100 STAT. 1874
PUBLIC LAW 99-509—OCT. 21, 1986
- Public Law 99-509
99th Congress c
An Act Oct. 21, 1986 [H.R. 5300]
To provide for reconciliation pursuant to section 2 of the concurrent resolution on the budget for fiscal year 1987.
Omnibus Budget Reconciliation Act of 1986.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the "Omnibus Budget Reconcihation Act of 1986". (b) TABLE OF CONTENTS.— Title I. Agriculture programs. Title II. Banking and housing programs. Title III. Energy and environmental programs. Title IV. Transportation and related programs. Title V. Maritime programs. Title VI. Civil service, Postal Service, and governmental affairs generally. Title VII. Fiscal procedures. Title VIII. Revenues, trade, and related programs. Title IX. Income security, medicare, medicaid, and maternal and child health programs.
TITLE I—AGRICULTURAL PROGRAMS Subtitle A—Sale of Notes 7 USC 1929a note. 7 USC 1929a.
7 USC 1929a note.
SEC. 1001. SALE OF RURAL DEVELOPMENT NOTES. (a) SALES REQUIRED.—The Secretary of Agriculture, under such terms as the Secretary may prescribe, shall sell notes and other obligations held in the Rural Development Insurance Fund established under section 309A of the Consolidated Farm and Rural Development Act in such amounts as to realize net proceeds to the Government of not less than— (1) $1,000,000,000 from such sales during fiscal year 1987, (2) $552,000,000 from such sales during fiscal year 1988, and (3) $547,000,000 from such sales during fiscal year 1989. (b) NONRECOURSE SALES.—The second sentence of section 309A(e) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1929a(e)) is amended by— (1) inserting "and other obligations" after "Notes"; and (2) striking out the period at the end thereof and inserting in lieu thereof the following: ", including sale on a nonrecourse basis. The Secretary and any subsequent purchaser of such notes or other obligations sold by the Secretary on a nonrecourse basis shall be relieved of any responsibilities that might have been imposed had the borrower remained indebted to the Secretary.". (c) CONTRACT PROVISIONS.—Consistent with section 309A(e) of the Consolidated Farm and Rural Development Act, as amended by subsection 0)), any sale of notes or other obligations, as described in
- Note: This is a subsequently ts^peset print of the hand enrollment which was signed by
the President on October 21, 1986.
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