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303.76 Reports. Any individual receiving a cooperative loan or any group of individuals severally receiving individual cooperative loans will file with the Administrator during the period of the Loan Agreement a semiannual progress report, Form FSA-RR 178, Quarterly Progress Report-Services Established through Cooperative Loans to Individuals, for each kind of service for each half year ending March 31, and September 30, of each calendar year.* [Par. 3a, A.O. 40, rev. 2, Supp. 5, Sept. 11, 1937]
303.77 Procedure. No individual participation loan or group service loan shall be made for less than twenty dollars ($20), except to a standard rural rehabilitation client in connection with a Farm and Home Plan either as a part of an initial or supplementary loan. For loans less than fifty dollars ($50), the county rural rehabilitation supervisor will prepare one set in quadruplicate (original and three copies) of Form FSA-RR 23 and, in addition, he will prepare for each borrower the proper documents and attach the latter to the original copy of Form FSA-RR 23.
Loans to participate in cooperative associations or to acquire property or services jointly or individually for joint benefit for fifty dollars ($50) or more shall be made only as a standard loan in accordance with §§ 303.21-303.30, and Administration Instruction 35 (Revision 1), March 23, 1936, as a part of the standard farm plan either as a supplemental or initial loan to clients and low-income families. All loans for fifty dollars ($50) or more to acquire property or services jointly or individually for joint benefit will be supported by farm plans involving the entire farming operation. Farm plans developed on Form FSA-RR 14 should carry all expense and income items involved in financing individual or joint ownership of group services and/or individual membership or stock ownership or participation in cooperative associations. Funds requested for such loans will be set forth on Form FSA-RR 15, Loan Agreement, under Advance Repayable in Less Than Five Years and will be described as "for participation in facility or service", and the name of the service will be added as shown on Form FSA-RR 23. Form FSA-RR 23 must be prepared for all Applications involving individual or joint ownership of a group service or participation in a cooperative association and will accompany the loan dockets in accordance with Administration Order 40 (Revision 2), September 26, 1936, (except as provided in paragraph 12b II A thereof). Where the participation of a substantial percentage of all members of a cooperative association is being financed by the Farm Security Administration, Form FSA-RR 23 should be supported by evidence that the cooperative association complies with the provisions of paragraph 3a and b of Administration Order 40 (Revision 2), September 26, 1936. A copy of each Application, Form FSA-RR 23, will be forwarded to Washington. [Pars. 2c, 2e, A.O. 40, rev. 2, Supp. 5, Sept. 11, 1937]
303.78 Construction and establishment of approved services. The Farm Security Administration will not make any purchases or carry out any construction in connection with the establishment of
*For statutory citation, see note to § 303.21.
approved services of this type. Clients will use the proceeds of loans for these purposes under the general supervision of the county rural rehabilitation supervisor, together with such additional services of a technical nature as may be authorized by the regional director.* [Par. 12d I, A.O. 40, rev. 2, Sept. 26, 1936]
SUBPART-LOANS TO OCCUPANTS OF RURAL RESETTLEMENT TYPE PROJECTS FOR OPERATING CAPITAL
303.91 Families eligible. Loans will be granted only to the heads of families of types described in § 302.2 in occupancy under approved tenure forms. Applicants not eligible for resettlement but for whom it is desired to secure loans in order to farm Farm Security Administration land will make application to the appropriate rural rehabilitation supervisor. Such loans will be made from regular rural rehabilitation funds.* [Par. 2, A.O. 219, Jan. 23, 1937]
303.92 Purposes for which operating goods loans may be made. Loans for operating goods will be made to accepted families on the basis of Form FSA-RR 14, Annual Farm Business Statement and Farm Plan, for the following purposes:
The purchase of horses, mules, cattle, hogs, sheep, poultry or other livestock needed for the proper operation of the farm.
The purchase of feed, seed, fertilizers and other supplies, goods and services necessary for the effective operation of the farm unit.
The purchase of farm machinery, equipment and other necessary farm supplies.
The purchase of furniture and household equipment.
The purchase of food, fuel, clothing and other subsistence goods for human needs, and payment of indispensable medical services, when cooperative facilities are not available.
Payment of recording and filing fees.
Minor construction or repair of building or fences, the drilling or repairing of wells, leveling, clearing or dyking of land or such other improvements as may be necessary to the proper carrying out of the Farm and Home Management Plan prepared for the farm.
Cost of moving occupants, not to exceed a maximum of one hundred dollars ($100) per family.
Payment of principal and/or interest on chattel mortgages or other liens on personal property, upon the personal approval of the regional director where necessary to prevent foreclosure, and providing that such refinancing is necessary for the successful rehabilitation of the occupant, and provided such refinancing is recommended in writing by the Farm Debt Adjustment committee.
Payment of rent to vendors where title is not yet vested in the United States.* [Par. 4a, A.O. 219, Jan. 23, 1937]
303.93 Terms and conditions. Loans may be made for maximum periods of 2 and 5 years depending upon the use to which the proceeds are put, as defined in §§ 303.21-303.30. The regional director may, if he deems it desirable and necessary, make loans for a period not to exceed 10 years. Loans in excess of 5 years will be granted only in unusual situations where the financial circumstances of the
*For statutory citation, see note to § 303.21.
client require the longer terms and the life of the operating goods purchased from proceeds of the loan warrants the longer amortization period.
The interest rate on operating goods loans will be that prescribed in § 303.25.* [Par. 1, A.Ò. 219, Supp. 1, June 5, 1937, par. 4c, A.O. 219, Jan. 23, 1937]
303.94 Repayments. In any case where payments made by the occupants shall be insufficient to cover rental and also the full repayment on loans, the payment shall be applied first on the rental and the remainder on the other loans.* [Par. 8a II, A.O. 219, Jan. 23, 1937]
303.95 Security. All loans for operating goods made under the provisions of this subpart, shall be evidenced by a promissory note or notes, payable to the Farm Security Administration either in the full amount of the approved Loan Agreement or in the amount of the advance being made.
A chattel mortgage or similar lien shall be taken on personal property acquired with the proceeds of the loan in the full amount of the purchase price of such property before the first check is delivered. A mortgage shall be taken on all crops growing or to be grown, as security for funds advanced for the purchase of nonrecoverable goods or as security for the payment of rent or funds advanced for payment of rent. The period of time for which any chattel mortgage or similar lien shall be taken will be determined by the limitations of local law applicable to the period of time for which chattel mortgages or similar liens may be taken and the probable period of time for which the chattel to be acquired through the proceeds of the loan will have a useful existence.
Additional security may be taken for such loans in the form of real estate or chattel mortgages or similar liens as first liens on all of the borrower's unencumbered property or as junior liens on all of the borrower's encumbered property.* [Par. 8b, A.O. 219, Jan. 23, 1937]
303.96 Releases. The policy and procedure as set forth in §§ 303.155-303.160 will be followed in executing releases of mortgages or similar liens taken in connection with operating goods loans.* [Par. 1, A.O. 219, Supp. 4, Sept. 15, 1937, 2 F.R. 1955]
SUBPART-LOANS TO INDIVIDUALS FOR CONSTRUCTION ON RESETTLEMENT LANDS OCCUPIED UNDER LEASE AND PURCHASE CONTRACTS
303.116 Families eligible. Types of families prescribed in §302.2 are eligible to enter into lease and purchase contracts and secure loans under this subpart. Loans for construction or repair or improvements will be made to heads of families eligible for resettlement under approved Lease and Purchase Contract. [Par. 2, A.O. 226, rev. 1, May 18, 1937]
303.117 Terms, conditions and purposes for which construction loans and lease and purchase of land may be made. The price of the land to be stipulated in the Lease and Purchase Contract will be the purchase price paid by the Government (or rehabilitation cor
*For statutory citation, see note to § 303.21.
poration) or the current appraisal value as determined by the regional director, whichever is the lower. There should be added in each case the value of any clearing and developmental work performed upon the land by the Government. Where the purchase price is to be used, the price paid for various tracts in the project may be adjusted and equalized so as to spread the benefits of advantageous purchases to all persons entering into such contracts on that project.
Loans for construction and repairs on land owned by the Government, hereafter referred to as construction loans, will be made to accepted families on the basis of Form FSA-RR 14, Farm and Home Management Plan, Form FSA-LE 171, Lease and Purchase Contract, and Form FSA-LE 172, Loan Agreement and Request for Funds, for the following purposes: (a) Minor construction or repair of buildings, fencing, drilling, or repairing of wells, leveling, clearing or dyking of land, or such other improvements as may be necessary to the proper carrying out of the Farm and Home Management Plan prepared for the farm. (b) Major construction of dwelling, barn and other outbuildings, or other improvements and facilities.
Loans for construction, repairs, land improvements, and so forth, shall not exceed a maximum per farmstead or purpose as will be set by the Administrator.
Construction loans shall be made for a period of 40 years and will bear interest at the rate of 3 percent per annum as provided for in the Lease and Purchase Contract.
The borrower shall deposit the proceeds of the loan in a bank or other depository which must be insured under the Federal Deposit Insurance Corporation and be approved by the regional director.
After receiving the written consent of the regional director, the occupant may mortgage or sell livestock, equipment, machinery, tools, crops or other produce to other parties or agencies provided such action will not in any way jeopardize the Government's chances of collecting the money owing it, as required by the Lease and Purchase Contract. [Pars. 4, 12b I, A.O. 226, rev. 1, May 18, 1937, as amended by par. 1 of Supp. 9, May 26, 1938]
303.118 Security. Regional directors will not require chattel mortgages, crop liens, or similar forms of security to assure payments under the Lease and Purchase Contract. Provisions have been incorporated in the Lease and Purchase Contract only to permit the Government to assure repayment of money due it if circumstances require such collateral security at some later date.* [Par. 9b, A.O. 226, rev. 1, May 18, 1937]
CROSS REFERENCE: For Federal Deposit Insurance Corporation, see 12 CFR Chapter III.
303.119 Application for purchase and loan. The community manager will assist the applicant in accordance with the following procedure: (a) Farm and Home Management Plans will be prepared in triplicate on Form FSA-RR 14. (b) In conformity with the Farm Management Plan, the applicant, with the advice and consent of the community manager, will select a house plan and barn plans, and plans for other structures from those approved by the Coordinator, and will plan other improvements, minor construction,
*For statutory citation, see note to § 303.21.
repairs, and so forth. (c) An undated note Form FSA-LE 173 and Form FSA-FI 5, Public Voucher-Farm Security Administration Loan, in quintuple in the full amount of the loan to be made, will be prepared and properly signed by the applicant, in accordance with instructions, together with an unexecuted copy of the note for the United States Treasury Accounts office for the region. (d) Form FSA-LE 171, Lease and Purchase Contract, will be prepared in sextuple and signed by the applicant in triplicate. (e) Form FSA-LE 172, Loan Agreement and Request for Funds, will be prepared in quintuple, and signed by the applicant in duplicate.* [Par. 5, A.O. 226, rev. 1, May 18, 1937]
303.120 Performing construction. All new building construction will be performed by contract, approved by the countersigning officer, between the borrower and a private contractor in accordance with plans and specifications approved by the Coordinator. Any exceptions to the foregoing requirement must be approved by the Coordinator.
Other construction, improvements and repairs may be performed by the client and the proceeds of the loan used by him for the purchase of materials and supplies and equipment and labor or such work may be performed by contract approved by the countersigning officer. Neither the contractor nor the borrower shall have any right to modify any plans or specifications without the approval of the Coordinator.
For minor repairs, the countersigning officer may, if he is assured that the work can be executed more economically by this method, authorize the borrower to purchase material and hire labor. In this case the borrower himself performs labor required for his own repairs, he may withdraw from the account sums not to exceed the equivalent of the prevailing wage for the type and amount of work performed. When an individual client performs work himself or employs other individual workers to perform work for him under the terms of this subpart, he is not required to comply with the labor conditions that are imposed upon contractors by Form FSALE 175, "Construction Contract". In no case will the value of the repairs performed by this method exceed five hundred dollars ($500) for all the structures of a farmstead unit, except upon specific authorization of the Coordinator or his authorized representative. The use of Form FSA-LE 175, Construction Contract, is required with respect to "other construction improvements and repairs" authorized under the above paragraph where the value of such work exceeds five hundred dollars ($500).* [Par. 10, A.O. 226, rev. 1, May 18, 1937 as amended by par. 2 of Supp. 5, rev. 1, Oct. 29, 1937]
303.121 Supplemental loans. When an original construction loan made to a client under a Lease and Purchase Contract is inadequate to permit completion of the farmstead in accordance with the Farm and Home Management Plan, or where it is desirable to extend the scope of the original Farm and Home Management Plan so as to increase the productivity or usefulness of a farmstead, a supplemental loan may be made for this purpose pro
*For statutory citation, see note to § 308.21.