103 STAT. 262 PUBLIC LAW 101-73 —AUG. 9, 1989 f "(1) The Corporation including its franchise, its capital, re- serves, and surplus, and its income, shall be exempt from all . taxation imposed by any State, county, municipality, or local ' taxing authority, except that any real property of the Corpora- tion shall be subject to State, territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed, except that, notwithstanding the failure " of any person to challenge an assessment under State law of such property's value, such value, and the tax thereon, shall be ^.: determined as of the period for which such tax is imposed. "(2) No property of the Corporation shall be subject to levy, attachment, garnishment, foreclosure, or sale without the con- sent of the Corporation, nor shall any involuntary lien attach to the property of the Corporation. Taxes. "(3) The Corporation shall not be liable for any amounts in the nature of penalties or fines, including those arising from the failure of any person to pay any real property, personal prop- erty, probate, or recording tax or any recording or filing fees when due. This subsection shall not apply with respect to any tax imposed (or other amount arising) under the Internal Revenue Code of 1986. ' •(c) LIMITATION ON BORROWING. — "(1) COST ESTIMATE FOR OUTSTANDING OBLIGATIONS LIABIL- ITIES.— As soon as practicable after the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Corporation shall estimate the aggregate cost to the Corporation for all outstanding obligations and guarantees of the Corporation which were issued, and all outstanding liabil- ities which were incurred, by the Corporation before such date. " (2) ESTIMATE OF NOTES AND OTHER OBLIGATIONS REQUIRED.— Before issuing an obligation or making a guarantee, the Cor- poration shall estimate the cost of such obligations or guaran- tees. "(3) INCLUSION OF ESTIMATES IN FINANCIAL STATEMENTS. — The Corporation shall— f. "(A) reflect in its financial statements the estimates made by the Corporation under paragraphs (1) and (2) of the /rr aggregate amount of the costs to the Corporation for outstanding obligations and other liabilities, and ^' "(B) make such adjustments as are appropriate in the >? estimate of such aggregate amount not less frequently than •
_ quarterly. "(4) ESTIMATE OF OTHER ASSETS REQUIRED. — The Corporation shall— "(A) estimate the market value of assets held by it as a result of case resolution activities, with a reduction for expenses expected to be incurred by the Corporation in connection with the management and sale of such assets; "(B) reflect the amounts so estimated in its financial statements; and "(C) make such adjustments as are appropriate of such •5i market value not less than quarterly. "(5) MINIMUM NET WORTH REQUIRED. —The Corporation may not issue any note or similar obligation, and may not incur any liability under a guarantee or similar obligation, with respect to either the Bank Insurance Fund or the Savings Association Insurance Fund if, after reduction for the estimated cost of the
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