Volume 89 · 677
Public Law 94–124
To amend sections 6, 306, and 308 of the Hural Electrification Act of 1936, as amended.
Approved November 4, 1975
Statutory text
An Act
To amend sections 6, 306, and 308 of the Hural Electrification Act of 1936, as amended.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 306 of the Rural Electrification Act of 1936, as amended, is amended—
by adding at the end of said section 306 the following: “A guaranteed loan, including the related guarantee, may be assigned to the extent provided in the contract of guarantee executed by the Administrator under this title; the assignability of such loan and guarantee shall be governed exclusively by said contract of guarantee.”; and
by inserting the word “initially” before the words “made, held, and serviced” in the sixth sentence of said section 306.
Sec. 2.
Section 308 of the Rural Electrification Act of 1936, as amended, is amended by striking therefrom the words, “of which the
holder has actual knowledge” and substituting in lieu thereof the words “of which the holder had actual knowledge at the time it became a holder”.
Sec. 3.
Section 6 of the Rural Electrification Act of 1936, as amended,
Testimony before congressional committees.
is amended by adding at the end thereof the following new sentence: “On or before February 15 of each calendar year beginning with calendar year 1976, or such other date as may be specified by the appropriate committee, the Secretary of Agriculture shall testify before the House Committee on Agriculture and the Senate Committee on Agriculture and Forestry and provide justification in detail of the amount requested in the budget to be appropriated for the next fiscal year for the purpose of administering this Act and for the purpose of making the studies, investigations, publications, and reports herein authorized.”.
Approved November 4, 1975.