§ 697. Development company debentures

Footnotes

1. 1 So in original. Probably should be capitalized.

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. 1980

   Pub. L. 85–699 title V § 503 · 72 Stat. 689

   Enacted · 15 U.S.C. § 697

   Pub. L. 85–699, title V, § 503, as added Pub. L. 96–302, title I, § 113(a), July 2, 1980, 94 Stat. 837

   Source evidence

   Code source credit
   Pub. L. 85–699, title V, § 503, as added Pub. L. 96–302, title I, § 113(a), July 2, 1980, 94 Stat. 837

2. 1988

   Small Business Administration Reauthorization and Amendment Act of 1988

   Pub. L. 100–590 § 114 · 102 Stat. 2989

   Inserted · 15 U.S.C. § 697(a)(2)

   Pub. L. 100–590, § 114, inserted two provisos that Administration not decline to issue such guarantee when ownership interests of small business concern and of property to be financed with loan are not identical, and that Administrator has determined on case-by-case basis that such ownership interest, guarantee, and loan, will substantially benefit small business concern

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 100–590, § 114, inserted two provisos that Administration not decline to issue such guarantee when ownership interests of small business concern and of property to be financed with loan are not identical, and that Administrator has determined on case-by-case basis that such ownership interest, guarantee, and loan, will substantially benefit small business concern.

   Enacted provision · exact public law section
   SEC. 114. DEVELOPMENT COMPANY DEBENTURES. Section 503(a)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 697(a)(2)) is amended by inserting before the period at the end thereof the following: Provided, That the Administration shall not decline to issue such guarantee when the ownership interests of the small business concern and the ownership interests of the property to be financed with the proceeds of a loan made pursuant to subsection (b)(1) are not identical because one or more of the following classes of relatives have an ownership interest in either the small business concern or the property: father, mother, son, daughter, wife, husband, brother, or sister: Provided further, That the Administrator or his designee has determined on a case-by-case basis that such ownership interest, such guarantee, and the proceeds of such loan, will substantially benefit the small business concern”.

3. 1988

   Small Business Administration Reauthorization and Amendment Act of 1988

   Pub. L. 100–590 § 112(c)(B) · 102 Stat. 2989

   1. Amended · 15 U.S.C. § 697(c)

      Pub. L. 100–590, § 112(c)(B), formerly § 112(c)(1)(B), as amended by Pub. L. 103–403

   2. Redesignated · 15 U.S.C. § 697(c)

      Pub. L. 100–590, § 112(c)(B), formerly § 112(c)(1)(B), as added subsec. (c). Former subsec. (c) redesignated (d)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 100–590, § 112(c)(B), formerly § 112(c)(1)(B), as amended by Pub. L. 103–403, added subsec. (c). Former subsec. (c) redesignated (d).

   Enacted provision · exact public law section
   (B) by inserting after subsection (b) the following new subsection: “(c) (1) The purpose of this subsection is to facilitate the orderly and necessary flow of long-term loans from certified development companies to small business concerns. “(2) Notwithstanding the provisions of the constitution or laws of any State limiting the rate or amount of interest which may be charged, taken, received, or reserved, the maximum legal rate of interest on any commercial loan which funds any portion of the cost of the project financed pursuant to this section or section 504 which is not funded by a debenture guaranteed under this section shall be a rate which is established by the Administrator of the Small Business Administration under the authority of this section. “(3) The Administrator is authorized and directed to establish and publish quarterly a maximum legal interest rate for any commercial loan which funds any portion of the cost of the project financed pursuant to this section or section 504 which is not funded by a debenture guaranteed under this section.”.

4. 1988

   Small Business Administration Reauthorization and Amendment Act of 1988

   Pub. L. 100–590 § 112(c)(A) · 102 Stat. 2989

   1. Amended · 15 U.S.C. § 697(d)

      Pub. L. 100–590, § 112(c)(A), formerly § 112(c)(1)(A), as amended by Pub. L. 103–403

   2. Redesignated · 15 U.S.C. § 697(d)

      Pub. L. 100–590, § 112(c)(A), formerly § 112(c)(1)(A), as redesignated subsec. (c) as (d). Former subsec. (d) redesignated (e)

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 100–590, § 112(c)(A), formerly § 112(c)(1)(A), as amended by Pub. L. 103–403, redesignated subsec. (c) as (d). Former subsec. (d) redesignated (e).

   Enacted provision · exact public law section
   (A) by redesignating subsections (c) and (d) as subsections (d) and (e), respectively, and

5. 1988

   Small Business Administration Reauthorization and Amendment Act of 1988

   Pub. L. 100–590 § 117 · 102 Stat. 2989

   1. Redesignated · 15 U.S.C. § 697(e)

      Pub. L. 100–590, § 117, which directed substitution of “(1) For purposes of” for “For purposes of”, redesignated former pars. (1) to (3) as subpars. (A) to (C), respectively

   2. Redesignated · 15 U.S.C. § 697(e)

      Pub. L. 100–590, § 117, which directed substitution of “(1) For purposes of” for “For purposes of”, added par. (2), was executed to subsec. (e) to reflect the probable intent of Congress and the intervening redesignation of subsec. (d) as (e) by Pub. L. 100–590, § 112(c)(1)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 100–590, § 117, which directed substitution of “(1) For purposes of” for “For purposes of”, redesignated former pars. (1) to (3) as subpars. (A) to (C), respectively, and added par. (2), was executed to subsec. (e) to reflect the probable intent of Congress and the intervening redesignation of subsec. (d) as (e) by Pub. L. 100–590, § 112(c)(1).

   Enacted provision · exact public law section
   SEC. 117. DEVELOPMENT COMPANIES—STAFF AND OVERHEAD. (a) Staff.— Section 503(d) of the Small Business Investment Act of 1958 (15 U.S.C. 697(d)) is amended— (1) by inserting “(1)” after “(d)”; (2) by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively; and (3) by adding at the end thereof the following new paragraph: “(2) A company in a rural area shall be deemed to have satisfied the requirements of a full-time professional staff and professional management ability if it contracts with another certified development company which has such staff and management ability and which is located in the same general area to provide such services.”. (b) Overhead.— The Small Business Investment Act of 1958 is amended by adding at the end thereof the following new section: “restrictions on development company assistance “Sec. 506. Notwithstanding Any Other Provision of Law: (1) on or after May 1, 1991, no development company may accept funding from any source, including but not limited to any department or agency of the United States Government, if such funding includes any conditions, priorities or restrictions upon the types of small businesses to which they may provide financial assistance under this title or if it includes any conditions or imposes any requirements, directly or indirectly, upon any recipient of assistance under this title; and (2) before such date, no department or agency of the United States Government which provides funding to any development company shall impose any condition, priority or restriction upon the type of small business which receives financing under this title nor shall it include any condition or impose any requirement, directly or indirectly, upon any recipient of assistance under this title: Provided, That the foregoing shall not affect any such conditions, priorities or restrictions if the department or agency also provides all of the financial assistance to be delivered by the development company to the small business and such conditions, priorities or restrictions are limited solely to the financial assistance so provided.”. (c) Report.— Not later than one hundred and eighty days after the effective date of this Act, the Small Business Administration shall report to the Small Business Committees of the Senate and the House of Representatives on the amount and nature of all financial assistance or income being received by certified development companies from sources other than the Small Business Administration or those being assisted by the programs authorized in title V of the Small Business Investment Act of 1958. The report shall include any conditions or restrictions imposed on the development companies due to such financial assistance, a comparison of all sources of income which comprise the development companies’ budgets, an analysis of the financial impact of various sources of financial assistance, and the feasibility of restricting assistance received from the Federal Government solely to Small Business Administration funding. (d) The table of contents of such Act is amended by inserting the following new item at the end thereof: “Sec. 506. Restrictions on development company assistance.”.

6. 1988

   Small Business Administration Reauthorization and Amendment Act of 1988

   Pub. L. 100–590 § 112(c)(A) · 102 Stat. 2989

   1. Amended · 15 U.S.C. § 697(e)

      Pub. L. 100–590, § 112(c)(A), formerly § 112(c)(1)(A), as amended by Pub. L. 103–403

   2. Redesignated · 15 U.S.C. § 697(e)

      Pub. L. 100–590, § 112(c)(A), formerly § 112(c)(1)(A), as redesignated former subsec. (d) as (e)

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 100–590, § 112(c)(A), formerly § 112(c)(1)(A), as amended by Pub. L. 103–403, redesignated former subsec. (d) as (e).

   Enacted provision · exact public law section
   (A) by redesignating subsections (c) and (d) as subsections (d) and (e), respectively, and

7. 1990

   Department of Commerce Appropriations Act, 1991

   Pub. L. 101–515 title V § 8 · 104 Stat. 2101

   Added · 15 U.S.C. § 697(e)(3)

   Pub. L. 101–515 added par. (3)

   Source evidence

   Code amendment note
   Subsec. (e)(3). Pub. L. 101–515 added par. (3).

   Enacted provision · exact public law section
   SEC. 8. LOAN SERVICING FEE. In the Small Business Investment Act of 1958, insert the following new subsection: “Sec. 503 (e) (3). Notwithstanding any other provision of law, qualified State or local development companies shall be authorized to prepare applications for deferred participation loans under Section 7(a) of the Small Business Act, to service such loans and to charge a reasonable fee for servicing such loans.”.

8. 1994

   Small Business Administration Reauthorization and Amendments Act of 1994

   Pub. L. 103–403 title II § 213(1) · 108 Stat. 4175

   Changed · 15 U.S.C. § 697(c)(e)

   Pub. L. 103–403 made technical amendment to Pub. L. 100–590, § 112(c). See 1988 Amendment note below

   Source evidence

   Code amendment note
   Subsec. (c) to (e). Pub. L. 103–403 made technical amendment to Pub. L. 100–590, § 112(c). See 1988 Amendment note below.

   Enacted provision · exact public law section
   (1) in paragraph (1), by striking “(1) In General.—Section 503” and inserting “Section 503”; and

9. 1995

   Small Business Lending Enhancement Act of 1995

   Pub. L. 104–36 § 6 · 109 Stat. 295

   Added · 15 U.S.C. § 697(b)(7)

   Pub. L. 104–36 added par. (7)

   Source evidence

   Code amendment note
   Subsec. (b)(7). Pub. L. 104–36 added par. (7).

   Enacted provision · exact public law section
   SEC. 6. DEVELOPMENT COMPANY DEBENTURES. Section 503(b) of the Small Business Investment Act of 1958 (15 U.S.C. 697(b)) is amended— (1) in paragraph (5), by striking “and” at the end; (2) in paragraph (6), by striking the period at the end and inserting “; and”; and (3) by adding at the end the following new paragraph: “(7) with respect to each loan made from the proceeds of such debenture, the Administration— “(A) assesses and collects a fee, which shall be payable by the borrower, in an amount equal to 0.125 percent per year of the outstanding balance of the loan; and “(B) uses the proceeds of such fee to offset the cost (as such term is defined in section 502 of the Federal Credit Reform Act of 1990) to the Administration of making guarantees under subsection (a).”.

10. 1996

    Department of Commerce and Related Agencies Appropriations Act, 1997

    Pub. L. 104–208 § 202(b) · 110 Stat. 3009

    1. Substituted · 15 U.S.C. § 697(b)(7)(A)

       Pub. L. 104–208, § 202(b), substituted “equal to the lesser of—” for “equal to 0.125 percent per year of the outstanding balance of the loan”

    2. Added · 15 U.S.C. § 697(b)(7)(A)

       Pub. L. 104–208, § 202(b), added cls. (i) and (ii)

    Source evidence

    Code amendment note
    Subsec. (b)(7)(A). Pub. L. 104–208, § 202(b), substituted “equal to the lesser of—” for “equal to 0.125 percent per year of the outstanding balance of the loan” and added cls. (i) and (ii).

    Enacted provision · exact public law section
    Sec. 202. During the current fiscal year, appropriations made available to the Department of Commerce by this Act for salaries and expenses shall be available for hire of passenger motor vehicles as authorized by 31 U.S.C. 1343 and 1344; services as authorized by 5 U.S.C. 3109; and uniforms or allowances therefor, as authorized by law (5 U.S.C. 5901–5902).

11. 1996

    Department of Commerce and Related Agencies Appropriations Act, 1997

    Pub. L. 104–208 § 202(c) · 110 Stat. 3009

    1. Inserted · 15 U.S.C. § 697(d)

       Pub. L. 104–208, § 202(c), inserted heading

    2. Amended · 15 U.S.C. § 697(d)

       Pub. L. 104–208, § 202(c), amended text of subsec. (d) generally. Prior to amendment, text read as follows: “The Administration may impose an additional charge for administrative expenses with respect to each debenture for which payment of principal and interest is guaranteed under subsection (a) of this section.”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 104–208, § 202(c), inserted heading and amended text of subsec. (d) generally. Prior to amendment, text read as follows: “The Administration may impose an additional charge for administrative expenses with respect to each debenture for which payment of principal and interest is guaranteed under subsection (a) of this section.”

    Enacted provision · exact public law section
    Sec. 202. During the current fiscal year, appropriations made available to the Department of Commerce by this Act for salaries and expenses shall be available for hire of passenger motor vehicles as authorized by 31 U.S.C. 1343 and 1344; services as authorized by 5 U.S.C. 3109; and uniforms or allowances therefor, as authorized by law (5 U.S.C. 5901–5902).

12. 1996

    Department of Commerce and Related Agencies Appropriations Act, 1997

    Pub. L. 104–208 § 202(d) · 110 Stat. 3009

    Added · 15 U.S.C. § 697(f)

    Pub. L. 104–208, § 202(d), added subsec. (f)

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 104–208, § 202(d), added subsec. (f).

    Enacted provision · exact public law section
    Sec. 202. During the current fiscal year, appropriations made available to the Department of Commerce by this Act for salaries and expenses shall be available for hire of passenger motor vehicles as authorized by 31 U.S.C. 1343 and 1344; services as authorized by 5 U.S.C. 3109; and uniforms or allowances therefor, as authorized by law (5 U.S.C. 5901–5902).

13. 1996

    Department of Commerce and Related Agencies Appropriations Act, 1997

    Pub. L. 104–208 § 202(e) · 110 Stat. 3009

    Added · 15 U.S.C. § 697(g)

    Pub. L. 104–208, § 202(e), added subsec. (g)

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 104–208, § 202(e), added subsec. (g).

    Enacted provision · exact public law section
    Sec. 202. During the current fiscal year, appropriations made available to the Department of Commerce by this Act for salaries and expenses shall be available for hire of passenger motor vehicles as authorized by 31 U.S.C. 1343 and 1344; services as authorized by 5 U.S.C. 3109; and uniforms or allowances therefor, as authorized by law (5 U.S.C. 5901–5902).

14. 1996

    Department of Commerce and Related Agencies Appropriations Act, 1997

    Pub. L. 104–208 § 203 · 110 Stat. 3009

    Added · 15 U.S.C. § 697(h)

    Pub. L. 104–208, § 203, added subsec. (h)

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 104–208, § 203, added subsec. (h).

    Enacted provision · exact public law section
    Sec. 203. None of the funds made available by this Act may be used to support the hurricane reconnaissance aircraft and activities that are under the control of the United States Air Force or the United States Air Force Reserve.

15. 1997

    Small Business Reauthorization Act of 1997

    Pub. L. 105–135 § 222(1) · 111 Stat. 2592

    1. Added · 15 U.S.C. § 697(b)(7)(A)

       Pub. L. 105–135, § 222(1), added subpar. (A)

    2. Struck · 15 U.S.C. § 697(b)(7)(A)

       Pub. L. 105–135, § 222(1), struck out former subpar. (A) which read as follows: “assesses and collects a fee, which shall be payable by the borrower, in an amount equal to the lesser of—

    Source evidence

    Code amendment note
    Subsec. (b)(7)(A). Pub. L. 105–135, § 222(1), added subpar. (A) and struck out former subpar. (A) which read as follows: “assesses and collects a fee, which shall be payable by the borrower, in an amount equal to the lesser of—

    “(i) 0.9375 percent per year of the outstanding balance of the loan; or “(ii) such percentage per year of the outstanding balance of the loan as the Administrator may determine to be necessary to reduce the cost (as that term is defined in section 661a of title 2) to the Administration of purchasing and guaranteeing debentures under this chapter to an amount that, taking into consideration any available appropriated funds, would permit the Administration to purchase or guarantee $2,000,000,000 of debentures in fiscal year 1997; and”.

    Enacted provision · exact public law section
    (1) in subsection (b)(7), by striking subparagraph (A) and inserting the following: “(A) assesses and collects a fee, which shall be payable by the borrower, in an amount established annually by the Administration, which amount shall not exceed the lesser of— “(i) 0.9375 percent per year of the outstanding balance of the loan; and “(ii) the minimum amount necessary to reduce the cost (as defined in section 502 of the Federal Credit Reform Act of 1990) to the Administration of purchasing and guaranteeing debentures under this Act to zero; and”; and

16. 1997

    Small Business Reauthorization Act of 1997

    Pub. L. 105–135 § 222(2) · 111 Stat. 2592

    Substituted · 15 U.S.C. § 697(f)

    Pub. L. 105–135, § 222(2), substituted “2000” for “1997”

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 105–135, § 222(2), substituted “2000” for “1997”.

    Enacted provision · exact public law section
    (2) in subsection (f), by striking “1997” and inserting “2000”.

17. 2000

    Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(9)(tIII)(s304) · 114 Stat. 2763

    Amended · 15 U.S.C. § 697(f)

    Pub. L. 106–554 amended heading and text of subsec. (f) generally. Prior to amendment, text read as follows: “The fees authorized by subsections (b) and (c) of this section shall apply to financings approved by the Administration on or after October 1, 1996, but shall not apply to financings approved by the Administration on or after October 1, 2000.”

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 106–554 amended heading and text of subsec. (f) generally. Prior to amendment, text read as follows: “The fees authorized by subsections (b) and (c) of this section shall apply to financings approved by the Administration on or after October 1, 1996, but shall not apply to financings approved by the Administration on or after October 1, 2000.”

    Enacted provision · exact public law section
    (9) H.R. 5667, as introduced on December 15, 2000.

18. 2001

    Pub. L. 107–100 § 6(b)(1) · 115 Stat. 966

    1. Amended · 15 U.S.C. § 697(b)(7)(A)

       Pub. L. 107–100, § 6(b)(1), designated existing provisions following “not exceed” as cl. (i)

    2. Redesignated · 15 U.S.C. § 697(b)(7)(A)

       Pub. L. 107–100, § 6(b)(1), redesignated former cls. (i) and (ii) as subcls. (I) and (II), respectively, of cl. (i), realigned margins

    3. Added · 15 U.S.C. § 697(b)(7)(A)

       Pub. L. 107–100, § 6(b)(1), added cl. (ii)

    Source evidence

    Code amendment note
    Subsec. (b)(7)(A). Pub. L. 107–100, § 6(b)(1), designated existing provisions following “not exceed” as cl. (i), redesignated former cls. (i) and (ii) as subcls. (I) and (II), respectively, of cl. (i), realigned margins, and added cl. (ii).

    Enacted provision · exact public law section
    (1) in subsection (b)(7)(A)— (A) by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and moving the margins 2 ems to the right; (B) by striking “not exceed the lesser” and inserting “not exceed— “(i) the lesser”; and (C) by adding at the end the following: “(ii) 50 percent of the amount established under clause (i) in the case of a loan made during the 2-year period beginning on October 1, 2002, for the life of the loan; and”; and (D) by adding at the end the following: “(i) Two-year waiver of fees.— The Administration may not assess or collect any up front guarantee fee with respect to loans made under this title during the 2-year period beginning on October 1, 2002.”.

19. 2001

    Pub. L. 107–100 § 6(b)(2) · 115 Stat. 966

    Added · 15 U.S.C. § 697(i)

    Pub. L. 107–100, § 6(b)(2), added subsec. (i)

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 107–100, § 6(b)(2), added subsec. (i).

    Enacted provision · exact public law section
    (b) Reduction of Section 504 Fees.— Section 503 of the Small Business Investment Act of 1958 (15 U.S.C. 697) is amended— (1) in subsection (b)(7)(A)— (A) by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and moving the margins 2 ems to the right; (B) by striking “not exceed the lesser” and inserting “not exceed— “(i) the lesser”; and (C) by adding at the end the following: “(ii) 50 percent of the amount established under clause (i) in the case of a loan made during the 2-year period beginning on October 1, 2002, for the life of the loan; and”; and (D) by adding at the end the following: “(i) Two-year waiver of fees.— The Administration may not assess or collect any up front guarantee fee with respect to loans made under this title during the 2-year period beginning on October 1, 2002.”.

20. 2004

    Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 2004

    Pub. L. 108–199 div. B title VI § 631 · 118 Stat. 3

    Substituted · 15 U.S.C. § 697(f)

    Pub. L. 108–199 substituted “March 15, 2004” for “October 1, 2003” before period at end

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 108–199 substituted “March 15, 2004” for “October 1, 2003” before period at end.

    Enacted provision · exact public law section
    Sec. 631. Section 503(f) of the Small Business Investment Act of 1958 (15 U.S.C. 697(f)) shall be amended by substituting “March 15, 2004” for the last date that appears in the subsection.

21. 2004

    Pub. L. 108–205 § 2 · 118 Stat. 553

    1. Amended · 15 U.S.C. § 697(f)

       Pub. L. 108–205, as amended by Pub. L. 108–306

    2. Substituted · 15 U.S.C. § 697(f)

       Pub. L. 108–205, as substituted “May 21, 2004” for “March 15, 2004”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 108–205, as amended by Pub. L. 108–306, substituted “May 21, 2004” for “March 15, 2004”.

    Enacted provision · exact public law section
    SEC. 2. EXTENSION OF CERTAIN FEE AUTHORIZATIONS.   Section 503(f) of the Small Business Investment Act of 1958 (15 U.S.C. 697(f)) is amended by striking “October 1, 2003” and inserting “May 21, 2004”.

    Effective date note
    Pub. L. 108–306, § 2, Sept. 24, 2004, 118 Stat. 1131, provided in part that: “The amendment made by the preceding sentence [amending section 2 of Pub. L. 108–205, which amended this section] shall take effect as if included in the enactment of the section to which it relates.”

22. 2004

    Pub. L. 108–217 § 2 · 118 Stat. 591

    Substituted · 15 U.S.C. § 697(f)

    Pub. L. 108–217 substituted “October 1, 2004” for “May 21, 2004”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 108–217 substituted “October 1, 2004” for “May 21, 2004”.

    Enacted provision · exact public law section
    SEC. 2. EXTENSION OF CERTAIN FEE AUTHORIZATIONS.   Section 503(f) of the Small Business Investment Act of 1958 (15 U.S.C. 697(f)), as amended by section 2 of Public Law 108–205, is further amended by striking “May 21, 2004” and inserting “October 1, 2004”.

23. 2004

    Department of Commerce and Related Agencies Appropriations Act, 2005

    Pub. L. 108–447 § 204 · 118 Stat. 2809

    Struck · 15 U.S.C. § 697(f)

    Pub. L. 108–447, § 204, struck out “, but shall not apply to financings approved by the Administration on or after October 1, 2005” before period at end

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 108–447, § 204, struck out “, but shall not apply to financings approved by the Administration on or after October 1, 2005” before period at end.

    Enacted provision · exact public law section
    Sec. 204. Any costs incurred by a department or agency funded under this title resulting from personnel actions taken in response to funding reductions included in this title or from actions taken for the care and protection of loan collateral or grant property shall be absorbed within the total budgetary resources available to such department or agency: Provided, That the authority to transfer funds between appropriations accounts as may be necessary to carry out this section is provided in addition to authorities included elsewhere in this Act: Provided further, That use of funds to carry out this section shall be treated as a reprogramming of funds under section 605 of this Act and shall not be available for obligation or expenditure except in compliance with the procedures set forth in that section.

24. 2004

    Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2005

    Pub. L. 108–447 title V · 118 Stat. 2809

    Substituted · 15 U.S.C. § 697(f)

    Pub. L. 108–447, title V, substituted “October 1, 2005” for “October 1, 2004”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 108–447, title V, substituted “October 1, 2005” for “October 1, 2004”.

    Enacted provision · exact public law
    TITLE V FOREIGN ASSISTANCE AND RELATED PROGRAMS Foreign Agricultural Service Salaries and expenses (including transfers of funds)   For necessary expenses of the Foreign Agricultural Service, including carrying out title VI of the Agricultural Act of 1954 (7 U.S.C. 1761–1768), market development activities abroad, and for enabling the Secretary to coordinate and integrate activities of the Department in connection with foreign agricultural work, including not to exceed $158,000 for representation allowances and for expenses pursuant to section 8 of the Act approved August 3, 1956 (7 U.S.C. 1766), $137,822,000: Provided, That the Service may utilize advances of funds, or reimburse this appropriation for expenditures made on behalf of Federal agencies, public and private organizations and institutions under agreements executed pursuant to the agricultural food production assistance programs (7 U.S.C. 1737) and the foreign assistance programs of the United States Agency for International Development. Public Law 480 Title I Program Account (including transfers of funds)   For the cost, as defined in section 502 of the Congressional Budget Act of 1974, of agreements under the Agricultural Trade Development and Assistance Act of 1954, and the Food for Progress Act of 1985, including the cost of modifying credit arrangements under said Acts, $94,198,000, to remain available until expended: Provided, That the Secretary of Agriculture may implement a commodity monetization program under existing provisions of the Food for Progress Act of 1985 to provide no less than $5,000,000 in local-currency funding support for rural electrification development overseas.  In addition, for administrative expenses to carry out the credit program of title I, Public Law 83–480, and the Food for Progress Act of 1985, to the extent funds appropriated for Public Law 83–480 are utilized, $4,034,000, of which $1,097,000 may be transferred to and merged with the appropriation for “Foreign Agricultural Service, Salaries and Expenses”, and of which $2,937,000 may be transferred to and merged with the appropriation for “Farm Service Agency, Salaries and Expenses”. Public Law 480 Title I Ocean Freight Differential Grants (including transfer of funds)   For ocean freight differential costs for the shipment of agricultural commodities under title I of the Agricultural Trade Development and Assistance Act of 1954 and under the Food for Progress Act of 1985, $22,723,000, to remain available until expended: Provided, That funds made available for the cost of agreements under title I of the Agricultural Trade Development and Assistance Act of 1954 and for title I ocean freight differential may be used interchangeably between the two accounts with prior notice to the Committees on Appropriations of both Houses of Congress. Public Law 480 Title II Grants   For expenses during the current fiscal year, not otherwise recoverable, and unrecovered prior years’ costs, including interest thereon, under the Agricultural Trade Development and Assistance Act of 1954, for commodities supplied in connection with dispositions abroad under title II of said Act, $1,182,501,000, to remain available until expended. Commodity Credit Corporation Export Loans Program Account (including transfers of funds)   For administrative expenses to carry out the Commodity Credit Corporation’s export guarantee program, GSM 102 and GSM 103, $4,423,000; to cover common overhead expenses as permitted by section 11 of the Commodity Credit Corporation Charter Act and in conformity with the Federal Credit Reform Act of 1990, of which $3,421,000 may be transferred to and merged with the appropriation for “Foreign Agricultural Service, Salaries and Expenses”, and of which $1,002,000 may be transferred to and merged with the appropriation for “Farm Service Agency, Salaries and Expenses”. McGOVERN-DOLE INTERNATIONAL FOOD FOR EDUCATION AND CHILD NUTRITION PROGRAM GRANTS   For necessary expenses to carry out the provisions of section 3107 of the Farm Security and Rural Investment Act of 2002 (7 U.S.C. 1736o–1), $87,500,000, to remain available until expended: Provided, That the Commodity Credit Corporation is authorized to provide the services, facilities, and authorities for the purpose of implementing such section, subject to reimbursement from amounts provided herein.

32 of 34 references resolved to an enrolled provision · 2 partial