Page:United States Statutes at Large Volume 103 Part 1.djvu/432

 103 STAT. 404 PUBLIC LAW 101-73 —AUG. 9, 1989 as a Federal Home Loan Bank for purposes of section 13 (to the extent such section relates to State, municipal, and local tax- ation) and section 23. "(2) FEDERAL RESERVE BANKS AS DEPOSITARIES AND FISCAL AGENTS. —The Federal Reserve banks are authorized to act as depositaries for or fiscal agents or custodians of the Funding Corporation. " (3) APPLICABILITY OP CERTAIN PROVISIONS RELATING TO GOVERNMENT CORPORATIONS.— The Funding Corporation shall be treated, for purposes of sections 9105, 9107, and 9108 of title 31, United States Code, as a mixed-ownership Government corpora- tion which has capital of the Government. "(4) JURISDICTION AND POWER TO REMOVE. — » " (A) FEDERAL COURT JURISDICTION. —Notwithstanding any other provision of law, any civil action, suit, or proceeding to which the Funding Corporation is a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original juris- diction over such action, suit, or proceeding. "(B) REMOVAL.— The Funding Corporation may, without bond or security, remove any such action, suit, or proceed- ing from a State court to the United States District Court for the District of Columbia. "(i) ANNUAL REPORT. — "(1) IN GENERAL.—The Oversight Board shall annually submit a full report of the operations, activities, budget, receipts, and expenditures of the Funding Corporation for the preceding 12- month period. "(2) CONTENTS.—The report required under paragraph (1) shall include— "(A) audited statements and any information necessary to make known the financial condition and operations of the Funding Corporation in accordance with generally accepted accounting principles; "(B) the financial operating plans and forecasts (including estimates of actual and future spending, and estimates of actual and future cash obligations) of the Funding Corpora- tion taking into account its financial commitments, guaran- tees, and other contingent liabilities; and "(C) the results of the annual audit of the financial transactions of the Funding Corporation conducted by the Comptroller General pursuant to section 9105(a) of title 31, a' United States Code. "(3) SUBMISSION TO CONGRESS AND PRESIDENT. — The Oversight Board shall submit each annual report required under this subsection to the Congress and the President as soon as prac- ticable after the end of the calendar year for which the report is made, but not later than June 30 of the year following such calendar year. "(j) TERMINATION OF FUNDING (CORPORATION.— "(1) IN GENERAL.—The Funding Corporation shall be dis- solved, as soon as practicable, after the maturity and full pay- ment of all obligations issued by the Funding (Corporation under this section. "(2) AUTHORITY OF OVERSIGHT BOARD TO CONCLUDE AFFAIRS OF FUNDING CORPORATION. —Effective on the date of the dissolution of the Funding Corporation under paragraph (1), the Oversight

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