[Congressional Record Volume 166, Number 42 (Tuesday, March 3, 2020)]
[Senate]
[Pages S1409-S1410]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  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

[[Page S1410]]

     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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