[Congressional Record (Bound Edition), Volume 145 (1999), Part 21]
[Senate]
[Pages 30879-30880]
[From the U.S. Government Publishing Office, www.gpo.gov]



        TO AMEND THE CONSOLIDATED FARM AND RURAL DEVELOPMENT ACT

  Ms. COLLINS. Mr. President, I ask unanimous consent the Agriculture 
Committee be discharged from further consideration of S. 961, and the 
Senate proceed to its immediate consideration.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 961) to amend the Consolidated Farm and Rural 
     Development Act to improve shared appreciation arrangements.

  There being no objection, the Senate proceeded to consider the bill.


                           Amendment No. 2789

              (Purpose: To provide a substitute amendment)

  Ms. COLLINS. Mr. President, there is a substitute amendment at the 
desk submitted by Senator Burns, and I ask for its consideration.
  The PRESIDING OFFICER. The clerk will report.
  The legislative clerk read as follows:

       The Senator from Maine [Ms. Collins] for Mr. Burns, 
     proposes an amendment numbered 2789.

  The amendment is as follows:

       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHARED APPRECIATION ARRANGEMENTS.

       (a) In General.--Section 353(e) of the Consolidated Farm 
     and Rural Development Act

[[Page 30880]]

     (7 U.S.C. 2001(e)) is amended by striking paragraph (2) and 
     inserting the following:
       ``(2) Terms.--A shared appreciation agreement entered into 
     by a borrower under this subsection shall--
       ``(A) have a term not to exceed 10 years;
       ``(B) provide for recapture based on the difference 
     between--
       ``(i) the appraised value of the real security property at 
     the time of restructuring; and
       ``(ii) that value at the time of recapture, except that 
     that value shall not include the value of any capital 
     improvements made to the real security property by the 
     borrower after the time of restructuring; and
       ``(C) allow the borrower to obtain a loan, in addition to 
     any other outstanding loans under this title, to pay any 
     amounts due on a shared appreciation agreement, at a rate of 
     interest that is not greater than the rate of interest on 
     outstanding marketable obligations of the United States of a 
     maturity comparable to that of the loan.''.
       (b) Application.--The amendment made by subsection (a) 
     shall apply to a shared appreciation arrangement entered into 
     under section 353(e) of the Consolidated Farm and Rural 
     Development Act (7 U.S.C. 2001(e)) that matures on or after 
     the date of enactment of this Act.

  Ms. COLLINS. Mr. President, I ask unanimous consent the amendment be 
agreed to, the bill be read the third time and passed as amended, the 
motion to reconsider be laid upon the table, and that any statements be 
printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment (No. 2789) was agreed to.
  The bill (S. 961), as amended, was read the third time and passed, as 
follows:
  [The bill was not available for printing. It will appear in a future 
edition of the Record.]

                          ____________________