Page:United States Statutes at Large Volume 103 Part 1.djvu/412

 103 STAT. 384 PUBLIC LAW 101-73—AUG. 9, 1989 "(1) ASSUMPTION BY CORPORATION. —On the date of the enact- ment of this section, the Corporation shall, by operation of law (and without further action by the Corporation, the Oversight Board, the Federal Housing Finance Board, the Federal Savings and Loan Insurance Corporation, or any court), assume all rights and obligations of the Federal Savings and Loan Insur- ance Corporation with respect to any guarantee issued by the Federal Savings and Loan Insurance Corporation during the period beginning on January 1, 1989, and ending on such date of enactment, in connection with any loan to any savings associa- tion by any Federal Reserve bank or Federal Home Loan Bank (hereinafter in this subsection referred to as a 'lender'). "(2) PAYMENT BY CORPORATION. —Any obligation assumed by the Corporation for any guarantee described in paragraph (1) to any lender shall be paid by the Corporation before the end of the 1-year period beginning on the date of the enactment of this section. Payment shall be made from funds or assets available to the Corporation. "(3) PRIORITY OF CLAIMS OF LENDERS. —Any claim by a lender with respect to any obligation assumed by the Corporation for a guarantee described in paragraph (1) shall have priority over all other secured or unsecured obligations of the Corporation. "(4) TREASURY BACKUP. —I f the resources of the Corporation are insufficient to pay all the obligations assumed by the Cor- poration under paragraph (1) within the 1-year period, the Secretary of the Treasury shall pay the amount of any such deficiency. There are hereby appropriated to the Secretary for fiscal year 1989 and each fiscal year thereafter, such sums as may be necessary to pay such deficiency, "(i) BORROWING. — "(1) IN GENERAL.—The Corporation, upon approval of the Oversight Board, is authorized to borrow from the Treasury. Loans. The Secretary of the Treasury is authorized and directed to loan to the Corporation, on such terms as may be fixed by the Secretary of the Treasury, an amount not exceeding in the aggregate $5,000,000,000 outstanding at any one time. "(2) INTEREST RATE.—Each such loan shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities. "0*) MAXIMUM AMOUNT LIMITATIONS ON OUTSTANDING OBLIGA- TIONS.— "(1) IN GENERAL. — Notwithstanding any other provision of this section, the amount which is equal to— "(A) the sum of— "(i) the total amount of contributions received from the Resolution Funding Corporation; and "(ii) the total amount of outstanding obligations of the Corporation; minus "(B) the sum of— "(i) the amount of cash held by the Corporation; and "(ii) the amount which is equal to 85 percent of the Corporation's estimate of the fair market value of other assets held by the Corporation, may not exceed $50,000,000,000.

�