A bill to amend the Rural Electrification Act of 1936, as amended, to establish a Rural Electrification and Telephone Revolving Fund to provide adequate funds for rural electric and telephone systems through insured and guaranteed loans at interest rates which will allow them to achieve the objectives of the Act.

[AI summary unavailable — showing source text] Establishes in the Treasury of the United States a fund, to be known as the Rural Electrification and Telephone Revolving Fund. Sets forth the method of funding such fund. States that the assets of the fund shall be available only for specified purposes, including: (1) loans which could be insured under this title, and for advances in connection with such loans and loans previously made; (2) payment of principal when due on outstanding loans to the Administrator from the Secretary of the Treasury for electrification and telephone purposes; and (3) payment of amounts to which the holder of notes is entitled on insured loans. Authorizes the Administrator to make and issue interim notes to the Secretary of the Treasury for the purpose of obtaining funds necessary for discharging obligations of the fund and for making loans, advances, and authorized expenditures out of the fund. Authorizes and directs the Secretary of the Treasury to purchase for resale obligations insured through the fund when offered by the Administrator. Authorizes the Administrator to make insured loans under this Act and at the interest rates hereinafter provided to the full extent of the assets available in the f…