[Code of Federal Regulations]
[Title 7, Volume 11]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1700.55]

[Page 23-24]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVII--RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 1700--GENERAL INFORMATION--Table of Contents
 
             Subpart C--Loan and Grant Approval Authorities
 
Sec. 1700.55  Telecommunications Program.

    (a) Administrator: The authority to approve the following loans, 
loan guarantees, and lien accommodations is reserved to the 
Administrator:
    (1) All loans, loan guarantees, and lien accommodations and 
subordinations of liens to finance operating costs.
    (2) All loans, loan guarantees, or lien accommodations and 
subordinations of liens of $25,000,000 or more.
    (3) Loans and loan guarantees with acquisition costs of $5,000,000 
or more.
    (4) Loans and loan guarantees containing funds to refinance 
outstanding debt of more than $5,000,000.
    (5) All loan contracts, security instruments, and all other 
documents to be executed in connection with loans and loan guarantees 
approved by the Administrator.

[[Page 24]]

    (b) Assistant Administrator, Telecommunications Program, has the 
authority to approve the following loans, loan guarantees, and lien 
accommodations, except for those approvals reserved to the 
Administrator:
    (1) Loans, loan guarantees, and lien accommodations and 
subordinations of liens not to exceed $25,000,000 except for those 
reserved to the Administrator.
    (2) Loans and loan guarantees with acquisition costs where the 
acquisition portion of the loan is less than $5,000,000.
    (3) Loans and loan guarantees including refinancing amounts that do 
not exceed $5,000,000.
    (4) Distance learning and telemedicine loans and loan guarantees 
that do not exceed $5,000,000.
    (5) Loan contracts, security instruments, and other documents to be 
executed in connection with loans and loan guarantees approved by the 
Assistant Administrator, Telecommunications Program.
    (c) Area Directors have the authority to approve the following 
loans, loan guarantees, and lien accommodations, except for those 
approvals reserved to the Administrator:
    (1) Loans, loan guarantees, and lien accommodations and 
subordinations of liens of less than $10,000,000.
    (2) Loans and loan guarantees with acquisition costs of less than 
$2,000,000.
    (3) Loans and loan guarantees including refinancing amounts of less 
than $2,000,000.
    (4) Any modifications in the method of carrying out loan purposes.