# 12 CFR § 615.5101: Requirements for issuance

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5101

## Section

- **Citation:** 12 CFR § 615.5101
- **Heading:** Requirements for issuance
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** September 22, 2026
- **Source:** Publisher's official text
- **Location:** Title 12—Banks and Banking > CHAPTER VI—FARM CREDIT ADMINISTRATION > SUBCHAPTER B—FARM CREDIT SYSTEM > PART 615—FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS > Subpart C—Issuance of Bonds, Notes, Debentures and Similar Obligations

## Text

Except as provided in section 4.2(e) of the Act, each debt obligation shall meet the following requirements:
(a) Each debt obligation shall be issued through the Federal Farm Credit Banks Funding Corporation acting for System banks.
(b) Each debt obligation shall be authorized by resolution of the board(s) of directors of the issuer(s). Each participating bank shall provide, in its authorizing resolution, for its primary liability on the portion of any consolidated or Systemwide obligation issued on its behalf and be jointly and severally liable for the payment of any additional sums as called upon by the Farm Credit Administration, in accordance with section 4.4 of the Act, in the event any bank primarily liable therefor is unable to pay.
(c) Each issuance of debt obligations shall meet the collateral requirements set forth in subpart B.
(d) Each issuance of debt obligations shall be approved by the Farm Credit Administration.
(e)(1) Consultation with the Secretary of the Treasury required by 31 U.S.C. 9108 shall be conducted by System representatives and shall have occurred prior to each debt issuance.
(2) Under policies adopted by the Board of the Farm Credit Administration, the Chairman will consult with the Secretary of the Treasury on a regular basis concerning the exercise by the System of the powers conferred under section 4.2 of the Act.
[54 FR 1160, Jan. 12, 1989]

## Nearby sections

- [12 CFR § 615.5000 § 615.5000 General responsibilities.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5000.md)
- [12 CFR § 615.5010 § 615.5010 Funding Corporation.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5010.md)
- [12 CFR § 615.5030 § 615.5030 Borrowings from commercial banks.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5030.md)
- [12 CFR § 615.5040 § 615.5040 Borrowings from financial institutions other than commercial banks.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5040.md)
- [12 CFR § 615.5045 § 615.5045 Definitions.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5045.md)
- [12 CFR § 615.5050 § 615.5050 Collateral requirements.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5050.md)
- [12 CFR § 615.5060 § 615.5060 Special collateral requirement.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5060.md)
- [12 CFR § 615.5090 § 615.5090 Reduction in carrying value of collateral.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5090.md)
- [12 CFR § 615.5100 § 615.5100 Authority to issue.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5100.md)
- [12 CFR § 615.5101 § 615.5101 Requirements for issuance.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5101.md)
- [12 CFR § 615.5102 § 615.5102 Issuance of debt obligations through the Funding Corporation.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5102.md)
- [12 CFR § 615.5105 § 615.5105 Consolidated Systemwide notes.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5105.md)
- [12 CFR § 615.5110 § 615.5110 Authority to issue (other funding).](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5110.md)
- [12 CFR § 615.5120 § 615.5120 Purchase eligibility requirement.](https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5120.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/ecfr-12-615.5101. Check the current official text before relying on it. Not legal advice.