Page:United States Statutes at Large Volume 100 Part 2.djvu/431

 PUBLIC LAW 99-498—OCT. 17, 1986

100 STAT. 1533

"(e) AUTHORITY OF ASSOCIATION WITH RESPECT TO CORPORATION.—

The Student Loan Marketing Association is authorized and empowered to purchase stock and to carry out such other activities as are necessary and appropriate for carrying out the Association's obligations and responsibilities with respect to the Corporation. The Student Loan Marketing Association is also authorized to enter into such other transactions with the Corporation, including the acquisition of securities and obligations of the Corporation referred to in this section and sections 755 and 756, and arrangements for the provision of management and other services to the Corporation, as shall be approved by the Student Loan Marketing Association and the Corporation. "USE OF STOCK SALE PROCEEDS

"SEC. 759. The proceeds received by the Secretary upon the sale of any shares of the Corporation to the Student Loan Marketing Association or any other person shall be deposited in the general fund of the Treasury.

20 USC 1132f-8.

"AUDITS; REPORTS TO THE PRESIDENT AND THE CONGRESS

"SEC. 760. (a) ACCOUNTING.—The books of account of the Corporation shall be maintained in accordance with generally accepted accounting principles and shall be subject to an annual audit by an independent public accountant. "(b) REPORTS.—The Corporation shall transmit to the President and the Congress, annually and at such other times as it deems desirable, a report of its operations and activities under this part, which annual report shall include a copy of the Corporation's financial statements and the opinion with respect thereto prepared by the independent public accountant reviewing such statements and a copy of any report made on an audit conducted under subsection (a). "The annual reports shall include such information and other evidence as is necessary to demonstrate that the Corporation has complied with the requirements of section 752.

20 USC 1132f-9.

"PART F—HOUSING AND OTHER EDUCATIONAL FACILITIES LOANS FEDERAL ASSISTANCE IN THE FORM OF LOANS

761. (a) AUTHORITY AND CONDITIONS FOR LOANS.—To assist 20 USC 1132g. undergraduate postsecondary educational institutions in the construction, reconstruction, or renovation of housing, undergraduate academic facilities, and other educational facilities for students and faculties, the Secretary may make loans of funds to such institutions for the construction, reconstruction, or renovation of such facilities. No such assistance shall be provided unless— "(1) the educational institution involved is unable to secure the necessary funds for the construction or purchase from other sources upon terms and conditions equally as favorable as the terms and conditions applicable to loans under this title; and "(2) the Secretary finds that any such construction will be undertaken in an economical manner, and that any such facilities are not or will not be of elaborate or extravagant design or materials. "SEC.

"(b)

U S E OF LOANS FOR PREVIOUSLY MADE CONTRACTS.—Any

undergraduate postsecondary educational institution which, prior to

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