670 



such resldenta with essential Income. (Aa amended 

 Pub. L, 92-419, title I, 8 102, Aug. 30, 1972, 86 Stat. 

 887.) 



AMINDMKin'a 



197»— Pub. L. ga-iis deslgn&ted exlittng provnions u 

 •ubMC. (») and struck out items (a) and (b) designations 

 therein appearing before "to any farmowner" and "with- 

 out regard to", respectively; and added subseo. (b). 



1 192S. Limitation on amount of loan. 



The Secretary shall make or Insure no loan under 

 sectlona 1922, 1923, and 1924 of this title which 

 would cause (a) the unpaid indebtedness against 

 the farm or other security at the time the loan Is 

 mcide to exceed $225,000 or ths value of the farm or 

 other security, (b) the loans under such sections to 

 any one borrower to exceed $100,000, or (c) the loan 

 to exceed the amount certifled by the county com- 

 mittee. In deteiminlng the value of the farm, the 

 Secretary shall consider appraisals made by com- 

 petent appraisers under rules established by the 

 Secretary, (As amended Pub, L, 92-419, title I. 1 103, 

 Aug. 30, 1972. 86 Stat, 698: Pub. L, 91-B24, Utle VIII, 

 1807, as added Pub. L. 93-86, i 1(27) (B), Aug. 10, 

 1973, 87 Stat. 237.) 



Amsndmenti 



1973— Pub, L. 91-824, I 807, m added by Pub. L, 03-88 

 •ubRtltutsd "$aas,0OO" for "1100,000" In el, (»), added ol, 

 (b), and redeBlgnat«d former el. (b) m (o), 



1073— Pub, L, 02-410 struek out "normBl" from phrsM 

 "normal valu@" In flrtt and leeond lentenoei, and la«t 

 wntenoe reading "Buoh (vpprauau ihall take Into oon- 

 tlderatlon both the normal agricultural value iwd tbe 

 normal market valu« of the farm," 



§ 1926. Water and waite facility bant and granti. 



(a) Crlttrla; deflnltloni; limitation on allowable uierci 

 of Federal fundi; Ineluilon of Intereit or other 

 income In groin Income on lale of Insured loan. 



(1) The Secretary is also authorized to make or 

 Insure loans to associations. Including corporations 

 not operated for proflt, Indian tribes on Federal and 

 State reservations and other federally recognized 

 Indian tribes, and public and quasi-public agencies 

 to provide for the application or establishment of 

 sou conservation practices, shifts in land use, the 

 conservation, development, use, and control of water, 

 and the Installation or improvement of drainage or 

 waste disposal facilities, recreational developments, 

 and essential community facilities Including neces- 

 8ai7 related e<iulpment, all primarily serving farm- 

 ers, ranchers, farm tenants, farm laborers, and other 

 rural residents, end to furnish financial assistance 

 or other aid in planning projects for such purposes. 

 When any loan made for a purpose specifled in this 

 paragraph is sold out of the Agricultural Credit In- 

 surance Pimd as an Insured loan, the interest or 

 other Income thereon paid to an Insured holder shall 

 be Included in gross Income for purposes of chapter 

 1 of Title 26, 



(2) The Secretary is authorized to make grants 

 aggregating not to exceed $300,000,000 in any flscal 

 year to such associations to finance specific proj- 

 ects for works for the development, storage, treat- 

 ment, purification, or distribution of water or the 

 collection, treatment, or disposal of waste in rural 

 areas. The amount of any grant made under the 

 authority of this paragraph shall not exceed 60 per 



centum of the development cost of the project to 

 serve the area which the association determines can 

 be feasibly served by the facility and to adequately 

 serve the reasonably foreseeable growth needs of 

 the area. 



(3) No grant shall be made under paragraph (2) of 

 this subsection in connection with any project im- 

 less the Secretary determines that the project (i) 

 will serve a rural area which, if such project is 

 carried out, is not likely to decline In population 

 below that for which the project was designed. (11) 

 Is designed and constructed so that adequate capac- 

 ity will or can be made available to serve the present 

 population of the area to- the extent feasible and to 

 serve the reasonably foreseeable growth needs of the 

 area, and (ill) is necessary for an orderly community 

 development consistent with a comprehensive com- 

 munity water, waste disposal, or other development 

 plan of the rural area and not inconsistent with any 

 planned development provided in any State, multl- 

 jurlsdictlonal, county, or municipal plan approved 

 by competent authority for the area in which the 

 rural community Is located, and the Secretary shall 

 require the submission of all applications for flnan- 

 cial assistance under this section to the multijurls- 

 dlctlonal substate areawlde general purpose planning 

 and development agency that has been officially 

 designated as a clearinghouse agency under Office of 

 Management and Budget Circular A-95 and to the 

 county or municipal government having Jurisdiction 

 over the area In which the proposed project is to be 

 located for review and comment within a designated 

 period of time not to exceed 30 days concerning 

 among other considerations, the effect of the project 

 upon the areawlde goals and plans of such agency 

 or government. No loan under this section shall be 

 made that is Inconsistent with any. multljurisdic- 

 tional planning and deevlopment district areawlde 

 plan of such agency. The Secretary is authorized to 

 reimburse such agency or government for the cost 

 of making the required review. Until October 1, 1973, 

 the Secretary may make grants prior to the comple- 

 tion of the comprehensive plan, if the preparation 

 of such plan has been undertaken for the area. 



(4) (A) The term "development cost" means the 

 cost of construction of a facility and the land, ease- 

 ments, and rights-of-way, and water rights neces- 

 sary to the construction and operation of the 

 facility. 



(B) The term "project" shall include facilities 

 providing central service or facilities serving indi- 

 vidual properties, or both, 



(8) Repealed, Pub, L. 92-419, title I, I 110, Aug. 30, 

 1972, 86 Stat, 669, 



(6) The Secretary may make grants aggregating 

 not to exceed $30,000,000 in any fiscal year to public 

 bodies or such other agencies as the Secretary may 

 determine having authority to prepare compre- 

 hensive plans for the development of water or waste 

 disposal systems in rural areas which do not have 

 funds available for immediate undertaking of the 

 preparation of such plan. 



(7) As used in this chapter, the terms "rural" and 

 "rural area" shall not include any area in any city 

 or town which has a population in excess of ten 

 thousand inhabitants, except that for purposes of 



