12 2 STA T . 1 9 19 PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 ‘ ‘ (i i )TERMINAT I O NO F A C CO U NT .—Ond i sbur s em en tofa n amount e q ua l to $56,0 00,000, t h e C or p oration shall— ‘‘( I ) c lose the account established under para -g raph ( 1 )( B )
and ‘‘(II) transfer an y remaining funds in the A ccount to the remaining Allocated Insurance R eser v es Accounts in accordance w ith paragraph ( 4 )(B) for the calendar year in which the transfer occurs. ’ ’; and (C) by stri k ing subparagraph ( F ). SEC.540 5. CE RTIF IC A TI ON OF P RE M I U MS. (a) FI L IN G CERTIFIE DS TATEMENT.—Section 5.56 of the Farm Credit Act of 1 97 1(1 2U .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 D irectors 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— ‘‘(1) the average outstanding insured obligations for the period issued by the bank; ‘‘(2)(A) the average principal outstanding for the period on the guaranteed portion of Federal government-guaranteed loans that are in accrual status; and ‘‘(B) the average amount outstanding for the period of Federal government-guaranteed investments that are not permanently impaired (as defined in section 5.55(a)(4)); ‘‘( 3 )(A) the average principal outstanding for the period on State government-guaranteed loans that are in accrual status; and ‘‘(B) the average amount outstanding for the period of State government-guaranteed investments that are not perma- nently impaired (as defined in section 5.55(a)(4)); ‘‘(4)(A) the average principal outstanding for the period on loans that are in nonaccrual status; and ‘‘(B) the average amount outstanding for the period of other-than-temporarily impaired investments; and ‘‘(5) the amount of the premium due the Corporation from the bank for the period.’’. (b) P REMIUM PA Y MENT S .—Section 5.56 of such Act (12 U.S.C. 2277a–5) is amended by striking subsection (c) and inserting the following: ‘‘(c) PREMIUM PAYMENTS.— ‘‘(1) IN GENERAL.— Ex cept as provided in paragraph (2), each insured System bank shall pay to the Corporation the premium payments required under subsection (a), not more frequently than once in each calendar quarter, in such manner and at such 1 or more times as the Board of Directors shall prescribe. ‘‘(2) PREMIUM AMOUNT.—The amount of the premium shall be established not later than 60 days after filing the certified statement specifying the amount of the premium.’’. (c) SU B SE Q UENT PREMIUM PAYMENTS.—Section 5.56 of such Act (12 U.S.C. 2277a–5) is amended— Deadlin e .
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