S.Amdt. 1420
What it does: Adds SEC. __. RURAL DEVELOPMENT LOANS AND GRANTS wherever appropriate
Sen. John Thune (R-SD)What it changes
1 change to S. 2657
Adds SEC. __. RURAL DEVELOPMENT LOANS AND GRANTS wherever appropriate
Adds a sectionInserted: SEC. __. RURAL DEVELOPMENT LOANS AND GRANTS.
Inserted: (a) In General.--Not later than 180 days after the date of enactment of this Act, the Secretary of Agriculture (referred to in this section as the "Secretary") shall initiate a rulemaking to permit the Secretary to enter into collateral assignment agreements with intermediaries for the purposes of permitting rural utilities to participate in the rural development loan and grant program established under section 313B of the Rural Electrification Act of 1936 (7 U.S.C. 940c-2) without providing an irrevocable letter of credit.
Inserted: (b) Requirements.--In the rulemaking under subsection (a), the Secretary shall--
Inserted: (1) establish alternatives to irrevocable letters of credit that do not subject the Department of Agriculture to increased cost or financial risk; and
Inserted: (2) provide that bonds, the assignment of a mortgage of an intermediary, or the assignment of collateral shall be acceptable collateral mechanisms.
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place, insert the following:
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As printed
SA 1420. Mr. THUNE submitted an amendment intended to be proposed by him to the bill S. 2657, to support innovation in advanced geothermal research and development, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. RURAL DEVELOPMENT LOANS AND GRANTS.
(a) In General.--Not later than 180 days after the date of enactment of this Act, the Secretary of Agriculture (referred to in this section as the “Secretary”) shall initiate a rulemaking to permit the Secretary to enter into collateral assignment agreements with intermediaries for the purposes of permitting rural utilities to participate in the rural development loan and grant program established under section 313B of the Rural Electrification Act of 1936 (7 U.S.C. 940c-2) without providing an irrevocable letter of credit.
(b) Requirements.--In the rulemaking under subsection (a), the Secretary shall--
(1) establish alternatives to irrevocable letters of credit that do not subject the Department of Agriculture to increased cost or financial risk; and
(2) provide that bonds, the assignment of a mortgage of an intermediary, or the assignment of collateral shall be acceptable collateral mechanisms.
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Senate amendment submitted
March 3, 2020