Page:United States Statutes at Large Volume 108 Part 4.djvu/418

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108 STAT. 3052 PUBLIC LAW 103-337—OCT. 5, 1994 "(A) such funds as may be authorized for and appropriated to the Account; and "(B) any proceeds received by the Secretsiry from the repay- ment of investments or profits on investments of the Secretary under subsection (a). "(3) In such amounts as is provided in advance in appropriation Acts, the Account shall be available for contracts, investments, and expenses necessary for the implementation of this section. "(4) The Secretary may not enter into a contract in connection with a limited partnership under subsection (a) or a collateral incentive agreement under subsection (b) unless the Account contains sufficient funds, as of the time the contract is entered into, to satisfy the total obligations to be incurred by the United States under the contract. Establishment. "(e) NAVY HOUSING I>fVESTMENT BoARD.— (1) The Secretary of the Navy shall establish a board to be known as the 'Navy Housing Investment Board', which shall have the duties— "(A) of advising the Secretary regarding those proposed limited partnerships under subsection (a), if any, that are financially and otherwise sound investments for meeting the objectives of this section; "(B) of administering the Account established under subsection (d); and "(C) of assisting the Secretary in such other ways as the Secretary determines to be necessary and appropriate to carry out this section. "(2) The Navy Housing Investment Board shall be composed of seven members appointed for a two-year term by the Secretary. Among such members, the Secretary may appoint two persons from the private sector who have knowledge and experience in the financing and the construction of housing. The Secretary shall designate one of the members as chairperson of the Board. "(3) Members of the Navy Housing Investment Board, other than those members regularly employed by the Federal Government, may be paid while attending meetings of the Board or otherwise serving at the request of the Secretary, compensation at a rate equal to the daily equivalent of the minimum annual rate of basic pay payable for level IV of the Executive Schedule under section 5315 of title 5 for each day (including travel time) during which the member is engaged in the actual performance of duties vested in the Board. Members shall receive travel expenses, including per diem in lieu of subsistence, in accordance with section 5702 and 5703 of title 5. "(4) The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply to the Navy Housing Investment Board. "(f) REPORT. —Not later than 60 days after the end of each fiscal year in which the Secretary carries out activities under this section, the Secretary shall transmit to Congress a report specifying the amount and nature of the deposits into, and the expenditures from, the Account during such fiscal year and of the amount and nature of all other expenditures made pursuant to such section during such fiscal year. "(g) TRANSFER OF NAVY LANDS PROHIBITED. —Nothing in this section shall be construed to permit the Secretary, as part of a limited partnership entered into under this section, to transfer the right, title, or interest of the United States in any real property under the jurisdiction of the Secretary.