Page:United States Statutes at Large Volume 103 Part 2.djvu/871

 PUBLIC LAW 101-220—DEC. 12, 1989 103 STAT. 1881 calendar year 1989, and shall be effective for the calculation of the initial premium payment required under section 5.56(c) of the Farm Credit Act of 1971 (12 U.S.C. 2277a-5(c)). SEC. 7. PURCHASES OF FINANCIAL ASSISTANCE CORPORATION STOCK BY 12 USC 2278b-9 FARM CREDIT SYSTEM INSTITUTIONS. note. (a) DELAYED EFFECTIVE DATE FOR STOCK PURCHASE REQUIRE- MENTS. —Notwithstanding any other provision of law, the amend- ments to section 6.29 of the Farm Credit Act of 1971 (12 U.S.C. 2278b-9) made by section 646 of the Rural Development, Agri- culture, and Related Agencies Appropriations Act, 1989 (Public Law 100-460; 102 Stat. 2266) shall be effective on October 1, 1992. (b) PAYMENTS. — (1) FOUR ANNUAL PAYMENTS. —Notwithstanding any other provison of law, the Financial Assistance Corporation shall pay, out of the Financial Assistance Corporation Trust Fund (herein- after in this section referred to as the "Trust Fund") established under section 6.25(b) of the Farm Credit Act of 1971 (12 U.S.C. 2278b-5(b)), to each of the institutions of the Farm Credit System that purchased stock in the Financial Assistance Cor- poration under section 6.29 of the Farm Credit Act of 1971, four annual payments as provided in this subsection. (2) TIMING OF PAYMENTS.—The annual payments provided for by this subsection shall be made available as soon as practicable after October 1 of each of the calendar years 1989 through 1992. (3) CALCULATION OF FIRST PAYMENT.— The first annual pay- ment made available under this subsection shall be in an amount equal to— (A) a percentage equal to 1.5 times the average rate of interest received by the Financial Assistance Corporation on assets of the Trust Fund from March 30, 1988, through September 30, 1989; times (B) the difference between $177,000,000 and 4.4 percent of the cumulative amount of the bonds issued by the Financial Assistance Corporation through September 30, 1989. (4) CALCULATION OF REMAINING PAYMENTS. — The second, third, and fourth annual payments made available under this subsec- tion shall be in an amount equal to— (A) a percentage equal to the average rate of interest received by the Financial Assistance Corporation on assets of the Trust Fund during each of the fiscal years 1990 through 1992; times (B) the difference between $177,000,000 and 4.4 percent of the cumulative amount of the bonds issued by the Financial Assistance Corporation through September 30 of each of such fiscal years. (5) DISTRIBUTION OF ANNUAL PAYMENTS. —Annual payments due under this subsection shall be made available to each institution described in paragraph (1) in an amount equal to the total amount of annual payments to be made available times the ratio of the amount of stock each institution purchased divided by $177,000,000. SEC. 8. EXEM1»TI0N OF CERTAIN INTEREST PAYMENTS BY THE UNITED STATES TREASURY FROM SEQUESTRATION. Section 255(g)(1)(A) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 905(g)(1)(A)) is amended by inserting

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