[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: 7CFR1770.26]

[Page 971-972]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVII--RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 1770--ACCOUNTING REQUIREMENTS FOR RUS TELEPHONE BORROWERS--Table of Contents
 
                  Subpart C--Accounting Interpretations
 
Sec. 1770.26  General.

    Source: 61 FR 39847, July 31, 1996, unless otherwise noted.


    (a) The standard provisions of the security instruments utilized by 
the Rural Utilities Service (RUS) and the Rural Telephone Bank (RTB) for 
all telecommunications borrowers require borrowers to at all times keep 
and safely preserve, proper books, records, and accounts in which full 
and true entries will be made of all of the dealings,

[[Page 972]]

business, and affairs of the borrower in accordance with the methods and 
principles of accounting prescribed by the state regulatory body having 
jurisdiction over the borrower and by the Federal Communications 
Commission (FCC) in its Uniform System of Accounts for 
telecommunications companies (47 CFR part 32), as those methods and 
principles of accounting are supplemented from time to time by RUS.
    (b) This subpart implements those standard provisions of the RUS and 
RTB security instruments by prescribing accounting principles, 
methodologies, and procedures applicable to all telecommunications 
borrowers for particular situations.