Rural Electrification and Telephone Revolving Fund Solvency Act of 1984

Rural Electrification and Telephone Revolving Fund Solvency Act of 1984 - Amends the Rural Electrification Act of 1936 to direct the Administrator of the Rural Electrification Administration to maintain two separate accounts within the Rural Electrification and Telephone Revolving Fund: (1) the Electrification Account; and (2) the Telephone Account.

Requires obligations of the Fund to provide for level annual debt service payments. Authorizes reformation of outstanding obligations to provide for such payments.

Replaces existing five and two percent insured loan interest rates with a standard annual rate (of at least five percent) to be determined by the Administrator. Authorizes reduced rates for financial hardship borrowers.

Requires the Administrator to assist borrowers to achieve the financial strength necessary to obtain loans from non-Fund sources. Limits annual Electrification Account and Telephone Account principal obligations.

Repeals certain restrictions on the terms and conditions of loans under such Act relating to: (1) preference in loans; and (2) elections of loans for a telephone system with an average subscriber density of three or fewer per mile. Repeals the provision including in the Fund moneys borrowed from the Secretary of the Treasury in exchange for interim votes.

States that redeemed Class A stock shall be deposited into miscellaneous receipts of the Treasury.