Rural Electrification and Telephone Revolving Fund Act of 1984

Rural Electrification and Telephone Revolving Fund Act of 1984 - Amends the Rural Electrification Act of 1936 to replace the annual authorization of appropriations in the Federal budget with authority for the Administrator of the Rural Electrification Administration to use the assets of the Rural Electrification and Telephone Revolving Fund to carry out the provisions of such Act.

Repeals requirements that redemptions, purchases, and sales of interim notes made by the Administrator be treated as public debt transactions. Declares that the sale by the Administrator of notes or certificates of beneficial ownership shall be treated as borrowing for purposes of the Federal budget. (Currently, the sale of notes is treated as a sale of assets.)

Limits the aggregate amount of insured loans the Administrator may make in any one fiscal year.

Replaces existing five and two percent insured loan interest rates with a standard annual rate to be established by the Secretary of Agriculture.

Authorizes the Administrator to charge borrowers fees for guarantees, accommodations or subordinations. Prohibits the Administrator from guaranteeing loans of subordinate liens or mortgages where the interest on such loans or other financing is excludable from gross income under the Internal Revenue Code.

Requires rural electrification borrowers to obtain concurrent financing according to criteria and ratios established by the Administrator.

Prohibits the making of loans to borrowers with a specified consumer or subscriber density unless such borrower is experiencing extreme financial hardship.

Requires the Rural Telephone Bank to reimburse other agencies of the Department of Agriculture for the use of personnel and facilities.

Terminates in FY 1984 (currently, 1991) the capitalization of such Bank. Requires the redemption of stock purchased through such capitalization soon after September 30, 1985 (currently, September 30, 1995).

Ends the exclusion from the Federal budget of purchases and resales of telephone debentures and loans and advances by the Telephone Bank Board.

Makes technical amendments regarding the Bank loan authority.