“(5) No loan shall be made in any State which now has or may hereafter have a State regulatory body having authority to regulate telphone service and to require certificates of convenience and necessity to the applicant unless such certificate from such agency is first obtained. In a State in which there is no such agency or regulatory body legally authorized to issue such certificates to the applicant, no loan shall be made under this section unless the Governor of the telephone bank shall determine (and set forth his reasons therefor in writing) that no duplication of lines, facilities, or systems, providing reasonably adequate services will result therefrom. 85 STAT. 36 "(6) As used in this section, the term telephone service shall Telephone have the meaning prescribed for this term in section 203 (a) of this service. Act, and the term telephone lines, facilities, or systems shall mean 76 Stat. 1140. lines, facilities, or systems used in the rendition of such telephone 7 USC 924. service. "(7) No borrower of funds under section 408 of this Act shall, without approval of the Governor of the telephone bank under rules established by the Telephone Bank Board, sell or dispose of its property, rights, or franchises, acquired under the provisions of this Act, until any loan obtained from the telephone bank, including all interest and charges, shall have been repaid. "(c) The Governor of the telephone bank is authorized under rules Payment established by the Telephone Bank Board to adjust, on an amortized schedule, basis, the schedule of payments of interest or principal of loans made adjustment. under this section upon his determination that with such readjustment there is reasonable assurance of repayment: Provided, however, That no adjustment shall extend the period of such loans beyond fifty years. "SEC. 409. TELEPHONE BANK RECEIPTS.-Any receipts from the activities of the telephone bank shall be available for all obligations and expenditures of the telephone bank. "SEC. 410. CONVERSION OF OWNERSHIP, CONTROL AND OPERATION OF TELEPHONE BANK.-(a) Whenever fifty-one per centum of the maximum amount of class A stock issued to the United States and outstanding at any time after June 30, 1985, has been fully redeemed and retired pursuant to section 406 (c) of this title "(1) the powers and authority of the Governor of the telephone bank granted to the Administrator of the Rural Electrification Administration by this title IV shall vest in the Telephone Bank Board, and may be exercised and performed through the Governor of the telephone bank, to be selected by the Telephone Bank Board, and through such other employees as the Telephone Bank Board shall designate; "(2) the five members of the Telephone Bank Board designated by the President pursuant to section 405 (b) shall cease to be members, and the number of Board members shall be accordingly reduced to eight unless other provision is thereafter made in the bylaws of the telephone bank; "(3) the telephone bank shall cease to be an agency of the United States, but shall continue in existence in perpetuity as an instrumentality of the United States and as a banking corporation with all of the powers and limitations conferred or imposed by this title IV except such as shall have lapsed pursuant to the provisions of this title. "(b) When all class A stock has been fully redeemed and retired, loans made by the telephone bank shall not continue to be subject to the restrictions prescribed in the provisos to section 408(a) (2). "(c) Congress reserves the right to review the continued operations Congressional of the telephone bank after all class A stock has been fully redeemed review. and retired. 85 STAT. 37 63 Stat. 948. 7 USC 922. 61 Stat. 546. 7 USC 903. Ante, pp. 29, 33. 59 Stat. 600; 70 Stat..667. Ante, p. 36. Effective date. "SEC. 411. LIQUIDATION OR DISSOLUTION OF THE TELEPHONE BANK.— In the case of liquidation or dissolution of the telephone bank, after the payment or retirement, as the case may be, first, of all liabilities; second, of all class A stock at par; third, of all class B stock at par; fourth, of all class C stock at par; then any surpluses and contingency reserves existing on the effective date of liquidation or dissolution of the telephone bank shall be paid to the holders of class A and class B stock issued and outstanding before the effective date of such liquidation or dissolution, pro rata. "SEC. 412. BORROWER NET WORTH.-Except as provided in subsection (b) (2) of section 408, notwithstanding any other provision of law, a loan shall not be made under section 201 of this Act to any borrower which during the immediately preceding year had a net worth in excess of 20 per centum of its assets unless the Administrator finds that the borrower cannot obtain such a loan from the telephone bank or from other reliable sources at reasonable rates of interest and terms and conditions." SEC. 3. (a) Subsection (f) of section 3 of the Rural Electrification Act of 1936, as amended, is amended by inserting in lieu of the first word of said subsection "Except as otherwise provided in sections 301 and 406(a) of this Act, all". (b) Section 201 of the Rural Electrification Act of 1936, as amended, is amended by inserting ", to public bodies now providing telephone service in rural areas", immediately after the word "areas" in the first sentence and also immediately after the word "areas" in the first proviso of the second sentence. SEC. 4. Section 201 of the Government Corporation Control Act, as amended (31 U.S.C. 856), is amended, effective when the ownership, control, and operation of the telephone bank is converted as provided in section 410 (a) of the Rural Electrification Act of 1936, as amended, by striking "and" immediately before "(5)" and by inserting ", and (6) the Rural Telephone Bank" immediately before the period at the end. SEC. 5. The second sentence of subsection (d) of section 303 of the Government Corporation Control Act, as amended (31 U.S.C. 868), is amended, effective when the ownership, control, and operation of the telephone bank is converted as provided in section 410 (a) of the Rural Electrification Act of 1936, as amended, by inserting "the Rural Telephone Bank," immediately following the words "shall not be applicable to". SEC. 6. The right to repeal, alter, or amend this Act is expressly reserved. SEC. 7. This Act shall take effect upon enactment. LEGISLATIVE HISTORY: HOUSE REPORTS: No. 92-12 accompanying H. R. 7 (Comm. on Agriculture) and No. 92-165 (Comm. of Conference). SENATE REPORTS: No. 92-21 (Comm. on Agriculture and Forestry) and No. 92-81 (Comm. of Conference). CONGRESSIONAL RECORD, Vol. 117 (1971): Mar. 1, considered and passed Senate. Apr. 29, Senate agreed to conference report. 92nd Congress, H. R. 6359 An Act To amend the Water Resources Planning Act to authorize increased appropriations. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Water Resources Planning Act (79 Stat. 244, 42 U.S.C. 1962 et seq.) is amended by striking out the present section 401 and inserting in lieu thereof the following: "SEC. 401. There are authorized to be appropriated—(a) not to exceed $6,000,000 annually for the Federal share of the expenses of administration and operation of river basin commissions, including salaries and expenses of the chairman: Provided, That not more than $750,000 annually shall be available under this subsection for any single river basin commission; and (b) not to exceed $1.5 million annually for the expenses of the Water Resources Council in administering this Act." Approved June 17, 1971. 85 STAT. 77 Water Resources Planning Act, appropriation increase. 82 Stat. 935. 42 USC 1962d. LEGISLATIVE HISTORY: HOUSE REPORT No. 92-197 (Comm. on Interior and Insular Affairs). May 17, considered and passed House. 92nd Congress, S. 123 An Act To authorize the Secretary of the Interior to modify the operation of the Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary Missouri River of the Interior is hereby authorized and directed to modify the opera- Basin project, tion of the Kortes unit, Missouri River Basin project, Wyoming, Wyo. authorized by the Act of December 22, 1944 (58 Stat. 887), to provide Kortes unit. for the conservation of fishery resources. 33 USC 701-1. SEC. 2. The Secretary shall operate the Kortes unit so as to maintain 85 STAT. 414 a minimum streamflow of five hundred cubic feet per second in the 85 STAT. 415 reach of the North Platte River between Kortes Dam and the normal headwaters of Pathfinder Reservoir: Provided, That sufficient water is available to maintain such minimum flow, without a resultant adverse effect on other water users who have valid rights to the use of this water: Provided further, That when sufficient water is not available to operate in this manner, water will be reserved for hydroelectric peaking power operations on a four-hour daily, five-day-week basis and any remaining water will be released for conservation of the fishery resources. Approved October 29, 1971. LEGISLATIVE HISTORY: HOUSE REPORT No. 92-555 accompanying H. R. 1556 (Comm. on Interior and Insular Affairs). SENATE REPORT No. 92-317 (Comm. on Interior and Insular Affairs). July 31, considered and passed Senate. Oct. 18, considered and passed House, in lieu of H.R. 1556. 92nd Congress, S. 24 An Act To provide that the cost of certain investigations by the Bureau of Reclamation shall be nonreimbursable. Be it enacted by the Senate and House of Representatives of the 85 STAT, 416 ~ United States of America in Congress assembled, That all costs Reclamation heretofore or hereafter incurred from funds appropriated to the investigations. Bureau of Reclamation and costs transferred to it for (1) investi- Nonreimbursable gations and surveys of potential projects or divisions or units of costs. projects which have not been authorized for construction prior to the date of this Act, (2) investigations and surveys of potential units or divisions of the Pick-Sloan Missouri River Basin program requiring amendatory authorization, under terms of Public Law 88-442 (78 Stat. 446), after the effective date of this Act, (3) studies of rehabilitation and betterment and water conservation requirements of existing projects relating to work for which repayment contracts have not been executed prior to the date of this Act, (4) studies relating to the comprehensive plan of development of the Missouri River Basin, and (5) general engineering and research studies shall be nonreimbursable. Approved October 29, 1971. LEGISLATIVE HISTORY: HOUSE REPORT No. 92-557 (Comm. on Interior and Insular Affairs). July 31, considered and passed Senate. 36-929 O-79-27 |