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Saturday, September 26, 1959

FEDERAL REGISTER

7751

sion Service or the Soil Conservation 3 51.2 Loans to individuals.
Service.

County Committee certifications.
39 CFR
Page Noand Water Conservation loan 162______________________
7784 will be made 2
unless the County Com 168 :__________ ______________ 7784 mittee certifies th at the applicant is xi That part of the cost of facilities, eligible for such assistance. When the improvements, and practices which is 43 CFR
farm to be improved is taken as security to be earned by participation in the Agri Public land orders:
cultural Conservation Program and 1980 correction__________ 7786 for an individual loan, the Committee which can be covered by purchase orders will certify as to the fair and reasonable 1984__________________ ,.___ 7786
or assignments to material suppliers, 1985__________
7786 value of the farm based on its normal contractors, and so forth. Soil and market value after the contemplated 1986________
7787
Water Conservation loan funds may be 1988____._________________ 7787 improvements are made.
g Relationship of Soil and Wateradvanced to cover all or part of the cost 47 CFR
Conservation loans to Farm Ownership of work for which the Agricultural Con 3___ _______ ___ .-__________ 7755 and Operating loans. Each eligible ap servation Program payment will be made plicant should be encouraged to obtain only when it is not possible to use pur 50 CFR
type of Farmers Home Administra chase orders or such assignments. In 17_;___
7755 the tion loan best suited to his needs. Soil such instance, the borrower will be re and Water Conservation loans will be quired to assign to the Farmers Home made only to those applicants whose Administration all or th at portion of from a minor stream on which the con special credit needs properly can be met the Agricultural Conservation Program tinued use of water could be denied, and under Soil and Water Conservation loan payment to be earned for practices for the applicant will give sufficient security which Soil and Water Conservation loan to protect the interest of the Govern authorities.
are advanced whenever the amount 1 The land improvement and water funds ment. In such instances, real estate of the assignment likely will be more taken as security for the loan should development credit needs of applicants than $100. Such payment generally will be appraised without taking into account who are receiving either initial or subse be applied to the Soil and Water Con the value of the farm from improve quent Operating loans generally will be servation account as an extra payment;
ments to be financed with the Soil and met with Operating loans. However, however, if the borrower will not have where substantial amounts for such pur sufficient income from other sources to Water Conservation loan.
Oil Flood waters will be diverted and poses are involved, a Soil and Water make the payment on his Soil and Water impounded in an offstream storage res Conservation loan may be made to a Conservation loan, all or a portion of the ervoir without conflict with the rights borrower indebted for an Operating loan Agricultural Conservation Program pay or in connection with an initial Operat of other users.
ment may be used to pay any amount iv The applicant can furnish evi ing loan.
2 A. Soil and Water Conservation behind schedule plus the amount due dence of existing Uses of the proposed for the year. Such Agricultural Con source of water and evidence to provide loan will not be made to an applicant servation Program payment will not be reasonable -assurance th at his proposed who is receiving a Farm Ownership loan. used to get a borrower ahead of schedule.
diversion and use of water from streams, When an applicant who is eligible for xii Debts incurred prior to the clos lakes, springs, or other sources will not a Farm Ownership loan needs credit for ing of a Soil and Water Conservation building improvement, as well as land interfere with any vested water right loan, except fees for legal, engineering, and will not likely be contested or en improvement or water development, his and other technical services. The Coun joined by other water users or riparian total needs should be met with a Farm ty Supervisor, not later than the time of Ownership loan.
owners.
farm improvements, will advise 3 Generally, additional land im planning 2 If under the provision of State each applicant that construction work law, notice of the proposed diversion provement and water development should not be started and debts for such and use of water by the applicant may needed by a Farm Ownership borrower work or materials should not be incurred be filed even though such filing is not a will be met with a subsequent Farm Own before the loan is closed. If, neverthe prerequisite tethe diversion or use of ership loan. However, when such costs less, the applicant incurs debts for mate the water, the applicant will be re are relatively small, a Soil and Water rials or construction before the loan is quired to file such notice. Even though Conservation loan may be made to a closed, the State Director may authorize such record may be optional under State Farm Ownership borrower provided the in writing the use of Soil and Water Con law, the record might be of value at loan approval official determines that the servation funds to pay such debts only some future time to protect the bor stun of the Soil and Water Conservation when he finds that all the following con rowers rights or priority to the use loan, less any amount to be used for the ditions exist: The debts were incurred of water should it ever be necessary to purchase of chattel property, and the un after the applicant filed a written appli prove the date on which the water was paid balance of the Farm Ownership loan cation for a loan, except th at in the case and prior lien, if any, will not exceed the of a subsequent loan to complete im placed in beneficial use.
3 When required by State law, per loan limitations that would be applicable provements previously planned, the mission to construct water and drainage if a subsequent Farm Ownership loan debts were incurred after the initial loan facilities and the approval of plans and were being made.
was closed; the applicant is unable to 3.
Paragraphs b 2 xi and xii, specifications for such facilities will be pay auch debts from his own resources obtained from appropriate State officials. d, e, f, and j of 351.2, Title 6, and to obtain credit from other sources, 4 When planned improvements to Code of Federal Regulations 20 F.R. and failure to authorize the use of Soil be financed with Soil and Water Con 1962, 21 F.R. 1226, 7929, 9757, 23 F.R. and Water Conservation funds to pay servation loans will result in a conflict 10507, 24 F.R. 6831 are revised to clarify such debts would impair the applicants with restrictions on the use of land in the limitation on debts incurred prior financial position; the debts were in zoned areas, the applicant will be re to loan closing, make certain changes curred for authorized Soil and Water quired to obtain permission from ap with respect to the application of Agri Conservation loan purposes; and the con propriate State officials to make such cultural Conservation Program payments struction or repair work conforms to th at to borrowers accounts, reflect changes in shown on Form FKA-643, "Farm De improvements.
interest rate, limit the making of velopment Plan.
e Compliance with recommendedthe insured loans to an amount not in ex

practices. Soil and Water Conservation cess of 90 percent of the value of the loans may be made only to establish or security less prior liens, provide for tak d Rates and terms 1 Interest apply soil conservation, water develop ing severance agreements under certain rates, i For insured loans, the interest ment or use, or drainage practices that conditions, change the basis on which rate will be 5 percent per year on the un are in accord with recommendations the County Committee will determine the paid principal. However, the Adminis made by the State Agricultural Exten value of farms, and to read as follows: trator and individual lenders may agree CODIFICATION GUIDE Con.