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CONTENTS

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Fullarton, David C., executive manager, National Telephone Coopera-
tive Association__

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III

RURAL TELEPHONE SUPPLEMENTAL FINANCING

WEDNESDAY, AUGUST 23, 1967

HOUSE OF REPRESENTATIVES,
COMMITTEE ON AGRICULture,

Washington, D.C.

The committee met, pursuant to notice, at 10:05 a.m., in room 1301, Longworth House Office Building, Washington, D.C., the Honorable W. R. Poage, chairman, presiding.

Present: Representatives Poage, Gathings, McMillan, Abbitt, Jones of Missouri, Stubblefield, Purcell, O'Neal, Jones of North Carolina, Dow, Rarick, Belcher, Teague of California, Dole, Hansen, Wampler, Miller, Burke, Mathias, Mayne, Zwach, Kleppe, Price, and Myers.

Also present: Christine S. Gallagher, clerk; Hyde H. Murray, assistant counsel; and Francis LeMay, consultant.

The CHAIRMAN. The committee will please come to order.

This morning we have with us Mr. Harold R. Bollinger, president of the Pioneer Telephone Co. of Minnesota, accompanied by Robert Fegan, president of the Junction City Telephone Co., and Hugh Barn art, president of the Rochester Telephone Co. of Indiana.

We will be glad to hear from you gentlemen now and we will place in the record at this point the bill H.R. 12066.

(H.R. 12066, introduced by Mr. Poage, is as follows:)

[H.R. 12066, 90th Cong., first sess.]

A BILL To amend the Rural Electrification Act of 1936, as amende 1, to provide an additional source of financing for the rural telephone program, and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That it is hereby declared to be the policy of the Congress that the growing capital needs of the rural telephone systems require the establishment of a rural telephone bank which will furnish assured and viable sources of supplementary financing with the objective that said bank will become an entirely privately owned, operated, and financed corporation. The Congress further finds that many rural telephone systems require financing under the terms and conditions provided in title II of the Rural Electrification Act of 1936, as amended. In order to effectuate this policy, the Rural Electrification Act of 1936, as amended (7 U.S.C. 921-924) is amended as hereinafter provided. SEC. 2. The Rural Electrification Act of 1936, as amended, is amended by adding the following two new titles:

"TITLE III

"SEC. 301. RURAL TELEPHONE ACCOUNT.-(a) There is hereby established in the Treasury of the United States an account, to be known as the rural telephone account, consisting of:

"(1) all notes, bonds, obligations, and property delivered or assigned to the Administrator pursuant to loans heretofore or hereafter made under section 201 of this Act, including notes, bonds, obligations, and property held in trust by him on behalf of the Secretary of the Treasury, as of the effective date of this title, which shall be transferred to and be assets of the rural telephone account;

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