118 STAT. 25 PUBLIC LAW 108–199—JAN. 23, 2004 and guaranteed loans authorized by sections 305 and 306 of the Rural Electrification Act of 1936 (7 U.S.C. 935 and 936), as follows: cost of rural electric loans, $60,000, and the cost of telecommuni cation loans, $125,000: Provided, That notwithstanding section 305(d)(2) of the Rural Electrification Act of 1936, borrower interest rates may exceed 7 percent per year. In addition, for administrative expenses necessary to carry out the direct and guaranteed loan programs, $37,853,000 which shall be transferred to and merged with the appropriation for ‘‘Rural Development, Salaries and Expenses’’. RURAL TELEPHONE BANK PROGRAM ACCOUNT (INCLUDING TRANSFER OF FUNDS) The Rural Telephone Bank is hereby authorized to make such expenditures, within the limits of funds available to such corpora tion in accord with law, and to make such contracts and commit ments without regard to fiscal year limitations as provided by section 104 of the Government Corporation Control Act, as may be necessary in carrying out its authorized programs. During fiscal year 2004 and within the resources and authority available, gross obligations for the principal amount of direct loans shall be $173,503,000. In addition, for administrative expenses, including audits, nec essary to carry out the loan programs, $3,171,000, which shall be transferred to and merged with the appropriation for ‘‘Rural Development, Salaries and Expenses’’. DISTANCE LEARNING, TELEMEDICINE, AND BROADBAND PROGRAM For the principal amount of direct distance learning and tele medicine loans, $300,000,000; and for the principal amount of direct broadband telecommunication loans, $602,000,000. For grants for telemedicine and distance learning services in rural areas, as authorized by 7 U.S.C. 950aaa et seq., $39,000,000, to remain available until expended: Provided, That $14,000,000 shall be made available to convert analog to digital operation those noncommercial educational television broadcast stations that serve rural areas and are qualified for Community Service Grants by the Corporation for Public Broadcasting under section 396(k) of the Communications Act of 1934, including associated translators, repeaters, and studio to transmitter links. For the cost of broadband loans, as authorized by 7 U.S.C. 901 et seq., $13,116,000: Provided, That the interest rate for such loans shall be the cost of borrowing to the Department of the Treasury for obligations of comparable maturity: Provided further, That the cost of direct loans shall be as defined in section 502 of the Congressional Budget Act of 1974. In addition, $9,000,000, to remain available until expended, for a grant program to finance broadband transmission in rural areas eligible for Distance Learning and Telemedicine Program benefits authorized by 7 U.S.C. 950aaa.
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