Page:United States Statutes at Large Volume 75.djvu/347

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[75 Stat. 307]
[75 Stat. 307]
PUBLIC LAW 87-000—MMMM. DD, 1961

75 S T A T. ]

PUBLIC LAW 87-128-AUG. 8, 1961

the words "agreements may be entered into" and by inserting in lieu thereof "the Secretary of Agriculture is authorized and directed to enter into agreements". (4) The first sentence of section 106 is amended by striking out "or may reasonably be expected to be" and inserting "at the time of exportation or donation". (5) Section 109 is amended by striking out "1961" and substituting "1964" SEC. 202. Title II of the Agricultural Trade Development and Assistance Act of 1954, as amended, is further amended as follows: (1) Section 203 is amended (a) by deleting the first sentence and substituting the following: "Programs of assistance shall not be undertaken under this title during any calendar year beginning January 1, 1961, and ending December 31, 1964, which call for appropriations of more than $300,000,000 to reimburse the Commodity Credit Corporation for all costs incurred in connection with such programs (including the Corporation's investment in commodities made available), plus any amount by which programs of assistance undertaken in the preceding calendar year have called or will call for appropriations to reimburse the Commodity Credit Corporation in amounts less than were authorized for such purpose during such preceding year by this title as in eifect during such preceding year."; and (b) by deleting "such" the first time it appears in the second sentence. (2) Section 204 is amended by striking out "1961" and substituting "1964". SEC. 203. In the conduct of foreign market development programs, the Secretary of Agriculture is authorized to credit contributions from individuals, firms, associations, agencies, and other groups, and the proceeds received from space rentals, and sales of products and materials at exhibitions, to the appropriations charged with the cost of acquiring such space, products, and materials.

307

7\rs*c*i706^ 3^ioV?**i fno * I'oy^s Stat. 458; 73 7 USC 1723.

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TITLE III—AGRICULTUEAL CREDIT SEC. 301. (a) This title may be cited as the "Consolidated Farmers Home Administration Act of 1961". (b) The Congress hereby finds that the statutory authority of the Secretary of Agriculture, hereinafter referred to m this title as the "Secretary," for making and insuring loans to farmers and ranchers should be revised and consolidated to provide for more effective credit services to farmers. SUBTITLE A—REAL ESTATE LOANS

SEC. 302. The Secretary is authorized to make and insure loans under this subtitle to farmers and ranchers in the United States and in Puerto Rico and the Virgin Islands who (1) are citizens of the United States, (2) have a farm background and either training or farming experience which the Secretary determines is sufficient to assure reasonable prospects of success in the proposed farming operations, (3) are or will become owner-operators of not larger than family farms, and (4) are unable to obtain sufficient credit elsewhere to finance their actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time. SEC. 303. Loans may be made or insured under this subtitle for acquiring, enlarging, or improving farms, including farm buildings, land and water development, use and conservation, refinancing existing indebtedness, and for loan closing costs. I n making or insuring

citation of title.