62 STAT.] OTHECONG. , 2D SESS.-CH. 832 -AUG. 10, 1948 was executed and which is evidenced in the manner prescribed by such rules and regulations, and to receive from the Administrator debentures having a total face value equal to 90 per centum of the outstanding investment for such operating year. "(c) Any difference, not exceeding $50, between 90 per centum of Adjustments. the outstanding investment for the operating year in which a project is acquired by the Administrator pursuant to this section and the total face value of the debentures to be issued and delivered to the investor pursuant to this section shall be adjusted by the payment of cash by the Administrator to the investor from the Housing Investment Insurance Fund. "(d) Upon the acquisition of a project by the Administrator pur- suT"ation of in- suant to this section, the insurance contract shall terminate. "(e) Debentures issued under this title to any investor shall be tions of debentures. executed in the name of the Housing Investment Insurance Fund as obligor, shall be signed by the Administrator, by either his written or engraved signature, and shall be negotiable. Such debentures shall be dated as of the first day of the operating year in which the project for which such debentures were issued was acquired by the Admin- istrator, shall bear interest at a rate to be determined by the Admin- istrator, with the approval of the Secretary of the Treasury, at the time the insurance contract was executed, but not to exceed 23/ per centum per annum, payable semiannually on the 1st day of January and the 1st day of July of each year, and shall mature on the 1st day of July in such calendar year or years, not later than the fortieth following the date of the issuance thereof, as shall be determined by the Administrator and stated on the face of such debentures. "(f) Such debentures shall be in such form and in such denomina- tions in multiples of $50, shall be subject to such terms and conditions, and may include such provisions for redemption as shall be prescribed by the Administrator, with the approval of the Secretary of the Treas- ury, and may be issued in either coupon or registered form. ~'(g) Such debentures shall be exempt, both as to principal and cetriu.."ti""; Y- interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by any Territory, dependencly, or possession of the United States, or by the i)istrict of ('ollmbia, or by any State, county, municipality, or local taxing authority, shall be payable out of the Housing Investment Insurance Fund, which shall be primarily liable therefor, and shall be fully and unconditionally guaranteed, as to both the principal thereof and the interest thereon, by the United States, and such guaranty shall be expressed on the face thereof. In the event that the Housing Investment Insurance Fund tayof, 1 Trs'rey. fails to pay upon demand, when due, the principal of or the interest on any debentures so guaranteed, the Secretary of the Treasury shall pay to the holders the amount thereof, which is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appro- priated, and thereupon, to the extent of the amount so paid, the Secre- tary of the Treasury shall succeed to all the rights of the holders of such debentures. "(h) Notwithstanding any other provisions of law relating to the Powers of Adminis- trator in property acquisition, handling, or disposal of real and other property by the transactions. United States, the Administrator shall have power, for the protection of the Housing Investment Insurance Fund, to pay out of said Fund all expenses or charges in connection with, and to deal with, complete, reconstruct, rent, renovate, modernize, insure, make contracts for the management of, or establish suitable agencies for the management of, or sell for cash or credit or lease in his discretion, in whole or in part, any project acquired pursuant to this title; and, notwithstanding any other provisions of law, the Administrator shall also have power to 1279
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