7 U.S.C. § 941 : US Code - Section 941: Telephone Bank

Search 7 U.S.C. § 941 : US Code - Section 941: Telephone Bank

(a) Establishment
There is hereby established a body corporate to be known as the
Rural Telephone Bank (hereinafter called the telephone bank).
(b) General purposes
The general purposes of the telephone bank shall be to obtain an
adequate supply of supplemental funds to the extent feasible from
non-Federal sources, to utilize said funds in the making of loans
under section 948 of this title, and to conduct its operations to
the extent practicable on a self-sustaining basis.
(c) Status; payments in lieu of property taxes
The telephone bank shall be deemed to be an instrumentality of
the United States, and shall, for the purposes of jurisdiction and
venue, be deemed a citizen and resident of the District of
Columbia. The telephone bank is authorized to make payments to
State, territorial, and local governments in lieu of property taxes
upon real property and tangible personal property which was subject
to State, territorial, and local taxation before acquisition by the
telephone bank. Such payment may be in the amounts, at the times,
and upon such terms as the telephone bank deems appropriate but the
telephone bank shall be guided by the policy of making payments not
in excess of the taxes which would have been payable upon such
property in the condition in which it was acquired.