Page:United States Statutes at Large Volume 72 Part 1.djvu/431

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[72 Stat. 389]
[72 Stat. 389]
PUBLIC LAW 85-000—MMMM. DD, 1958

72 S T A T. ]

PUBLIC LAW 85-636-JULY 18, 1968

389

by the Attorney General of his approval granted under the preceding sentence, the provisions of this paragraph shall not apply to any subsequent act or omission to act by reason of such finding or request. "(7) All loans made under this subsection shall be of such sound value or so secured as reasonably to assure repayment. Disaster Loans. " (b) The Administration also is empowered— "(1) to make such loans (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis) as the Administration may determine to be necessary or appropriate because of floods or other catastrophes; and "(2) to make such loans (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis) as the Administration may determine to be necessary or appropriate to any smallbusiness concern located in an area affected By a drought or excessive rainfall, if the Administration determines that the smallbusiness concern has suffered a substantial economic injury as a result of such drought or excessive rainfall and the President has determined under the Act entitled 'An Act to authorize Federal assistance to States and local governments in major disasters, and for other purposes', approved September 30, 1950, as amended (42 U.S.C., secs. 1855-1855g), that such drought or 64 Stat. nodexcessive rainfall is a major disaster, or the Secretary of Agri- n i l. culture has found under the Act entitled 'An Act to abolish the Regional Agricultural Credit Corporation of Washington, District of Columbia, and transfer its functions to the Secretary of Agriculture, to authorize the Secretary of Agriculture to make disaster loans, and for other purposes', approved April 6, 1949, as amended (12 U.S.C. secs. 1148a-l-1148a-3), that such es Stat. 43, 44. drought or excessive rainfall constitutes a production or economic disaster in such area. No loan under this subsection, including renewals and extensions Limitation. thereof, may be made for a period or periods exceeding twenty years. The interest rate on the Administration's share of any loan made Interest. under this subsection shall not exceed 3 per centum per annum. In agreements to participate in loans on a deferred basis under this subsection, such participation by the Administration shall not be in excess of 90 per centum of the balance of the loan outstanding at the time of disbursement. "(c) The Administration may further extend the maturity of or RFC Loan*. Extension. renew any loan made pursuant to this section, or any loan transferred to the Administration pursuant to Reorganization Plan Numbered 2 68 of 1954, or Reorganization Plan Numbered 1 of 1957, for additional Stat. Stat. 1280; 71 647. periods not to exceed ten years beyond the period stated therein, if such extension or renewal will aid in the orderly liquidation of such loan. Procurement con"SEC. 8. (a) I t shall be the duty of the Administration and it is tracts. hereby empowered, whenever it determines such action is necessary— "(1) to enter into contracts with the United States Government and any department, agency, or officer thereof having procurement powers obligating the Administration to furnish articles, equipment, supplies, or materials to the Government. In any case in which the Administration certifies to any officer of the Government having procurement powers that the Administration is competent to perform any specific Government procurement contract to be let by any such officer, such officer shall be authorized in his discretion to let such procurement contract to the Adminis-