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RED-75-345 1 (1975-04-07)

handle is hein.gao/gaobaabdo0001 and id is 1 raw text is: .v,.-.00 7 0 , r q,93 cCUMPrROLL.ER GNERAL OF THE UNITED SrATES B-14873 A 7 t 1 The Honorable IeIIIII1111I IIII I tlll ll The Secretary of Agriculture L06 LM0970fi4 Dear Mr. Secretary: Pursuant to section 309(g)'2) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1929(g)(2)), we have reviewed (1) the Farmers Home Administration's (FmHA'j) determination of the . value of the Government's equity transferred in September 1972 from its Direct Lo-c, Account and Emergency Credit Revolving Fund to the Agricultural Credit nsurance Fund and (2) FmHA's subsequent computations of changes in this equity. We made our review primarily at FmHA's national office in We reviewed applicable tegislation and FmHA procedures and records and discussed these matters with officials of the Departments of Ae-iculture and the Treasu-y and the Office of Managemer.t and Budget (0MB). Section 309(g)(1), which was added to the consolidated act by the Rural Development Act cf 1972, provides that the assets and liabilities of FmHA's Direct Loan Account and Emergency Zredit Re- volving Fund be transferred to the insurance fund and that the account and the revolving fund be abolished. Section 109(g)(2) requires that, from time to time and at lea .t at the ciose of each fiscal year, the Secretary of Agriculture pay frow the insurance fund into the Treasury interest on the value of the Government's equity transferred to the insurarce fund as determined by the Secretary, with approval of the Comptroller Seneral. Section 309 (g)(2) provides also that the value be increased by the cumulative amount of appropriations, made available after enactment of this provision, for capital and for administration of the programs financed from the insurance fund and be reduced by the average undisbursed cash balance in h'e insurance fund during the year. The legislative history of the Rural Development Act is silent as t. the intent of the Congress in requiring the payment of interest on equity transferred to the insurance fund. BEST DOCUMENT AVAILABLE 70-2301

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