3, 4, and 5 of said Act, and for carrying out the provisions of section 7 thereof, $225,000,000, to be borrowed from the Secretary of the Treasury in accordance with the provisions of section 3 (a) of said Act. Sections 3 (a) and 3 (f) of the Rural Electrification Act of 1936, approved May 20, 1946, as amended (7 U. S . C. 901-915), are hereby amended to read as follows: "SEC. 3 . (a) The Secretary of the Treasury is hereby authorized and directed to make loans to the Administrator, upon the request and approval of the Secretary of Agriculture, in such amounts in the aggregate for each fiscal year commencing with the fiscal year ending June 30, 1948, as the Congress may from time to time determine to be necessary, either without interest or at such rate of interest per annum, not in excess of the rate provided for in sections 4 and 5 of this Act, as the Secretary of the Treasury may determine, upon the security of the obligations of borrowers from the Administrator appointed pursuant to the provisions of this Act or from the Adminis- trator of the Rural Electrification Administration established by Executive Order Numbered 7037. Interest rates on the unpaid balance of any loans made by the Reconstruction Finance Corporation to the Administrator prior to July 1, 1947, shall be adjusted to the interest rate, if any, established for loans made after June 30, 1947, in accordance with the foregoing provision: Provided, That such obligations incurred for the purpose of financing the construction and operation of generating plants, electric transmission and distribution lines, or systems shall be fully amortized over a period not to exceed thirty-five years, and that the maturity of such obligations incurred for the purpose of financing the wiring of premises and the acquisition and installation of electrical and plumbing appliances and equipment shall not exceed two-thirds of the assured life thereof and not more than five years. The Administrator is hereby authorized to make all such endorsements, to execute all such instruments, and to do all 546 [61 STAT.