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

SEC. 6505. 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 (a)— (A) by striking “Subject to” and inserting the following: “(1) Guarantees.—Subject to” ; (B) in paragraph (1) (as so designated), by striking “basis” and all that follows through the period at the end and inserting “basis, if the proceeds of the bonds or notes are used to make utility infrastructure loans, or refinance bonds or notes issued for those purposes, to a borrower that has at any time received, or is eligible to receive, a loan under this Act.”; and (C) by adding at the end the following: “(2) Terms.—A bond or note guaranteed under this section shall, by agreement between the Secretary and the borrower— “(A) be for a term of 30 years (or another term of years that the Secretary determines is appropriate); and “(B) be repaid by the borrower— “(i) in periodic installments of principal and interest; “(ii) in periodic installments of interest and, at the end of the term of the bond or note, as applicable, by the repayment of the outstanding principal; or “(iii) through a combination of the methods described in clauses (i) and (ii).” ; (2) in subsection (b)— (A) in paragraph (1), by striking “electrification” and all that follows through the period at the end and inserting “purposes described in subsection (a)(1).”; (B) by striking paragraph (2); (C) by redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively; and (D) in paragraph (2) (as so redesignated)— (i) in subparagraph (A), by striking “for electrification or telephone purposes” and inserting “for eligible purposes described in subsection (a)(1)”; and (ii) in subparagraph (C), by striking “subsection (a)” and inserting “subsection (a)(1)”; and (3) in subsection (f), by striking “2018” and inserting “2023”. (b) [7 U.S.C. 940c-1 note] Administration.—Beginning on the date of enactment of the Agriculture Improvement Act of 2018, the Secretary shall continue to carry out section 313A of the Rural Electrification Act of 1936 (7 U.S.C. 940c-1) (as amended by subsection (a)) under a Notice of Solicitation of Applications until the date on which any regulations necessary to carry out the amendments made by subsection (a) are fully implemented.