Report to the Congress: Audit of the Rural Telephone Bank, Dept. of Agriculture, for the Initial Period Oct. 1, 1971, to June 30, 19721973 - 21 pages |
Expressions et termes fréquents
9 MONTHS ENDED accepted accounting principles accounting principles Accrued interest act provides amortized amount of class Assistant Secretary Bank's loans Bank's statement capital retained earnings CHANGES IN FINANCIAL class A stock COMPTROLLER Congress Department of Agriculture dividends on class elected ended June 30 extent practicable financial position FINANCIAL STATEMENTS furnishing and improving income and patronage Interest earned Investment in Class loan commitments loans or loan Loans receivable MONTHS ENDED JUNE notes following schedule operating expenses organizations controlled par value patronage capital retained payable percent period ended June personnel and facilities phone service porations and public PREOPERATING COSTS note Public Law purchase of class rural areas Rural Electrification Act Rural Electrification Administration Rural Telephone Bank Secretary of Agriculture section 201 September 15 service in rural statement of income stock is entitled stock is issuable Telephone Association Telephone Bank Board telephone debentures telephone loan telephone service tions U.S. Treasury UNAMORTIZED PREOPERATING COSTS United
Fréquemment cités
Page 10 - Loans under this section and section 5 shall not be made unless the Administrator finds and certifies that in his judgment the security therefor is reasonably adequate and such loan will be repaid within the time agreed.
Page 2 - In our opinion, the financial statements referred to above present fairly the financial position of the various funds of Delaware River Port Authority at December 31, 1985 and the results of its operations and the changes in its financial position for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.
Page 11 - IV except such as shall have lapsed pursuant to the provisions of this title. "(b) When all class A stock has been fully redeemed and retired, loans? made by the telephone bank shall not continue to be subject to the restrictions prescribed in the provisos to section 408 (a) (2).
Page 11 - June 30, 1985, has been fully redeemed and retired. The Bank board holds at least four regularly scheduled meetings a year. Activities of the Bank are carried out by the existing EEA employees and employees of the Office of the General Counsel.
Page 13 - Our examination was made in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
Page 10 - ... Governor of the telephone bank finds and certifies that in his judgment (i) the security therefor Is reasonably adequate and such loan will be repaid within the time agreed, and (ii) the borrower has the capability of producing net income or margins before interest at least equal to 150 per centum of the interest requirements on all of its outstanding and proposed loans, or such higher...
Page 7 - ... Administrator of the Rural Electrification Administration on behalf of the United States in exchange for capital furnished to the telephone bank pursuant to subsection (a...
Page 11 - ... (3) the telephone bank shall cease to be an agency of the United States, but shall continue in existence in perpetuity as an instrumentality of the United States and as a banking corporation with all of the powers and limitations conferred or imposed by this title IV except such as shall have lapsed pursuant to the provisions of this title.
Page 8 - The telephone bank is authorized to obtain funds through the public or private sale of its bonds, debentures, notes and other evidences of indebtedness (herein collectively called 'telephone debentures'). Telephone debentures shall be issued at such times, bear interest at such rates, and contain such other terms and conditions as the Telephone Bank Board shall determine: Provided, however, That the amount of...
Page 8 - The Governor of the telephone bank is authorized on behalf of the telephone bank to make loans, in conformance with policies approved by the Telephone Bank Board, to corporations and public bodies which have received a loan or loan commitment pursuant to section 201 of this Act...