Page:United States Statutes at Large Volume 103 Part 1.djvu/403

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 375 include loans secured by real property, joint ventures, participation interests, options, or other similar in- terests. In addition, the term 'sell' does not include hypothecation of assets, issuance of asset backed securi- ties, issuance of joint ventures, or participation in- terests, or other similar activities. "(iii) The term 'distressed area' means the geographic areas in those political subdivisions designated from time to time by the Board of Directors as having de- pressed real estate markets. Until the Board of Direc- tors designates otherwise, such distressed areas shall be the States of Arkansas, Colorado, Louisiana, New Mexico, Oklahoma, and Texas. "(iv) The term 'market value' means the most prob- able price which a property should bring in a competi- tive and open market if— "(I) all conditions requisite to a fair sale are present, "(II) the buyer and seller are acting prudently and are knowledgable, and "(III) the price is not affected by any undue stimulus. "(F) REAL ESTATE ASSET DIVISION.—The Corporation shall establish a Real Estate Asset Division to assist and advise the Corporation with respect to the management, sale, or other disposition of real property assets of institutions de- scribed in paragraph (3)(A). The Real Estate Asset Division Public shall have such duties as the Corporation establishes, information, including the publication of an inventory of real property assets of institutions subject to the jurisdiction of the Cor- poration. Such inventory shall be published before Janu- ary 1, 1990 and updated semiannually thereafter and shall identify properties with natural, cultural, recreational, or scientific values of special significance. "(13) PERIODIC FINANCING REQUESTS. —The Corporation shall provide the Oversight Board with periodic financing requests which shall detail— "(A) anticipated funding requirements for operations, case resolution, and asset liquidation, "(B) anticipated payments on previously issued notes, guarantees, other obligations, and related activities, and "(C) any proposed use of notes, guarantees or other obligations. Such financing requests shall be submitted on a quarterly basis or such other period as the Oversight Board determines nec- essary. Following approval by the Oversight Board, such re- quest^ shall form the basis for expending funds provided by the Treasury, for transferring funds from the Resolution Funding Corporation to the Corporation and the issuance of capital certificates by the Corporation in exchange therefor. "(14) FISCAL YEAR 1989 FUNDING. — "(A) FUNDS FROM TREASURY. —The Secretary of the Treas- ury shall provide the Corporation with the sum of $18,800,000,000 in fiscal year 1989, and for such purpose the Secretary is authorized to use as a public debt transaction the proceeds of the sale of any securities hereafter issued under chapter 31 of title 31, United States Code.

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