Page:United States Statutes at Large Volume 101 Part 1.djvu/620

 101 STAT. 590

PUBLIC LAW 100-86—AUG. 10, 1987

"Bank Federal Federal Federal Federal Federal Federal Federal Federal Federal Federal Federal Federal

Home Loan Home Loan Home Loan Home Loan Home Loan Home Loan Home Loan Home Loan Home Loan Home Loan Home Loan Home Loan

Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank

of Boston of New York of Pittsburgh of Atlanta of Cincinnati of Indianapolis of Chicago of Des Moines of Dallas of Topeka of San Francisco of Seattle

Dollar amount $3.2 million 7.7 million 5.2 million 12.3 million 5.9 million 37.4 million 6.0 million 32.7 million 45.0 million 13.7 million 21.9 million 33.6 million

"(e) OBLIGATIONS OF THE FINANCING CORPORATION.— "(1) LIMITATION ON AMOUNT OF OUTSTANDING OBLIGATIONS.—

The aggregate amount of obligations of the Financing Corporation which may be outstanding at any time (as determined by the Board) shall not exceed the lesser of^ "(A) an amount equal to the greater of— "(i) 5 times the amount of the nonvoting capital stock of the Financing Corporation which is outstanding at such time; or "(ii) the sum of the face amounts (the amount of principal payable at maturity) of securities described in subsection (g)(2) which are held at such time in the segregated account established pursuant to such subsection; or "(B) $10,825,000,000. "(2) ANNUAL LIMITATION ON NET NEW BORROWING.—Net new

borrowing by the Financing Corporation— "(A) shall not exceed an amount equal to $3,750,000,000 in the 1-year period beginning on the date of the enactment of the Federal Savings and Loan Insurance Corporation Recapitalization Act of 1987; and "(B) shall not exceed an amount equal to $3,750,000,000 in each 1-year period beginning after the 1-year period described in subparagraph (A). "(3) N E T PROCEEDS TO BE INVESTED IN CAPITAL OF FSUC.—

Post, p. 597. S;:M.;: I

Subject to such terms and conditions as may be approved by the Board, the net proceeds of any obligation issued by the Financing Corporation shall be used to— "(A) purchase capiteil certificates or capital stock issued by the Federal Savings and Loan Insurance Corporation under section 4020t))(l)(A) of the National Housing Act; or "(B) refund any previously issued obligation the net proceeds of which were invested in the manner described in subparagraph (A). "(4) LIMITATION ON TERM OF OBLIGATIONS.—NO obligation of the Financing Corporation may be issued which matures— "(A) more than 30 years after the date of issue; or "(B) after December 31, 2026. "(5) INVESTMENT OF UNITED STATES FUNDS IN OBLIGATIONS.—

Obligations issued under this section by the Financing Corporation with the approval of the Board shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer of the United States. "(6) MARKET FOR OBLIGATIONS.—All persons having the power to invest in, sell, underwrite, purchase for their own accounts, accept as security, or otherwise deal in obligations of the Fed-

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