(a) In generalThe Secretary may guarantee the timely payment of principal and interest, as scheduled, on debentures issued by any rural business investment company.
(b) Terms and conditionsThe Secretary may make guarantees under this section on such terms and conditions as the Secretary considers appropriate, except that the term of any debenture guaranteed under this section shall not exceed 15 years.
(c) Full faith and credit of the United StatesSection 2009g(i) of this title shall apply to any guarantee under this section.
(d) Maximum guaranteeUnder this section, the Secretary may—(1) guarantee the debentures issued by a rural business investment company only to the extent that the total face amount of outstanding guaranteed debentures of the rural business investment company does not exceed the lesser of—(A) 300 percent of the private capital of the rural business investment company; or
(B) $105,000,000; and
(2) provide for the use of discounted debentures.
Structure US Code
CHAPTER 50— AGRICULTURAL CREDIT
SUBCHAPTER VIII— RURAL BUSINESS INVESTMENT PROGRAM
§ 2009cc–3. Selection of rural business investment companies
§ 2009cc–5. Issuance and guarantee of trust certificates
§ 2009cc–7. Operational assistance grants
§ 2009cc–8. Rural business investment companies
§ 2009cc–9. Financial institution investments
§ 2009cc–10. Reporting requirements
§ 2009cc–12. Injunctions and other orders
§ 2009cc–13. Additional penalties for noncompliance
§ 2009cc–14. Unlawful acts and omissions; breach of fiduciary duty
§ 2009cc–15. Removal or suspension of directors or officers
§ 2009cc–16. Repealed. , , , and , title VI, § 6027(e), , , 1944