LOAN AUTHORIZATION LEVELS.

SEC. 5311. LOAN AUTHORIZATION LEVELS. Section 346(b)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)(1)) is amended to read as follows: “(1) In general.—The Secretary may make or guarantee loans under subtitles A and B from the Agricultural Credit Insurance Fund provided for in section 309 for not more than $3,796,000,000 for each of fiscal years 2003 through 2007, of which, for each fiscal year— “(A) $770,000,000 shall be for direct loans, of which—116 STAT. 347 “(i) $205,000,000 shall be for farm ownership loans under subtitle A; and “(ii) $565,000,000 shall be for operating loans under subtitle B; and “(B) $3,026,000,000 shall be for guaranteed loans, of which— “(i) $1,000,000,000 shall be for guarantees of farm ownership loans under subtitle A; and “(ii) $2,026,000,000 shall be for guarantees of operating loans under subtitle B.”.