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![handle is hein.usccsset/usconset24055 and id is 1 raw text is:
Calendar No. 2109
74Tn CONGRESS SENATE REPORT
2d Session No. 2008
TO MAKE LANDS IN DRAINAGE, IRRIGATION, AND
CONSERVANCY DISTRICTS ELIGIBLE FOR FEDERAL
LOANS
APRIL 24 (calendar day, MAY 8), 1936.-Ordered to be printed
Mr. HATCH, from the Committee on Agriculture and Forestry,
submitted the following
REPORT
[To accompany H. R. 9009]
The Committee on Agriculture and Forestry, to whom was referred
the bill (H. R. 9009) to make lands in drainage, irrigation, and con-
servancy districts eligible for loans by the Federal land banks and
other Federal agencies loaning on farm lands, notwithstanding the
existence of prior liens of assessments made by such districts, and for
other purposes, having considered the same, report thereon with a
recommendation that it do pass without amendment.
The bill has the approval of the Governor of the Farm Credit
Administration and his favorable report is attached hereto and made
a part of this report.
FARM CREDIT ADINISTRATION,
Hon. E. D. SMITH, Washington, D. C., M11ay 7, 1936.
Chairman, Committee on Agriculture and Forestry,
United States Senate.
DEAR SENATOR SMITH: Reference is made to your letter of May 1, enclosing a
copy of H. R. 9009, which passed the House of Representatives on April 6, and
is entitled A bill to make lands in drainage, irrigation, and conservancy districts
eligible for loans by the Federal land banks and other Federal agencies loaning
on farm land, notwithstanding the existence of prior liens of assessments made
by such districts, and for other purposes.
This bill if enacted into law, would authorize the Federal land banks, the Land
Bank Commissioner, and the other lending agencies established under the Farm
Credit Act of 1933 and the Federal Farm Loan Act to grant loans on the security
of lands situated within any drainage, irrigation, or conservancy district, not-
withstanding the existence against the lands to be mortgaged of a prior lien or
charge arising out of an assessment for special benefits made by the district.
No loan might be made unless (1) the land was otherwise eligible for a loan, (2)
the assessment was payable over a period of years, and (3) reasonable security
existed for the repayment of the loan, taking into consideration all facts and](ViewImageLocal?handle=hein.usccsset/usconset24055&div=1&collection=&method=preview&ext=.png&size=3)