A bill to amend the Rural Electrification Act of 1936 to permit the prepayment and refinancing of Federal Financing Bank loans made to rural electrification and telephone systems, and for other purposes.

Amends the Rural Electrification Act of 1936 to permit the prepayment and refinancing of Federal Financing Bank loans made to rural electrification and telephone systems.

Provides for: (1) a one-time refinancing penalty; (2) prepayment without penalty; and (3) equal and pro-rata liens for prepayment third-party lenders.