Page:United States Statutes at Large Volume 106 Part 5.djvu/522

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106 STAT. 4160 PUBLIC LAW 102-554—OCT. 28, 1992 priated for guarantees of farm ownership loans for each of the fiscal years 1994, 1995, 1996, and 1997 shall be reserved by the Secretary during the first 6 months of the respective fiscal year for guarantees of farm ownership loans to beginning farmers or ranchers.". (c) FARM OWNERSHIP LOANS. — (1) PERCENTAGE OF INSURED FARM OWNERSHIP LOAN FUNDS RESERVED FOR BEGINNING FARMERS OR RANCHERS.— Section 7 USC 1994. 346(b)(3) is amended by adding at the end the following new subparagraph: "(D) To the extent that it is not inconsistent with an exercise of authority under section 355, in expending funds available for insured farm ownership loans— "(i) during fiscal year 1994, the Secretary shall reserve not less thtui 55 percent of the funds available for the fiscal year to make insured farm ownership loans to qualified beginning farmers or ranchers; "(ii) during fiscal year 1995, the Secretary shall reserve not more than 65 percent of the funds available for the fiscal year to make insured farm ownership loans to qualified beginning farmers or ranchers; and "(iii) during each of fiscal years 1996 and thereafter, the Secretary may reserve not less than 65 percent and not more than 70 percent of the funds available for the fiscal year to make insured farm ownership loans to qualified beginning farmers or ranchers.". (2) FUNDS RESERVED FOR DOWN PAYMENT LOAN PROGRAM.— Section 346(b)(3) (as amended by paragraph (1) of this subsection) is further amended by adding at the end the following new subparagraph: "(E) To me extent that it is not inconsistent with an exercise of authority under section 355, the Secretary shall reserve not less than 60 percent of the amounts reserveid for qualified beginning farmers or ranchers under subparagraph (D) for any fiscal year for down payment loans under section 310E.". (3) CERTAIN UNOBLIGATED DOWN PAYMENT LOAN PROGRAM FUNDS AVAILABLE FOR ANY TYPE OF INSURED FARM OWNERSHIP LOANS FOR BEGINNING FARMERS AND RANCHERS.— Section 346(b)(3) (as amended by paragraph (2) of this subsection) is farther amended by adding at the end the following new subparagraph: "(F) To the extent that it is not inconsistent with an exercise of authority under section 355, to the maximum extent practicable, any funds reserved for down payment loans under section 310E for a fiscal year by reason of subparagraph (E) that are not obligated by the end of the second quarter of the fiscal year shall be available during the third quarter of the fisc£U year for any type of insured farm ownership loans to beginning farmers and ranchers.". (d) INTEREST RATE ASSISTANCE PROGRAM.— Section 346(b)(3) (as amended by subsection (c)(3) of this section) is further amended by adding at the end the following new subparagraph: "(G) Not less than 40 percent of the amounts available for the interest rate reduction program under section 351 shall be reserved for the first 6 months of each fiscal year for assistance to beginning farmers or ranchers.".