107 STAT. 1360 PUBLIC LAW 103-129—NOV. 1, 1993 "(i) consider the application to be for a loan under this paragraph and a loan under section 408; and "(ii) if the applicant is eligible for a loan, make a loan to the applicant under this paragraph in an amount equal to the amount that bears the same ratio to the total amount of loans for which the applicant is eligible under this paragraph and under section 408, as the amount made available for loans under this paragraph for the fiscal year bears to the total amount made available for loans under this paragraph and under section 408 for the fiscal year. "(C) EFFECT OF LACK OF FUNDS. —On request of any applicant who is eligible for a loan under this paragraph for which funds are not available, the applicant shall be considered to have applied for a loan guarantee under section 306. "(3) STATE TELECOMMUNICATIONS MODERNIZATION PLANS.— "(A) APPROVAL.— If, not later than 1 year after final regulations are promulgated to carry out this paragraph, any State, either by statute or through the public utility commission of the State, develops a telecommunications modernization plan that meets the requirements of subparagraph (B), the Administrator shall approve the plan for the State. If a State does not develop a plan in accordance with the requirements of the preceding sentence, the Administrator shall approve any telecommunications modernization plan for the State that meets the requirements that is developed by a majority of the borrowers of telephone loans made under this title who are located in the State. "(B) REQUIREMENTS. —For purposes of subparagraph (A), a telecommunications modernization plan must, at a minimum, meet the following objectives: "(i) The plan must provide for the elimination of party line service. "(ii) The plan must provide for the availability of telecommunications services for improved business, educational, and medical services. "(iii) The plan must encourage and improve computer networks and information highways for subscribers in rural areas. "(iv) The plan must provide for— "(I) subscribers in rural areas to be able to receive through telephone lines— "(aa) conference calling; "(bb) video images; and "(cc) data at a rate of at least 1,000,000 bits of information per second; and "(II) the proper routing of information to subscribers. "(v) The plan must provide for uniform deployment schedules to ensure that advanced services are deployed at the same time in rural and nonrural areas, "(vi) The plan must provide for such additional requirements for service standards as may be required by the Administrator. ,
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