GUARANTEES FOR BONDS AND NOTES ISSUED FOR ELECTRIFICATION OR TELEPHONE PURPOSES.

SEC. 6106. GUARANTEES FOR BONDS AND NOTES ISSUED FOR ELECTRIFICATION OR TELEPHONE PURPOSES.(a) In General.—Section 313A of the Rural Electrification Act of 1936 (7 U.S.C. 940c–1) is amended—(1) in subsection (b)—(A) in paragraph (1), by striking “for electrification” and all that follows through the end and inserting “for eligible electrification or telephone purposes consistent with this Act.”; and(B) by striking paragraph (4) and inserting the following:“(4) Annual amount.—The total amount of guarantees provided by the Secretary under this section during a fiscal year shall not exceed $1,000,000,000, subject to the availability of funds under subsection (e).”;(2) in subsection (c), by striking paragraphs (2) and (3) and inserting the following:“(2) Amount.—“(A) In general.—The amount of the annual fee paid for the guarantee of a bond or note under this section shall be equal to 30 basis points of the amount of the unpaid principal of the bond or note guaranteed under this section.“(B) Prohibition.—Except as otherwise provided in this subsection and subsection (e)(2), no other fees shall be assessed.“(3) Payment.—“(A) In general.—A lender shall pay the fees required under this subsection on a semiannual basis.“(B) Structured schedule.—The Secretary shall, with the consent of the lender, structure the schedule for payment of the fee to ensure that sufficient funds are available to pay the subsidy costs for note or bond guarantees as provided for in subsection (e)(2).”; and(3) in subsection (f), by striking “2007” and inserting “2012”.(b) Administration.—The Secretary shall continue to carry out section 313A of the Rural Electrification Act of 1936 (7 U.S.C. 940c–1) in the same manner as on the day before the date of enactment of this Act, except without regard to the limitations prescribed in subsection (b)(1) of that section, until such time as any regulations necessary to carry out the amendments made by this section are fully implemented.122 STAT. 1198