Page:United States Statutes at Large Volume 84 Part 2.djvu/647

From Wikisource
Jump to: navigation, search
This page needs to be proofread.
[84 STAT. 1977]
[84 STAT. 1977]
PUBLIC LAW 91-000—MMMM. DD, 1970

84 STAT. ]

PUBLIC LAW 91-663-JAN. 8, 1971

1977

of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of the notes or other obligations. The Secretary of the Treasury shall purchase any notes and other obligations issued hereunder and for that purpose he is authorized to use as a public debt transaction the roceeds from the sale of any securities issued under the Second Stat. 288. liberty Bond Act, as amended, and the purposes for which securities 40 USC 774. 31 may be issued under that Act, as amended, are extended to include any purchase of such notes and obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this subsection. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States. There are authorized to be appropriated to the Secretary Appropriation,, such sums as may be necessary to pay the principal and interest on the notes or obligations issued by him to the Secretary of the Treasury. (b) Any guarantee made by the Secretary under this Act shall not be terminated, canceled, or otherwise revoked, except as provided by the terms and conditions prescribed by the Secretary under section S(d) of this Act; shall be conclusive evidence that such guarantee complies fully with the provisions of this Act, and of the approval and legality of the principal amount, interest rate, and all other terms of the certificates and the guarantee; and shall be valid and incontestable in the hands of a holder of a guaranteed certificate except for fraud or material misrepresentation on the part of such holder. (c) The Attorney General shall take such action as may be appropriate to enforce any right accruing to the United States by reason of its having paid money or incurred expenses as a result of making such guarantees.

E

ASSISTANCE O F DEPARTMENTS AND OTHER AGENCIES

SEC. 6. (a) I n carrying out the provisions of this Act the Secretary may use available services and facilities of other departments, agencies, and instrumentalities of the Federal Government with their consent and on a reimbursable basis, and shall consult with the Interstate Commerce Commission in carrying out the provisions of this Act. (b) Departments, agencies, and instrumentalities of the Federal Government shall exercise their powers, duties, and functions in such manner as will assist in carrying out the provisions of this Act. COURT SUPERVISION

SEC. Y. In addition to other duties prescribed by section 77 of the Bankruptcy Act, the court shall maintain supervision of the expendi- '•^ ^'^t- ^n. ture of funds obtained pursuant to section 3 for the purpose of assur- "u^<^ ^os. ing that such funds are used solely for purposes set forth in subsection (b) of such section, shall make periodic findings regarding such expenditures, and shall report those findings to the Secretary. AUDIT

SEC. 8. The Comptroller General of the United States, or any of his duly authorized representatives, shall have access to such information, books, records, and documents as he determines necessary effectively to audit financial transactions and operations carried out by the Secretary in the administration of this Act. The Comptroller General shall ^ Report to make such reports to the Congress on the results of any such audits °"^'^^^^" as are appropriate.