109 HR 6021 IH: To permit the proceeds of certain agriculture grants to U.S. House of Representatives 2006-07-28 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 2d Session H. R. 6021 IN THE HOUSE OF REPRESENTATIVES July 28, 2006 Mr. Walden of Oregon introduced the following bill; which was referred to the Committee on Agriculture A BILL To permit the proceeds of certain agriculture grants to be used for a revolving loan fund, and for other purposes.

1.

Permission for the proceeds of certain agriculture grants to be used for a revolving loan fund

(a)

In general

Any nonprofit corporation incorporated on March 14, 1995, may use the proceeds from any grant awarded to the corporation under section 310B(c)(1) of the Consolidated Farm and Rural Development Act on June 21, 1995, and the proceeds from any grant provided to the corporation pursuant to a grant awarded under section 2376(b) of the National Forest-Dependent Rural Communities Economic Diversification Act of 1990 on May 11, 1995, to establish and operate a revolving loan fund, subject only to subesection (b) and the regulations that apply to revolving loan funds established with grant funds provided under such section 310B(c)(1), and, on dissolution of the revolving loan fund, may retain the amounts then in the revolving loan fund. (b)

Duration of operation of revolving loan fund

A revolving loan fund established and operated under subsection (a) shall remain in operation for a period ending not earlier than 5 years after the date of the enactment of this Act.