Page:United States Statutes at Large Volume 104 Part 5.djvu/722

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104 STAT. 4044 PUBLIC LAW 101-624—NOV. 28, 1990 (c) APPLICABILITY OF SUNSHINE ACT.— Section 405 (7 U.S.C. 945) is amended by adding at the end the following: "(j) OPEN MEETINGS. —For purposes of section 552b of title 5, United States Code, the Telephone Bank Board shall be treated as an agency within the meaning of subsection (a)(1) of such section.". SEC. 2364. PRO RATA PURCHASE OF RURAL TELEPHONE BANK STOCK BY RURAL TELEPHONE BANK BORROWERS. The second sentence of section 406(d) (7 U.S.C. 946(d)) is amended by inserting ", by paying an amount equal to 5 per centum of the amount of each loan advance, at the time of such advance" before the period. SEC. 2365. CLARIFICATION OF AUTHORITY TO SET RURAL TELEPHONE BANK LOAN LEVELS. Section 408(a) (7 U.S.C. 948(a)) is amended by striking "is authorized on behalf of the telephone bank to make loans," and inserting "shall make loans on behalf of the telephone bank, to the extent that there are qualifying applications therefor, subject only to limitations as to amounts authorized for loans and advances as may be imposed by law enacted by the Congress of the United States for loans to be made in any one year, and". SEC. 2366. BORROWERS TO DETERMINE AMORTIZATION PERIOD FOR RURAL TELEPHONE BANK LOANS. Section 408 (7 U.S.C. 948) is amended by adding at the end the following new subsection: "(d)(1) Except as provided in paragraph (2), the term of any loan made under this title shall be determined by the borrower at the time the application for the loan is submitted. "(2) The term of any loan made under this title shall not exceed the mgiximum term for which a loan may be made under section 4.". SEC. 2367. TECHNICAL AMENDMENTS RELATING TO THE RURAL TELE- PHONE BANK PROVISIONS OF THE OMNIBUS BUDGET REC- ONCILIATION ACT OF 1987. (a) SECTION 406(h) AMENDMENTS.— Section 406(h) (7 U.S.C. 946(h)) is amended— (1) by inserting after the second sentence "All amounts so transferred shall not be transferred, directly or indirectly, to the reserve for contingencies."; and (2) by striking "Rural Telephone Bank Borrowers Fairness" and inserting "Omnibus Budget Reconciliation". (b) SECTION 408(b)(3) AMENDMENTS.—Section 408a))(3) (7 U.S.C. 948(b)(3)) is amended— (1) in subparagraph (B), by striking "paragraph" and inserting "subparagraph"; (2) in subparagraph (D)(ii), by adding at the end the following: "For purposes of the calculation under this subparagraph, such rate shall be zero."; and (3) in subparagraph (E), by striking "subparagraph" the second place such term appears and inserting "paragraph".