Page:United States Statutes at Large Volume 85.djvu/497

From Wikisource
Jump to: navigation, search
This page needs to be proofread.
[85 STAT. 467]
[85 STAT. 467]
PUBLIC LAW 92-000—MMMM. DD, 1971

85 STAT. ]

PUBLIC LAW 92-158-NOV. 18, 1971

467

may be necessary to provide the sums required for the fund; except that the amount appropriated for interest subsidy payments may not exceed $1,000,000 in the fiscal year ending June 30, 1972, $2,000,000 in the fiscal year ending June 30, 1973, and $4,000,000 in the fiscal year ending June 30, 1974. There shall also be deposited in the fund amounts received by the Secretary or other property or assets derived by him from his operations under this section, including any money derived from the sale of assets. If at any time the sums in the fund are insufficient to enable the Secretary to discharge his responsibilities under guarantees issued by him under this section or to make interest subsidy payments authorized by this section, he is authorized to issue to the Secretary of the Treasury notes or other obligations in such forms and denominations, bearing such maturities, and subject to such terms and conditions, as may be prescribed by the Secretary with the approval of the Secretary of the Treasury, but only in such amounts as may be specified from time to time in appropriation Acts. Such notes or other obligations shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current aveTage 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 may use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, and the purposes for which the securities may be ^^ ^*^** ^*^' issued under that Act are extended to include any purchase of such 31* use 774,. 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. Sums borrowed under this subsection shall be deposited in the fund and redemption of such notes and obligations shall be made by the Secretary from the fund. " (f)(1) The cumulative total of the principal of the loans outstand- Limitations,, ing at any time with respect to which guarantees have been issued under this section may not exceed such limitations as may be specified in appropriation Acts. "(2) In any fiscal year no loan guarantee may be made under subsection (a) and no agreement to make interest subsidy payments may be entered into under subsection (b) if the making of such guarantee or the entering into of such agreement would cause the cumulative total of— " (A) the principal of the loans guaranteed under subsection (a) in such fiscal year, and " (B) the principal of the loans for which no guarantee has been made under subsection (a) and with respect to which an agreement to make interest subsidy payments is entered into under subsection (b) in such fiscal year, to exceed the amount of grant funds obligated under this part in such fiscal year for construction grants; except that this paragraph shall not apply if the amount of grant funds so obligated in such fiscal year equals the sums appropriated for such fiscal year under section 801. ^"'^' P' '^^^' " (g) The Secretary, with the consent of the Secretary of Housing Administrative and Urban Development, may obtain from the Department of Hous- ^^^'^'^"^• mg and Urban Development such assistance with respect to the administration of this section as will promote efficiency and economy thereof." (d)

INTERIM FACILITIES.—

(1) Section 843(i) (42 U.S.C. 298b(i)) is amended by adding 75-432 O - 72 - 32

's Stat. 918.