[USC02] 7 USC 950bb-5: Default and deobligation; deferral
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7 USC 950bb-5: Default and deobligation; deferral Text contains those laws in effect on September 16, 2019
From Title 7-AGRICULTURECHAPTER 31-RURAL ELECTRIFICATION AND TELEPHONE SERVICESUBCHAPTER VI-RURAL BROADBAND ACCESS
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§950bb–5. Default and deobligation; deferral

(a) Default and deobligation

In addition to other authority under applicable law, the Secretary shall establish written procedures for all broadband programs so that, to the maximum extent practicable, the programs are administered to-

(1) recover funds from loan and grant defaults;

(2) deobligate any awards, less allowable costs that demonstrate an insufficient level of performance (including metrics determined by the Secretary) or fraudulent spending, to the extent funds with respect to the award are available in the account relating to the program established by this subchapter;

(3) award those funds, on a competitive basis, to new or existing applicants consistent with this subchapter; and

(4) minimize overlap among the programs.

(b) Deferral period

In determining the terms and conditions of assistance provided under this subchapter, the Secretary may establish a deferral period of not shorter than the buildout period established for the project involved in order to support the financial feasibility and long-term sustainability of the project.

(May 20, 1936, ch. 432, title VI, §606, as added Pub. L. 115–334, title VI, §6206, Dec. 20, 2018, 132 Stat. 4739 .)