S 1115
101th Congress
Senate
Agriculture and Food
Agricultural credit
Agricultural economics
Fees
Government lending
Interest rates
Rural electrification
A bill to amend the Rural Electrification Act of 1936 to permit the prepayment and refinancing of Federal Financing Bank loans made to rural electrification and telephone systems, and for other purposes.
Introduced: June 1, 1989
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 28, 1989
Referred to Subcommittee on Rural Development, Electrification.
Jun 1, 1989
Read twice and referred to the Committee on Agriculture.
Jun 1, 1989
Introduced in Senate
Plain-English summary
Amends the Rural Electrification Act of 1936 to permit Rural Electrification Administration borrowers to prepay Federal Financing Bank loans without penalties if: (1) private capital is used to replace or prepay such loans; and (2) any savings will be used to mitigate future rate increases, passed on to customers, or used to improve the borrower's financial strength.
Permits such borrowers to refinance outstanding long-term Federal Financing Bank loans for a specified fee. Requires the borrower to obtain a change in the interest rate on such loan from its present level to the rate then in effect for new Federal Financing Bank loans.
What's happening now
Referred to Subcommittee on Rural Development, Electrification.
Committees of jurisdiction
2
Cosponsors
1