Page:United States Statutes at Large Volume 85.djvu/59

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PUBLIC LAW 92-000—MMMM. DD, 1971

85 STAT. ]


PUBLIC LAW 92-12-MAY 7, 1971


For an additional amount for "Disaster relief," including carrying out the functions of the Office of Emergency Preparedness under the Disaster Relief Act of 1970 (Public Law 91-606), $25,000,000, to remain available until expended: Provided, That not to exceed 3 per centum of the foregoing amount shall be available for administrative expenses. CHAPTER VI

84 Stat. 1744. 42 USC 4401 note.

GENERAL PROVISIONS No part of any appropriation contained in this Act shall remain available for obligation beyond the current fiscal year unless expressly so provided herein. Approved April 30, 1971.

Public Law 92-12 AN ACT To amend the Rural Electrification Act of 1936, as amended, to provide an additional source of financing for the rural telephone program, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That it is hereby declared to be the policv of the Congress that the growing capital needs of the rural telepnone systems require the establishment of a rural telephone bank which will furnish assured and viable sources of supplementary financing with the objective that said bank will become an entirely privately owned, operated, and financed corporation. The Congress further finds that many rural telephone systems require financing under the terms and conditions provided in title II of the Rural Electrification Act of 1936, as amended. I n order to effectuate this policy, the Rural Electrification Act of 1936, as amended (7 U.S.C. 921-924), is amended as hereinafter provided. SEC. 2. The Rural Electrification Act of 1936, as amended, is amended by adding the following two new titles: "TITLE III "SEC. 301. RURAL TELEPHONE ACCOUNT.—There is hereby estab-

lished in the Treasury of the United States an account, to be known as the rural telephone account, consisting of so much of the net collec-

May 7, 1971 [S. 70]

Rural telephone program. Financing.

63 Stat. 948; 76 Stat. 1140. 7 USC 922. 49 Stat.-1363. 7 USC 901.