73d CONGRESS . SESS . I. CH. 25. MAY 12, 1933 . REGULATIONS
Re gulati ons . SEC . 3 3 . The Farm Loa n Commissioner is au thorized to make Authority of Farm Loan Commissioner to such rules and regulations, and to appoint, employ, and fix the com- make ; to fix componsa- pensati on of such o fficer s, emp loyees , attor neys, and ag ents a s may tion rates, etc. b e necess ary to carry out t he pur poses of this title and t o make the r elief cont empl ated by th is ti tle immed iatel y av ailab le, w itho ut regard to the provi sions of oth er law s appli cable to the emplo yment and c ompen satio n of offi cers and emplo yees of th e Un ited State s Provided, That no salary or compensation in excess of $10 .000 shall Salary restriction . b e paid to any person employed under the terms of the foregoing section. FACILITIES OF FEDERAL LA ND BAN KS AND NATIONAL FARM LO AN ASS OCI A- TIONS MA DE AVAILABLE SEC . 34. The Federal land banks and the national farm loan associations are authorized, upon request of the Farm Loan Commis- sioner, to make available to him their services and facilities to aid in administering the provisions of this title . PENALTIES 49 Facilities made avail- able . SEC. 35. Any person who shall knowingly make any material false Penalties_ representation for the purpose of obtaining any loan under part 3 of this title, or in assisting in obtaining any such loan, shall, upon conviction thereof, be fined not more than $1,000, or imprisoned not more than six months, or both . PART 4-REFINANCING oI AGRICULTURAL IMPROVEMENT DISTRI CT
Refinancing of agri- cultural cultura l impro vement district indebtedness . IN DEBTEDNE SS FOR THE BENEFI T OF FARM ERS LOANS BY RECONSTRUCTION FINANCE CORPORATION
Loans by Recon- struction Finance Cor- poration . SEC. 36 . The Reconstruction Finance Corporation is authorized Amo unt au tho riz ed, 11
to re duce and r efina nce and empowered to make loans as hereinafter provided, in an aggre- indebtedness of drain- gate amount not exceeding $50,000,000 ; to drainage districts, levee dis- agPo st , pp district s . 111o, tricts, levee and drainage district s, irrig ation dis tricts, a nd simila r lzs9. distri cts, duly organize d under t he laws o f any Sta te, and t o politic al State subdivision ag - subdivisions of States, which prior to the date of enactment of this Act, ricultural projects . have completed projects devoted chiefly to the improvement of lands for agricultural purposes . Such loans shall be made for the purpose of enabli ng any su ch distri ct or pol itical su bdivision (hereaft er referr ed to as the " bor rower ") to reduce and refi nance its outstand ing indeb t- ti on'* and condi- to
incurred in connection with any such project, and shall be subject to the same terms and conditions as loans made under section Vol. 47, pp 6,714. 5 of the R econst ructio n Fina nce Co rporati on Act , as a mended
- except p . 67.c
., Supp . VII, that (1) the term of any such loan shall not exceed forty years ; (2) Term limitation . each such loan shall be secured by refunding bonds issued to the Security . Corporation by the borrower which are a lien on the real property within the project or on the amount of the assessments levied on such property by the borrower pursuant to State law, or by such Bonds not to issue other collateral as may be acceptable to the Corporation ; (3) the without Corporation's borrower shall agree not to issue during the term of the loan any Con se nt . bonds so secured except with the consent of the Corporation
- (4)
Payment of excess the borrower shall pay to the Corporation, until all bonds of the overoperation, interest, bor rower hel d by the C orpo ratio n are ret ired, an a mount equ al
bonds to
until outstanding retired . the amount by which the assessments against the real property within Post, p .1110 . the projec t coll ected by the borro wer exc eed th e cost s of o perati on 56637°-34 4
