Page:United States Statutes at Large Volume 75.djvu/206

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[75 Stat. 166]
[75 Stat. 166]
PUBLIC LAW 87-000—MMMM. DD, 1961

166 42 USC 1454V

42 USC 1460.

PUBLIC LAW 87.70-JUNE 30, 1961

[75 S T A T.

(^) Section 104 of such Act is amended by striking out the second sentence and inserting in lieu thereof the following: "Such local grants-in-aid, together with the local grants-in-aid to be provided m connection with all other projects of the local public agency (or two or more local public agencies in the same municipality) on which contracts for capital grants have theretofore been made, shall be at least equal to the total of one-third of the aggregate net project costs of such projects undertaken on a two-thirds capital grant basis and one-fourth of the aggregate net project costs of such projects undertaken on a three-fourths capital grant basis." ^(.^ -pj^g third and fourth sentences of section 110(e) of such Act are each amended by striking out "pursuant to the proviso in the second sentence of section 103(a)" and inserting in lieu thereof "pursuant to section 103(a)(2)(C) ". I N C O N T E S T A B L E FEDERAL OBLIGATION I N PRIVATE F I N A N C I N G OF P R O J E C T S

42 USC 1452.

63 Stat. 424. 42 USC 1421a.

gEC. 302. (a) Section 102(c) of the Housing Act of 1949 is amended by adding at the end thereof the following: "In connection with any such pledge of a loan contract, including loan payments thereunder, as security for the repayment of obligations of the local public agency held by other than the Federal Government, the Administrator is authorized to agree to pay, through operations of a paying agent or agents, and to pay or cause to be paid when due, from funds obtained pursuant to subsection (e) of this section, to the holders of such obligations (or to their agents or designees) the principal of and the interest on such obligations, subject to such conditions as the Administrator may determine but without regard to any other condition or requirement. Notwithstanding any other provision of law, any contract or other instrument executed by the Administrator which, by its terms, includes an obligation of the Administrator to make payment pursuant to this subsection shall be construed by all officers of the United States separate and apart from the loan contract and shall be incontestable in the hands of a bearer and the full faith and credit of the United States is pledged to the payment of all amounts agreed to be paid by the Administrator pursuant to this subsection." (b) Section 22 of the United States Housing Act of 1937 is amended by inserting the following new subsection at the end thereof: "(c) Obligations of a public housing agency which (1) are secured either (A) by a pledge of a loan under an agreement between such public housing agency and the Authority, or (B) by a pledge of annual contributions under an annual contributions contract between such public housing agency and the Authority, and (2) bear, or are accompanied by, a certificate of the Authority that such obligations are so secured, shall be incontestable in the hands of a bearer, and the full faith and credit of the United States is pledged to the payment of all amounts agreed to be paid by the Authority as security for such obligations." GRANT

71 sm. 299. 42 1453.

AUTHORIZATION

SEC. 303. Section 103(b) of the Housing Act of 1949 is amended i^y g^pjjjjjjg Q^^ ij^Q f^YQi sentence and inserting in lieu thereof the following: "The Administrator may, with the approval of the President, contract to make grants under this title aggregating not to exceed $4,000,000,000: Provided, That of such sum the Administrator may, without regard to other provisions of this title, contract to make grants aggregating not to exceed $25,000,000 for mass transportation demonstration projects which he determines will assist in carrj^ing out urban transportation plans and research, including but not limited to the development of data and information of general applicability