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Grant Community.com Catalog of Federal Domestic Assistance Program Descriptions |
CATALOG OF FEDERAL DOMESTIC
ASSISTANCE
10.850: Rural Electrification Loans and Loan Guarantees
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| PROGRAM AND AWARD | FINANCIAL AND INFORMATION CONTACTS |
| ELIGIBILITY REQUIREMENTS | FINANCIAL AND ADMINISTRATIVE INFO. |
| APPLICATION AND AWARD PROCESS | INFORMATION CONTACTS |
| RELATED PROGRAMS | ASSISTANCE CONSIDERATIONS |
| PROGRAM ACCOMPLISHMENTS | POST ASSISTANCE REQUIREMENTS |
Applicant Eligibility: Rural electric cooperatives, public utility districts, power companies, municipalities, and other qualified power suppliers including those located in the U.S. Territories.
Beneficiary Eligibility: Persons in rural areas not receiving central station electric service, and those currently served through RUS financing. Rural areas are defined in the Rural Electrification Act as any area of the United States not included within the boundaries of any urban area as defined by the Bureau of the Census. Such term shall be deemed to include both the farm and nonfarm populations.
Credentials/Documentation: None. This program is excluded from coverage under OMB Circular No. A-87, "Cost Principles for State, Local and Indian Tribal Governments."
Preapplication Coordination: Applicants must supply environmental impact information to determine whether an environmental impact assessment or an environmental impact statement will be required. This program is excluded from coverage under E.O. 12372 and OMB Circular No. A-102, "Grants and Cooperative Agreements with State and Local Governments."
Application Procedure: Applications for direct loan and loan guarantees are made by resolution of the board of directors of the borrowing organization. Information on submitting applications is contained in 7 CFR Part 1710 and 1714. This program is excluded from coverage under OMB Circular No. A-110, "Uniform Administrative Requirements for Grants and Agreements with Institutes of Higher Education, Hospitals and other Non- Profit Organizations."
Award Procedure: Depending on the amount of the application, the RUS Administrator, Assistant Administrator, or appropriate Regional Director makes the final decision on approval of the loan upon a finding that it is economically feasible and serves the purposes of the Rural Electrification Act. Borrowers and Members of Congress are notified of the approval of a loan or loan guarantee directly, and the public is notified through normal media communications.
Deadlines: None.
Range of Approval/Disapproval Time: Direct loans are generally approved in 12 to 18 months as funding becomes available. Loan guarantees are approved in about 3 months.
Appeals: Not applicable.
Renewals: Not applicable.
Criteria for Selecting Proposals: Not applicable.
Examples of Funded Projects: Not applicable.
Range and Average of Financial Assistance: Fiscal year 1999: Direct Loans - $402,422 to $22,206,000; $5,726,610 average. Direct, FFB guarantees - $350,000 to $155,000,000; $10,434,783 average.
From October 1998 to September 30, 1999, 64 direct loans and 115 loan guarantees were made.
Federal Agency: RURAL UTILITIES SERVICE, (DEPARTMENT OF AGRICULTURE )
Type of Assistance: Direct Loans.
Obligations: (Direct Loans) FY 99 $366,503,067; FY 00 est $416,680,289; and FY 01 est $350,000,000. (Guaranteed FFB) FY 99 $1,200,000,000; FY 00 est $1,700,000,000; and FY 01 est $1,200,000,0000.
Budget Account Number: 12-1230-0-1-271 and 12-4230-3-271.
Authorization: Rural Electrification Act of 1936, as amended, 7 U.S.C. 901-950.
Regulations, Guidelines, and Literature: 7 CFR XVII. RUS publishes and issues upon request bulletins bearing on the financing, construction, operation, and maintenance of rural electric systems. Also available are annual statistical summaries; and the Rural Electrification Act of 1936, as amended.
Regional or Local Office: None.
Headquarters Office: Administrator, Rural Utilities Service, Department of Agriculture, Washington, DC 20250-1500. Phone: (202) 720-9540. Use the same number for FTS. (Home Page)
(See Appendix IV for more contact info.)
Formula and Matching Requirements: Under certain conditions, obtaining an RUS insured electric loan will require obtaining a concurrent loan (of 10, 20, or 30 percent of the total amount required) from a supplemental financing source. The factors used for determining the amount of concurrent financing required are set forth in 7 CFR 1710.110.
Length and Time Phasing of Assistance: Direct loans are generally made for a period up to 35 years, that approximates the expected useful life of the facilities financed. Provision is normally made for advances to be completed within 4 years, but this period is subject to extension if required. Advances of funds are made as required by the borrower. The terms and conditions of loan guarantees are negotiated between the borrower and the non-RUS lender, subject to RUS approval.
Uses and Use Restrictions: Long-term, direct loans and loan guarantees to qualified organizations for the purpose of supplying or improving central station electric services on a continuing basis in rural areas.
Reports: RUS borrowers must submit to the Rural Utilities Service regularly scheduled operating reports showing financial condition and operating progress.
Audits: In accordance with the provisions of OMB Circular No. A-133 (Revised, June 24, 1997), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $300,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. All other RUS borrowers have their books audited annually by a Certified Public Accountant. Information on audits of RUS borrowers is contained in 7 CFR Part 1773.
Records: RUS borrowers keep the records prescribed for utility companies by the RUS uniform system of accounts, and by sound business practices.
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Last Updated, November, 2000
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