2423 loan - An Overview
2423 loan - An Overview
Blog Article
An obligation shall bear fascination at a fee that doesn't exceed a level the Secretary decides to become ideal, bearing in mind the prevailing rate of curiosity from the non-public sector for similar loans and hazards.
If a borrower defaults about the obligation, the holder from the loan warranty shall have the appropriate to need payment of the unpaid total from your Secretary.
The Secretary shall talk to While using the Secretary of Agriculture right before promulgating requirements with respect to financial appraisal capabilities and loan assurance administration for pursuits carried out below this subchapter.
A rural drinking water source undertaking that is set to generally be feasible beneath part 2405 of this title is qualified for a loan ensure underneath portion 2423 of the title.
The phrase "loan ensure" has the which means provided the phrase "loan ensure" in segment 661a of title 2.
The Secretary along with the Comptroller General of The usa, or their duly licensed representatives, shall have entry, for the goal of audit, for the documents along with other pertinent paperwork.
Preceding Up coming Disclaimer: These codes may not be The latest version. United States could possibly have a lot more present or precise details. We make no warranties or assures in regards to the precision, completeness, or adequacy of the knowledge contained on this site or the knowledge associated with within the point out web site.
Loan ensures less than this part to get a task shall be on such stipulations and consist of such covenants, representations, warranties, and demands given that the Secretary determines to become acceptable to shield the financial interests of The us.
The Secretary shall build and publish inside the Federal Register conditions for deciding the eligibility of a project for economical support below section 2423 of the title.
Any prepayment or refinancing terms with more info a loan warranty shall be negotiated between the non-Federal borrower and the lender Using the consent of the Secretary.
Loan guarantees through the Secretary shall not exceed an volume equal to ninety per cent of the price of the venture that's the subject matter on the loan ensure, as estimated at some time at which the loan promise is issued.
A loan promise beneath this part shall present for entire amortization of your loan assurance within just not much more than forty yrs.
The Secretary shall adjust to State water legislation in finishing up this subchapter. Practically nothing During this subchapter impacts or preempts Condition h2o regulation or an interstate compact governing water.
On notification, the Lawyer Standard shall just take these motion as is suitable to Recuperate the unpaid principal and interest thanks from—