Page:United States Statutes at Large Volume 101 Part 3.djvu/407

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1705

retary of the Treasury shall purchase obligations issued by the Corporation in an amount determined by the Corporation to be sufficient to meet the guarantee liabilities of the Corporation. "(c) LIMITATION ON AMOUNT OF OUTSTANDING OBLIGATIONS.—The

aggregate amount of obligations issued by the Corporation under subsection (a)(1) which may be held by the Secretary of the Treasury at any time (as determined by the Secretary) shall not exceed $1,500,000,000. "(d) TERMS OF OBLIGATION.—

"(1) INTEREST.—Each obligation purchased by the Secretary of the Treasury shall bear interest at a rate determined by the Secretary, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the leist calendar month ending before the date of the purchase of such obligation. "(2) REDEMPTION.—The Secretary of the Treasury shall require that such obligations be repurchased by the Corporation within a reasonable time. "(e) (DOORDINATION WiTH TITLE 3 1, UNITED STATES C O D E. — "(1) AUTHORITY TO USE PROCEEDS FROM SALE OF TREASURY

SECURITIES.—For the purpose of purchasing obligations of the Corporation, the Secretary of the Treasury may use as a public debt transaction the proceeds from the sale by the Secretary of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under such chapter are extended to include such purchases. "(2) TREATMENT OF TRANSACTIONS.—All purchases and sales by the Secretary of the Treasury of obligations issued by the Corporation under this section shall be treated as public debt transactions of the United States. "(f) AUTHORIZATION OF APPROPRIATIONS.—There is authorized to be appropriated to the Secretary of the Treasury $1,500,000,000, without fiscal year limitation, to carry out the purposes of this title. "SEC. 8.14. FEDERAL JURISDICTION.

"Notwithstanding section 1349 of title 28, United States Code, or any other provision of law: "(1) The Corporation shall be considered an agency under sections 1345 and 1442 of such title. "(2) All civil actions to which the Corporation is a party shall be deemed to arise under the laws of the United States and, to the extent applicable, shall be deemed to be governed by Federal common law. The district courts of the United States shall have original jurisdiction of all such actions, without regard to amount of vsdue. "(3) Any civil or other action, case, or controversy in a court of a State or any court, other than a district court of the United States, to which the Corporation is a party may at any time before trial be removed by the Corporation, without the giving of any bond or security— "(A) to the District Court of the United States for the district and division embracing the place where the same is pending; or "(B) if there is no such district court, to the District Court of the United States for the district in which the principal office of the Corporation is located;

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12 USC 2279aa-14

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