Page:United States Statutes at Large Volume 101 Part 1.djvu/621

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 591

eral Home Loan Banks shall also have the power to do so with respect to obligations of the Financing Corporation. "(7) N o FULL FAITH AND CREDIT OF THE UNITED STATES.—

Obligations of the Financing Corporation and the interest payable on such obligations shall not be obligations of, or guaranteed as to principal or interest by, the Federal Home Loan Banks, the United States, or the Federal Savings and Loan Insurance Corporation and the obligations shall so plainly state. "(8) TAX EXEMPT STATUS.—

"(A) IN GENERAL.—Except as provided in subparagraph (B), obligations of the Financing Corporation shall be exempt from tax both as to principal and interest to the same extent as any obligation of a Federal Home Loan Bank is exempt from tax under section 13. "(B) EXCEPTION.—The Financing Corporation, like the Federal Home Loan Banks, shall be treated as an agency of the United States for purposes of the first sentence of section 3124(b) of title 31, United States Code (relating to determination of tax status of interest on obligations).

12 USC 1433.

"(9) OBLIGATIONS ARE EXEMPT SECURITIES.—Notwithstanding

paragraph (7), obligations of the Financing Corporation shall be deemed to be exempt securities (within the meaning of laws administered by the Securities and Exchange Commission) to the same extent as securities which are direct obligations of the United States or are guaranteed as to principal or interest by the United States. "(10)

MINORITY PARTICIPATION IN PUBLIC OFFERINGS.—The

Chairman of the Board and the Directorate shall ensure that minority owned or controlled commercial banks, investment banking firms, underwriters, and bond counsels throughout the United States have an opportunity to participate to a significant degree in any public offering of obligations issued under this section. '(f) ASSESSMENT AUTHORITY OF THE FINANCING CORPORATION.—

"(1) IN GENERAL.—The Financing Corporation may, with the approval of the Board, assess on each insured institution an assessment, except that the aggregate amount assessed under this paragraph on any insured institution for any year may not exceed an amount equal to Vi2th of 1 percent of the aggregate amount of all accounts of insured members of such insured institution. "(2)

>_v, •

SUPPLEMENTAL

ASSESSMENT

AUTHORIZED.—Upon

the

unanimous vote of the Directorate that additional funds are needed to pay the interest on the obligations of the Financing Corporation because no other funds are available, the Financing Corporation may, with the approval of the Board and in addition to any assessment assessed under paragraph (1), assess on each insured institution an assessment, except that the aggregate amount assessed under this paragraph on any insured institution for any year may not exceed an amount equal to Vsth of 1 percent of the aggregate amount of all accounts of insured members of such insured institution. "(3) TOTAL AMOUNT OF ASSESSMENTS MAY NOT EXCEED INTEREST AND FINANCING COSTS.—The aggregate amount of all assess-

ments assessed under paragraphs (1) and (2) for any year may not exceed— "(A) the aggregate amount of—

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