Omnibus Budget Reconciliation Act of 1986

[AI summary unavailable — showing source text] Title I: Short Title and Table of Contents - Omnibus Budget Reconciliation Act of 1986 - Sets forth the table of contents. Title II: House Committee on Agriculture - Subtitle A: Sale of Notes Held in the Rural Development Insurance Fund - Directs the Secretary of Agriculture to sell notes and other obligations held in the Rural Development Insurance Fund in such amounts as to realize specified minimum net proceeds from sales during FY 1988 and FY 1989. Amends the Consolidated Farm and Rural Development Act to permit the sale of such notes on a nonrecourse basis. Relieves the Secretary and any subsequent purchaser of such notes of any responsibilities that might have been imposed had the borrower remained indebted to the Secretary. Makes institutions of the Farm Credit System eligible to purchase such notes and to service, collect, and dispose of them, subject only to such terms and conditions as may be agreed to by the Secretary and such purchasing institutions, with the approval of the Farm Credit Administration. Prohibits, during FY 1987 through 1989, the sale of any note out of the Agricultural Credit Insurance Fund, except in connection with transactions with the Secretary of t…