12 2 STA T . 11 97PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8‘ ‘ (3)maygiveth e highe s t fund ing pr i o rity to designated pro j e c tsinsu b stantia l ly underserved trust areas
and ‘‘( 4 ) shall only ma k e loans or loan guarantees that are found to be financially feasible and that provide eligible pro - gram benefits to substantially underserved trust areas . ‘‘(d) REPORT . —N ot later than 1 year after the date of enactment of this section and annually thereafter , the S ecretary shall submit to C ongress a report that describes— ‘‘(1) the progress of the initiative implemented under sub- section (b); and ‘‘( 2 ) recommendations for any regulatory or legislative changes that w ould be appropriate to improve services to substantially underserved trust areas. ’ ’. SEC.610 6. GUAR A NT EES FO R B ON D S AND NOTES I SSUED FOR E L EC - TRIFICATION OR TELE PH ONE PURPOSES. (a) ING ENER AL .—Section 313 A of the Rural E lectrification Actof1 9 3 6 ( 7U .S.C. 94 0 c – 1) is amended— (1) in subsection (b)— (A) in paragraph (1), by striking ‘‘for electrification’’ and all that follows through the end and inserting ‘‘for eligible electrification or telephone purposes consistent with this Act.’’; and ( B ) by striking paragraph (4) and inserting the fol- lowing
‘‘(4) ANN U ALA M OUNT.— T he total amount of guarantees provided by the Secretary under this section during a fiscal year shall not e x ceed $ 1,000,000,000, subject to the availability of funds under subsection (e).’’; (2) in subsection (c), by striking paragraphs (2) and (3) and inserting the following: ‘‘(2) AMOUNT.— ‘‘(A) IN G ENERAL.—The amount of the annual fee paid for the guarantee of a bond or note under this section shall be e q ual to 30 basis points of the amount of the unpaid principal of the bond or note guaranteed under this section. ‘‘(B) P RO HIB ITION.—Except as otherwise provided in this subsection and subsection (e)(2), no other fees shall be assessed. ‘‘(3) PA Y MENT.— ‘‘(A) IN GENERAL.—A lender shall pay the fees required under this subsection on a semiannual basis. ‘‘(B) STRU C TURE DS CHEDULE.—The Secretary shall, with the consent of the lender, structure the schedule for payment of the fee to ensure that sufficient funds are available to pay the subsidy costs for note or bond guaran- tees as provided for in subsection (e)(2).’’; and (3) in subsection (f), by striking ‘‘2007’’ and inserting ‘‘2012’’. (b) ADMINISTRATION.—The Secretary shall continue to carry out section 313A of the Rural Electrification Act of 1936 (7 U.S.C. 940c–1) in the same manner as on the day before the date of enactment of this Act, except without regard to the limitations prescribed in subsection (b)(1) of that section, until such time as any regulations necessary to carry out the amendments made by this section are fully implemented. 7USC940c–1note.R eco m men da- t i on s .
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