Rural Electrification and Telephone Revolving Fund Act of 1984

[AI summary unavailable — showing source text] Rural Electrification and Telephone Revolving Fund Act of 1984 - Amends the Rural Electrification Act of 1936 to replace the annual authorization of appropriations in the Federal budget with authority for the Administrator of the Rural Electrification Administration to use the assets of the Rural Electrification and Telephone Revolving Fund to carry out the provisions of such Act. Repeals requirements that redemptions, purchases, and sales of interim notes made by the Administrator be treated as public debt transactions. Declares that the sale by the Administrator of notes or certificates of beneficial ownership shall be treated as borrowing for purposes of the Federal budget. (Currently, the sale of notes is treated as a sale of assets.) Limits the aggregate amount of insured loans the Administrator may make in any one fiscal year. Replaces existing five and two percent insured loan interest rates with a standard annual rate to be established by the Secretary of Agriculture. Authorizes the Administrator to charge borrowers fees for guarantees, accommodations or subordinations. Prohibits the Administrator from guaranteeing loans of subordinate liens or mortgages where the interest …