118 STAT. 3497 PUBLIC LAW 108–451—DEC. 10, 2004 in the judgment of the Secretary of the Interior, required to meet current needs of the development fund. ‘‘(B) PERMITTED INVESTMENTS.— ‘‘(i) IN GENERAL.—Notwithstanding any other provision of law, including any provision requiring the consent or concurrence of any party, the investments referred to in subparagraph (A) shall include 1 or more of the following: ‘‘(I) Any investments referred to in the Act of June 24, 1938 (25 U.S.C. 162a). ‘‘(II) Investments in obligations of government corporations and government-sponsored entities whose charter statutes provide that their obliga- tions are lawful investments for federally managed funds. ‘‘(III) The obligations referred to in section 201 of the Social Security Act (42 U.S.C. 401). ‘‘(ii) LAWFUL INVESTMENTS.—For purposes of clause (i), obligations of government corporations and govern- ment-sponsored entities whose charter statutes provide that their obligations are lawful investments for federally managed funds includes any of the following securities or securities with comparable language con- cerning the investment of federally managed funds: ‘‘(I) Obligations of the United States Postal Service as authorized by section 2005 of title 39, United States Code. ‘‘(II) Bonds and other obligations of the Ten- nessee Valley Authority as authorized by section 15d of the Tennessee Valley Authority Act of 1933 (16 U.S.C. 831n–4). ‘‘(III) Mortgages, obligations, or other securi- ties of the Federal Home Loan Mortgage Corpora- tion as authorized by section 303 of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452). ‘‘(IV) Bonds, notes, or debentures of the Com- modity Credit Corporation as authorized by section 4 of the Act of March 4, 1939 (15 U.S.C. 713a– 4). ‘‘(C) ACQUISITION OF OBLIGATIONS.—For the purpose of investments under subparagraph (A), obligations may be acquired— ‘‘(i) on original issue at the issue price; or ‘‘(ii) by purchase of outstanding obligations at the market price. ‘‘(D) SALE OF OBLIGATIONS.—Any obligation acquired by the development fund may be sold by the Secretary of the Treasury at the market price. ‘‘(E) CREDITS TO FUND.—The interest on, and the pro- ceeds from the sale or redemption of, any obligations held in the development fund shall be credited to and form a part of the development fund. ‘‘(5) AMOUNTS NOT AVAILABLE FOR CERTAIN FEDERAL OBLIGATIONS.—None of the provisions of this section, including paragraphs (2)(A) and (3)(A), shall be construed to make any VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00031 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4
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