Insured Watershed and Resource Conservation and Development Loans.—

Sec. 117. Insured Watershed and Resource Conservation and Development Loans.—Subtitle A of the Consolidated Farmers Home Administration Act of 1961 is amended by adding at the end a new section as follows: “Sec. 310A. Loans meeting the requirements of the Watershed Protection and Flood Prevention Act or title III of the Bankhead-Jones Farm Tenant Act may be insured, or made to be sold and insured, in accordance with and subject to sections 308 and 309, the last sentence of section 306(a) (1), and the last sentence of section 307 of this title.”