12 2 STA T . 11 64PUBLIC LA W 11 0– 2 3 4 —M A Y 22 , 200 8‘ ‘ (I)inthecas e of a l oan that w o u l db e sub j ect to the 5p e r cent interest rate li m itation under subpara g raph ( A ) , the S ecretar y shall establish the interest rate at a rate that is e q ual to 60 percent of the current mar k et yield for outstanding municipal obligations with remaining periods to maturity comparable to the a v erage maturity of the loan, adjusted to the nearest 1⁄8 of 1 percent
and ‘‘(II) in the case of a loan that would be subject to the 7 percent limitation under subparagraph (A), the Secretary shall establish the interest rate at a rate that is equal to 8 0 percent of the current market yield for outstanding municipal obligations with remaining periods to maturity comparable to the average maturity of the loan, adjusted to the nearest 1⁄8 of 1 percent . ‘‘(ii) EXCEPTION . —C lause (i) does not apply to a loan for a specific project that is the subject of a loan that has been approved, but not closed, as of the date of enactment of this subparagraph. ’ ’. SEC.6012 .C O O P E RATIV EE QU IT Y SECURITY G UARA N TEE. (a) IN G ENE RAL .—Section 3 10 B of the Consolidated F arm and R ural D evelopment Act (7 U .S.C. 1 9 3 2 ) is amended— (1) by striking ‘‘ S EC. 310B. (a)’’ and inserting the following
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‘SEC. 3 10 B . ASSISTANCE F OR RURA L ENTITIES. ‘‘(a) L OANS TO P RI V ATE B U SINESS ENTERPRISES.— ‘‘(1) DE F INITIONS.—In this subsection:’’; (2) in subsection (a)— (A) by moving the second and fourth sentences so as to appear as the second and first sentences, respectively; (B) in the sentence beginning ‘‘As used in this sub - section, the’’ (as moved by subparagraph (A)), by striking ‘‘As used in this subsection, the’’ and inserting the fol- lowing: ‘‘(A) A Q UACULTURE.— T he’’; (C) in the sentence beginning ‘‘For the purposes of this subsection, the’’, by striking ‘‘For the purposes of this subsection, the’’ and inserting the following: ‘‘(B) SOLAR ENER GY .—The’’; (D) in the sentence beginning ‘‘The Secretary may also’’— (i) by striking ‘‘The Secretary may also’’ and inserting the following: ‘‘(2) LOAN PURPOSES.—The Secretary may’’; (ii) by inserting ‘‘and private investment funds that invest primarily in cooperative organi z ations’’ after ‘‘or nonprofit’’; (iii) by striking ‘‘of (1) improving’’ and inserting ‘‘of— ‘‘(A) improving’’; (iv) by striking ‘‘control, (2) the’’ and inserting ‘‘control; ‘‘(B) the’’; (v) by striking ‘‘areas, (3) reducing’’ and inserting ‘‘areas;
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