An obligation shall bear interest at a rate that does not exceed a level the Secretary determines being proper, taking into account the prevailing amount of curiosity during the private sector for identical loans and hazards.
(A) take into account the economical capacity of any non-Federal task entities taking part in The agricultural drinking water supply venture to pay 25 per cent or more in the money construction charges of the rural water offer challenge; and
An obligation shall bear interest in a charge that doesn't exceed a degree which the Secretary decides to be ideal, taking into consideration the prevailing rate of fascination within the personal sector for similar loans and pitfalls.
If a borrower defaults over the obligation, the holder with the loan promise shall have the best to demand payment of the unpaid amount of money with the Secretary.
The legal rights on the Secretary, with regard to any home acquired pursuant to a loan guarantee or similar settlement, shall be superior into the rights of another man or woman with respect to the residence.
(two) the quantity of the payment which the Secretary is licensed to pay for shall be no increased than the amount of principal and interest which the non-Federal borrower is obligated to pay for underneath the agreement currently being assured; and
All new jobs or services built in accordance using this type of subchapter shall remain underneath the jurisdiction and control of the non-Federal borrower subject into the phrases of your repayment agreement.
(4) rural drinking water applications inside other companies and an outline of your extent to which Those people applications deliver assistance for rural drinking water supply assignments and h2o therapy programs in Reclamation States, which includes an evaluation of the requirements, funding concentrations, and disorders of eligibility to the systems assessed;
The Secretary may well waive any of the criteria get more info in subsection (a)(two) that the Secretary determines to get duplicative or rendered pointless thanks to an action currently taken by The usa.
Absolutely nothing On this subsection precludes any forbearance via the holder of your obligation for the good thing about the non-Federal borrower That could be agreed on from the get-togethers into the obligation and accepted by the Secretary.
The Secretary plus the Comptroller General of The usa, or their duly approved Associates, shall have accessibility, for the goal of audit, on the documents together with other pertinent documents.
(i) that is definitely authorized by Federal reclamation regulation and manufactured by The usa less than such law; or
A recipient of the loan ensure shall hold this kind of information along with other pertinent paperwork because the Secretary shall prescribe by regulation, together with these types of information as being the Secretary may well require to facilitate a successful audit.
(fifteen) in the case of the task intended for Indian tribes and tribal corporations, the extent to which the job addresses the purpose of economic self-sufficiency.