Rd instruction 1942-a table of Contents




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39

(2-6-85, PN 956)

RD Instruction 1942-A

§1942.17 (g) (2) (iii) (A) (Con.)

(8) Liens on real and chattel property when legally permissible and an assignment of income from an organization proposing a facility whose users receive reliable income from programs such as social security, supplemental security income (SSI), retirement plans, long-term insurance annuities, Medicare or Medicaid. Examples are homes for the handicapped or institutions whose clientele receive State or local government assistance.
(9) When the applicant cannot meet the criteria in paragraph (g)(2)(iii)(A)(1) through (8) of this section, such proposals may be considered when all the following are met:
(i) The applicant is a new organization or one that has not operated the type of facility being proposed.
(ii) There is a demonstration of exceptional community support such as substantial financial contributions, and aggressive leadership in the formation of the organization and proposed project which indicates a commitment of the entire community.
(iii) The State Director has determined that adequate and dependable revenues will be available to meet all operation expenses, debt repayment, and the required reserve.
(iv) Prior National Office review and concurrence is obtained.
(B) Real estate and chattel property taken as security in accordance with paragraphs (g)(2)(iii)(A)(6) through (9) of this section:
(1) Ordinarily will include the property that is used in connection with the facility being financed; and
(2) Will have an as-developed present market value determined by a qualified appraiser equal to or exceeding the amount of the loan to be obtained plus any other indebtedness against the proposed security; and

40


§1942.17 (g)(2)(iii)(B) (Con.) RD Instruction 1942-A

(3) May have one of the lien requirements deleted when the loan approval official determines that the loan will be adequately secured with a lien on either the real estate or chattel property.


(C) When security is not available in accordance with paragraphs (g)(2)(iii)(A)(1) through (5) of this section and State law precludes securing the loan with liens on real or chattel property, the loan will be secured in the best manner consistent with State law and customary security taken by private lenders in the State, such as revenue bonds, and any other security the loan approval official determines necessary for a sound loan. Such loans will otherwise meet the requirements of (g)(2)(iii)(A)(6) through (9) of this section as appropriate.
(3) Other-than-public bodies. Loans to other-than-public body applicants will be secured as follows:
(i) Utility-type facilities eligible for financial assistance under paragraph (d) of this section such as water and sewer systems, natural gas distribution systems, electric systems, etc., will be secured as follows:
(A) Assignments of borrower income will be taken and perfected by filing, if legally permissible; and
(B) A lien will be taken on the interest of the applicant in all land, easements, rights-of-way, water rights, water purchase contracts, water sales contracts, sewage treatment contracts and similar property rights, including leasehold interest, used, or to be used in connection with the facility whether owned at the time the loan is approved or acquired with loan funds. In unusual circumstances where it is not feasible to obtain a lien on such land (such as land rights obtained from Federal or local government agencies, and from railroads) and the loan approval official determines that the interest of the United States otherwise is secured adequately, the lien requirement may be omitted as to such land rights. (Revised 3-1-88, SPECIAL PN.)


41

(Revision 3)


(2-6-85) PN 956

RD Instruction 1942-A

§1942.17 (g)(3)(i) (Con.)

(C) When the loan is approved or the acquisition of real property is subject to an outstanding lien indebtedness, the next highest priority lien obtainable will be taken if the loan approval official determines that the loan is adequately secured.


(D) Other security. Promissory notes from individuals, stock or membership subscription agreements, individual member's liability agreements, or other evidences of debt, as well as mortgages or other security instruments encumbering the private property of members of the association may be pledged or assigned to the United States as additional security in any case in which the interest of the United States will not be otherwise adequately protected.
(E) In those cases where there is a substantial number of other than full-time users and facility costs result in a higher than reasonable rate for such full-time users, the loan will be secured by an assignment or pledge of general obligation bonds, taxes, or assessments from public bodies or other organizations having the authority to issue bonds or pledge such taxes, or assessments. (Revised 05-19-92, SPECIAL PN.)
(ii) Solid waste projects. The type of security required will be based on State law and what is determined adequate to protect the interest of the United States during the repayment period of the loan. (Revised 03-01-95, PN 241.)
(iii) Essential community facilities other than utility type such as those for public health and safety, social, and cultural needs and the like will meet the following security requirements:
(A) Such loans will be secured by one or a combination of the following and in the following order of preference:
(1) An assignment of assured income that will be available for the life of the loan, from sources such as insurance premium rebates, income from endowments, irrevocable trusts, or commitments from industries, public bodies, or other reliable sources.

42

(Revision 3)


§1942.17 (g)(3)(iii)(A) (Con.) RD Instruction 1942-A
(2) Liens on real and chattel property with an assignment of income from applicants who have been in existence and are able to present evidence of a financially successful operation of a similar facility for a period of time sufficient to indicate project success. National Office concurrence is required when the applicant has been in existence for less than five years or has not operated on a financially successful basis for at least the five years immediately prior to loan application.
(3) Liens on real and chattel property and an assignment of income from an organization receiving HHS operating grants under the "Memorandum of Understanding Between Health Resources and Services Administration, U.S. Department of Health and Human Services and Rural Development, U.S. Department of Agriculture" (see RD Instruction 2000-T, available in any Rural Development office).
(4) Liens on real and chattel property when legally permissible and an assignment of income from an organization proposing a facility whose users receive reliable income from programs such as social security, supplemental security income (SSI), retirement plans, long-term insurance annuities, Medicare or Medicaid. Examples are homes for the handicapped or institutions whose clientele receive State or local government assistance.
(5) When the applicant cannot meet the criteria in paragraphs (g)(3)(iii)(A)(1) through (4) of this section, such proposals may be considered when all the following are met:
(i) The applicant is a new organization or one that has not operated the type of facility being proposed.
(ii) There is a demonstration of exceptional community support such as substantial financial contributions, and aggressive leadership in the formation of the organization and proposed project which indicates a commitment of the entire community.
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