12 2 STA T . 11 57PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8(afterd ed uc t ing fr om t h e p rincipa l the percentage s of the guaranteed portions of loans and in v estments descri b ed in subsection (a ) ( 2 ))
bears to ‘ ‘(ii) the average principal outstanding for the cal - endar y ear on insured obligations issued by all insured S ystem ban k s (after deducting from the principal the percentages of the guaranteed portions of loans and investments described in subsection (a)(2)) .’ ’; and ( 3 ) in paragraph ( 6 ) — ( A ) in subparagraph (A)— (i) in the matter preceding clause (i) , by striking ‘‘beginning more’’ and all that follo w s through ‘‘ J anuary 1 ,2 0 0 5 ’’; (ii) by striking clause (i) and inserting the fol- lowing
‘‘(i) sub j ect to subparagraph ( D ), pay to each insured System bank, in a manner determined by the C orporation, an amount e q ual to the balance in the Allocated I nsurance R eserves Account of the System bank; and’’; and (iii) in clause (ii)— (I) by striking ‘‘subparagraphs (C), ( E ), and ( F )’’ and inserting ‘‘subparagraphs (C) and (E)’’; and (II) by striking ‘‘, of the lesser of—’’ and all that follows through the end of subclause (II) and inserting ‘‘at the time of the termination of the Financial Assistance Corporation, of the balance in the Allocated Insurance Reserves Account estab- lished under paragraph (1)( B ).’’; (B) in subparagraph (C)— (i) in clause (i), by striking ‘‘(in addition to the amounts described in subparagraph (F)(ii))’’; and (ii) by striking clause (ii) and inserting the fol- lowing: ‘‘(ii) TERMINAT I O NO F A C CO U NT.— O n disbursement of an amount equal to $ 56,000,000, the Corporation shall— ‘‘(I) close the account established under para- graph (1)(B); and ‘‘(II) transfer any remaining funds in the Account to the remaining Allocated Insurance Reserves Accounts in accordance with paragraph ( 4 )(B) for the calendar year in which the transfer occurs.’’; and (C) by striking subparagraph (F). SEC.540 5. CE RTIF IC A TI ON OF P RE M I U MS. (a) FI L IN G CERTIFIE D STATEMENT.—Section 5.56 of the Farm Credit Act of 1 97 1 (12 U .S.C. 2277a – 5) is amended by striking subsection (a) and inserting the following: ‘‘(a) FILING CERTIFIED STATEMENT.—On a date to be determined in the sole discretion of the Board of Directors of the Corporation, each insured System bank that became insured before the beginning of the period for which premiums are being assessed (referred to in this section as the ‘period’) shall file with the Corporation a certified statement showing—
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