Page:United States Statutes at Large Volume 113 Part 2.djvu/163

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PUBLIC LAW 106-78—OCT. 22, 1999 113 STAT. 1183 (A) by striking subparagraph (A) and inserting the following: "(A) IN GENERAL.— The Center may use amounts in the Fund to make direct loans, loan guarantees, cooperative agreements, equity interests, investments, repayable grants, and grants to eligible entities, either directly or through an intermediary, in accordance with a strategic plan submitted under subsection (d)."; (B) in subparagraph (B), by adding at the end the following: "The Fund is intended to furnish the initial capital for a revolving fund that will eventually be privatized for the purposes of assisting the United States sheep and goat industries."; (C) by striking subparagraph (D); (D) by striking subparagraph (E) and inserting the following: "(E) ADMINISTRATION. —The Center may not use more than 3 percent of the amounts in the portfolio of the Center for each fiscal year for the administration of the Center. The portfolio shall be calculated at the beginning of each fiscal year and shall include a total of— "(i) all outstanding loan balances; "(ii) the Fund balance; "(iii) the outstanding balance to intermediaries; and "(iv) the amount the Center paid for all equity interests."; (E) in subparagraph (H)— (i) in clause (v), by striking "or" at the end; (ii) in clause (vi), by striking the period at the end and inserting "; or"; and (iii) by adding at the end the following: "(vii) purchase equity interests."; and (F) by redesignating subparagraphs (E) through (H) as subparagraphs (D) through (G), respectively; and (2) in paragraph (6), iDy striking subparagraph (D). (c) BOARD OF DIRECTORS.—Section 375(f) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2008j(f)) is amended— (1) in paragraph (2), by striking subparagraph (B) and inserting the following: "(B) review any contract, direct loan, loan guarantee, cooperative agreement, equity interest, investment, repay- able grant, and grant to be made or entered into by the Center and any financial assistance provided to the Center;"; (2) in paragraph (5), by striking subparagraph (C) and inserting the following: "(C) REAPPOINTMENT. — ^A voting member may be reappointed for not more than one additional term."; and (3) in paragraph (6), by striking subparagraph (B) and inserting the following: "(B) REAPPOINTMENT. —^A voting member appointed to fill a vacancy for an unexpired term may be reappointed for one full term.". (d) PRIVATIZATION.— Section 375 of the Consolidated Farm and Rural Development Act (7 U.S.C. 2008j) is amended by adding at the end the following: