PUBLIC LAW 104-127 —APR. 4, 1996 110 STAT. 1151 "(4) Section 1323(b) of the Food Security Act of 1985 (Public Law 99-198; 7 U.S.C. 1932 note). "(5) Title V and section 603(c) of the Rural Development Act of 1972 (7 U.S.C. 2661-2669 and 2204a(c)). "(6) Sections 5 and 311 and title IV of this Act (7 U.S.C. 905, 940a, and 941-950b). "(d) REGULATIONS.—Not later than 60 days after the date of enactment of the Federal Agriculture Improvement and Reform Act of 1996, the Secretary shall issue final regulations to ensure compliance with subsection (a).". SEC. 779. TELEPHONE LOAN TERMS AND CONDITIONS. Section 309 of the Rural Electrification Act of 1936 (7 U.S.C. 939) is amended— (1) in subsection (a), by striking "(a) IN GENERAL.— "; and (2) by striking subsection (b). SEC. 780. PRIVATIZATION PROGRAM. Section 311 of the Rural Electrification Act of 1936 (7 U.S.C. 940a) is repealed. SEC. 781. RURAL BUSINESS INCUBATOR FUND. (a) IN GENERAL.—Section 502 of the Rural Electrification Act of 1936 (7 U.S.C. 950aa-l) is repealed. (b) CONFORMING AMENDMENTS.— Section 501 of the Rural Electrification Act of 1936 (7 U.S.C. 950aa) is amended— (1) in paragraph (5), by inserting "and" at the end; (2) in paragraph (6), by striking "; and" at the end and inserting a period; and (3) by striking paragraph (7). Subtitle D—Miscellaneous Rural Development Provisions SEC. 791. INTEREST RATE FORMULA. (a) BANKHEAD-JONES FARM TENANT ACT.— Section 32(e) of the Bankhead-Jones Farm Tenant Act (7 U.S.C. 1011) is amended by striking the fifth sentence and inserting the following: "A loan under this subsection shall be made under a contract that provides, under such terms and conditions as the Secretary considers appropriate, for the repa3anent of the loan in not more than 30 years, with interest at a rate not to exceed the current market yield for outstanding municipal obligations with remaining periods to maturity comparable to the average maturity for the loan, adjusted to the nearest Vs of 1 percent.". (b) WATERSHED PROTECTION AND FLOOD PREVENTION ACT. — Section 8 of the Watershed Protection and Flood Prevention Act (16 U.S.C. 1006a) is amended by striking the second sentence and inserting the following: "A loan or advance under this section shall be made under a contract or agreement that provides, under such terms and conditions as the Secretary considers appropriate, for the repayment of the loan or advance in not more than 50 years from the date when the principal benefits of the works of improvement first become available, with interest at a rate not to exceed the current market 3aeld for outstanding municipal obliga-
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