Page:United States Statutes at Large Volume 100 Part 2.djvu/434

 100 STAT. 1536

PUBLIC LAW 99-498—OCT. 17, 1986

>, I payment of any installment of principal or interest, security, or .'pj any other term of any contract or agreement to which the Secretary is a party or which has been transferred to the Secretary pursuant to this part, granting to a borrower of a loan made before October 1, 1986, the option of repaying the loan at a discount computed in accordance with subsection (d) if the i)& .f--<: repayment is (A) made from non-Federal sources, (B) not derived from proceeds of obligations the income of which is 26 USC 1 et seq. exempt from taxation under the Internal Revenue Code of 1954, and (C) made on a loan that has been outstanding for at least 5 years; and Contracts.^' "(8) include in any contract or instrument made pursuant to be necessary to assure that the purposes of this part will be achieved. "(d)
 * H-i^ this title such other covenants, conditions, or provisions as may

COMPUTATION OF ALLOWABLE DISCOUNTS.—The Secretary

shall compute the discount which may be offered to a borrower as an inducement to early repayment under subsection (c)(7) in an amount determined by the Secretary to be in the best financial interests of the Government, taking into account the yield on outstanding marketable obligations of the United States having maturities comparable to the remaining term of such loan. "(e) NONDISCRIMINATION BETWEEN BORROWERS IN OFFERING DISCOUNTED PREPAYMENT.—(1) If the Secretary offers a discount as an

inducement to early repayment under subsection (c)(7), such offer shall be available without regard to whether the borrower is delinquent or in default on the loan on or before October 1, 1986, but the Secretary shall refuse to make such offer to a borrower that becomes delinquent or goes into default after that date. "(2) The discount offered shall apply, in the case of a borrower that complies with paragraph (1), to the entire amount outstanding on the loan (including any amount owed with respect to payments that are overdue). "(f) CONTRACTS FOR SUPPUES OR SERVICES.—Section 3709 of the Revised Statutes shall not apply to any contract for services or supplies on account of any property acquired pursuant to this part if the amount of such contract does not exceed $1,000. "(g) APPLICABILITY OF GOVERNMENT CORPORATION CONTROL ACT.—

31 USC 9101 et seq.

12 USC 1701k note.

40 USC 276a note.

.itosiiiK

The provisions of section 9107(a) of title 31, United States Code, which are applicable to corporations or agencies subject to chapter 91 of such title, shall also be applicable to the activities of the Secretary under this part. "(h) WAGE RATES.—The Secretary shall take such action as may be necessary to ensure that all laborers and mechanics employed by contractors or subcontractors or any project assisted under this part, the construction or rehabilitation of which was commenced after the date of enactment of the Housing Act of 1950— "(1) shall be paid wages at rates not less than those prevailing ^ on the same type of work on similar construction in the immediate locality as determined by the Secretary of Labor in accordance with the Act of March 3, 1931 (Davis-Bacon Act), as amended; and "(2) shall be employed not more than 40 hours in any one week unless the employee receives wages for his emplojmtient in excess of the hours specified above at a rate not less than one 5 and one-half times the regular rate at which he is employed;

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