12-U.S.C.-2278B-8
§2278B-8 – §2278B-8. Payments
Pathway
Title 12 > Chapter 23 > Subchapter VI > Part B > Section 2278b-8
Details
- Reference: Section 2278b-8
- Legend: §2278B-8 – §2278B-8. Payments
- USCode Year: 2013
Provision Content
(a) In general
Beginning in fiscal year 1989, the Secretary of the Treasury shall reimburse the Financial Assistance Corporation for any amounts such Corporation pays in interest charges under section 2278b–6(c) of this title during fiscal year 1988, and thereafter the Secretary shall pay the Financial Assistance Corporation any amounts due from the Secretary to such Corporation under section 2278b–6(c) of this title.
(b) Authorization of appropriations
There is authorized to be appropriated to the Secretary of the Treasury such sums on an annual basis as may be necessary to carry out this part.
(Pub. L. 92–181, title VI, §6.28, as added Pub. L. 100–233, title II, §201, Jan. 6, 1988, 101 Stat. 1603; amended Pub. L. 100–399, title II, §201(bb), Aug. 17, 1988, 102 Stat. 992; Pub. L. 102–552, title III, §304(b), Oct. 28, 1992, 106 Stat. 4114.)
Amendments
1992—Subsecs. (b), (c). Pub. L. 102–552 redesignated subsec. (c) as (b) and struck out former subsec. (b) which read as follows:
(b) Repayment of Interest Paid by Secretary of the Treasury.—
(1) In general.—Any amounts paid into the Assistance Fund by the Secretary of the Treasury pursuant to subsection (a) of this section exceeding $2,000,000,000 shall be repaid by System institutions in accordance with a schedule to be established by the Farm Credit Administration Board.
(2) Allocation.—Until such repayment is completed, each System institution shall pay a proportionate share of the amount due under paragraph (1) equal to—
(A) the amount of the performing loan volume of the institution, determined in accordance with section 2278b–6(c)(2)(D) of this title (based on the average loan volume for the preceding year); divided by
(B) the total performing loan volume of the System for the preceding year.
1988—Subsec. (b)(2). Pub. L. 100–399 in introductory provision substituted paragraph (1) equal for this paragraph and in subpar. (A) substituted section 2278b–6(c)(2)(D) of this title for subsection (c)(1)(D) of this section.
Effective Date of 1988 Amendment
Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-2278B-7 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-2278B-7, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-2278A-2 in the Legal Encyclopedia: Farm Credit System
In this entry about 12-U.S.C.-2278A-2, find legal reference material, bibliographies and premiere content related to farm credit system in the American Encyclopedia of Law, presenting a comprehensive view of the United States farm credit system-specific issues, written by authorities in the field.
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