7 U.S.C. § 950cc–2 — Use of loan proceeds to refinance loans for deployment of broadband service

in plain englishAI-generated · not legal advice

This section permits certain loan proceeds under the referenced broadband program to refinance existing loans, subject to the conditions stated in the section.

Notwithstanding any other provision of this chapter, the proceeds of any loan made or guaranteed by the Secretary under this chapter may be used by the recipient of the loan for the purpose of refinancing an outstanding obligation of the recipient on another telecommunications loan made under this chapter, or on any other loan if that loan would have been for an eligible telecommunications purpose under this chapter.

the actual law source: uscode.house.gov ↗public domain

Notwithstanding any other provision of this chapter, the proceeds of any loan made or guaranteed by the Secretary under this chapter may be used by the recipient of the loan for the purpose of refinancing an outstanding obligation of the recipient on another telecommunications loan made under this chapter, or on any other loan if that loan would have been for an eligible telecommunications purpose under this chapter.

Source credit: (May 20, 1936, ch. 432, title VII, § 703, as added Pub. L. 115–334, title VI, § 6209, Dec. 20, 2018, 132 Stat. 4743.)

history & why it existsrecord from the source credit

1936Enacted · Pub. L. 115-334 · 132 Stat. 4743

A history note hasn’t been published yet. The record shows enactment by Pub. L. 115-334 on 1936-05-20.