§ 2159. Purchase and sale of obligations

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1971

   Farm Credit Act of 1971

   Pub. L. 92–181 title IV § 4 · 85 Stat. 583

   Enacted · 12 U.S.C. § 2159

   Pub. L. 92–181, title IV, § 4.8, Dec. 10, 1971, 85 Stat. 612

   Source evidence

   Code source credit
   Pub. L. 92–181, title IV, § 4.8, Dec. 10, 1971, 85 Stat. 612

   Enacted provision · exact public law section
   (4) Sue and be sued.

2. 1986

   Farm Credit Act Amendments of 1986

   Pub. L. 99–509 title I § 1034 · 100 Stat. 1874

   1. Amended · 12 U.S.C. § 2159

      Pub. L. 99–509 designated existing provisions as subsec. (a)

   2. Added · 12 U.S.C. § 2159

      Pub. L. 99–509 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 99–509 designated existing provisions as subsec. (a) and added subsec. (b).

   Enacted provision · exact public law section
   SEC. 1034. CERTAIN TRANSACTIONS WITH RESPECT TO SYSTEM OBLIGATIONS. Section 4.8 of the Farm Credit Act of 1971 (12 U.S.C. 2159) is amended by— (1) inserting the designation “(a)” after the heading; and (2) adding at the end thereof the following: “(b) Through December 31, 1988, each bank of the System, in addition to purchasing obligations as authorized by this Act, may, with the prior approval of the Farm Credit Administration and subject to such conditions as it may establish, (1) reduce the cost of Contracts. its borrowings by doing one or more of the following: (A) contracting with a third party, or an entity that is established as a limited 12 USC 2211. purpose System institution under section 4.25 and that is not to be included in the combined financial statements of other System institutions, with respect to the payment of interest on the bank’s obligations and the obligations of other banks incurred before January 1, 1985, in consideration of the payment of market interest rates on such obligations, plus a premium, or (B) for the period July 1, 1986, through December 31, 1988, capitalizing interest costs on obligations incurred before January 1, 1985, in excess of the estimated interest costs on an equivalent amount of Farm Credit System obligations at prevailing market rates on such obligations of similar maturities as of the date of the enactment of this subsection, or (C) taking other similar action; and (2) amortize, over a period of not to exceed 20 years, the capitalization of the premium, capitalization of interest expense, or like costs of any action taken under clause (1).”.

3. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 title II § 205(a) · 101 Stat. 1568

   Substituted · 12 U.S.C. § 2159(b)

   Pub. L. 100–233 substituted “December 31, 1992” for “December 31, 1988” in two places

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 100–233 substituted “December 31, 1992” for “December 31, 1988” in two places.

   Enacted provision · exact public law section
   (a) Dates for Purchase and Sale of Obligations.— Section 4.8(b) (12 U.S.C. 2159(b)) is amended by striking out “1988” each place it appears and inserting in lieu thereof “1992”.

4. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 title V § 5411(18) · 132 Stat. 4490

   1. Struck · 12 U.S.C. § 2159

      Pub. L. 115–334 struck out subsec. (a) designation before “Each bank”

   2. Struck · 12 U.S.C. § 2159

      Pub. L. 115–334 struck out subsec. (b) which described conditions under which each bank of the System could reduce the cost of its borrowings and amortize certain capitalizations through Dec. 31, 1992

   Source evidence

   Code amendment note
   Pub. L. 115–334 struck out subsec. (a) designation before “Each bank” and struck out subsec. (b) which described conditions under which each bank of the System could reduce the cost of its borrowings and amortize certain capitalizations through Dec. 31, 1992.

   Enacted provision · exact public law section
   (18) Section 4.8 of the Farm Credit Act of 1971 (12 U.S.C. 2159) is amended— (A) by striking the section designation and heading and all that follows through “Each bank” in subsection (a) and inserting the following: “SEC. 4.8. PURCHASE AND SALE OF OBLIGATIONS.   “Each bank” ; and (B) by striking subsection (b).

6 of 6 references resolved to an enrolled provision