At the request of the borrower, the Secretary is authorized and directed to refinance with loans which will be insured under this chapter at the interest rates provided in section 935 of this title any loans made for rural electric and telephone facilities under any provision of the Consolidated Farm and Rural Development Act [ 7 U.S.C. 1921 et seq.]. (May 20, 1936, ch. 432, title III, § 310, as added Pub. L. 93–32, § 2 , May 11, 1973 , 87 Stat. 70 ; amended Pub. L. 103–354, title II, § 235(a)(13) , Oct. 13, 1994 , 108 Stat. 3221 .) Editorial Notes References in Text The Consolidated Farm and Rural Development Act, referred to in text, is title III of Pub. L. 87–128 , Aug. 8, 1961 , 75 Stat. 307 , which is classified principally to chapter 50 (§ 1921 et seq.) of this title. For complete classification of the Act to the Code, see Short Title note set out under section 1921 of this title and Tables. Amendments 1994— Pub. L. 103–354 substituted “Secretary” for “Administrator”. Statutory Notes and Related Subsidiaries Effective Date Section effective May 11, 1973 , see section 12 of Pub. L. 93–32 , set out as a note under section 930 of this title . CFR Title Parts 7 1786 , 1787