Page:United States Statutes at Large Volume 106 Part 1.djvu/175

 PUBLIC LAW 102-281—MAY 13, 1992 106 STAT. 143 SEC. 424. FELLOWSfflP RECIPIENTS. 20 USC 5703. (a) AWARD.— The Foundation is authorized to award fellowships to outstanding individuals to encourage new discoveries in all fields of endeavor for the benefit of mankind. Recipients shall be known as "Columbus Scholars". (b) TERM. —Fellowships shall be granted for such periods as the Foundation may prescribe but not to exceed 2 years. (c) SELECTION. —The Foundation may provide, directly or by contract, for the conduct of a nationwide competition for the selection of fellowship recipients. SEC. 425. STIPENDS. 20 USC 5704. Each person awarded a fellowship under this subtitle shall receive a stipend as determined by the Foundation. SEC. 426. CHRISTOPHER COLUMBUS FELLOWSHIP FUND. 20 USC 5705. (a) IN GENERAL. —There is established in the Treasury a fund to be known as the Christopher Columbus Scholarship Fund (hereafter in this subtitle referred to as the "fund"), which shall consist of— (1) amounts deposited under subsection (d); (2) obligations obtained under subsection (c); (3) amounts contributed to the Foundation; and (4) all surcharges received by the Secretary of the Treasury from the sale of coins minted under the Christopher Columbus Quincentenary Coin Act. (b) INVESTMENTS.— (1) DUTY OF SECRETARY TO INVEST.— The Secretary of the Treasury shall invest in full any amount appropriated or contributed to the fund. (2) AUTHORIZED INVESTMENTS. —Investments pursuant to paragraph (1) may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose, such obligations may be acquired— (A) on original issue at the issue price; or (B) by purchase of outstanding obligations at the market price. (3) SPECIAL OBLIGATIONS. —The purposes for which obligations of the United States may be issued under chapter 31 of title 31, United States Code, are hereby extended to authorize the issuance at par of special obligations exclusively to the fund. Such special obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month preceding the date of such issue, borne by all marketable interest-bearing obligations of the United States then forming a part of the public debt; except that, if such average rate is not a multiple of Va of 1 percent, the rate of interest of such special obligations shall be the multiple of Va of 1 percent next lower than such average rate. Such special obligations shall be issued only if the Secretary determines that the purchase of other obligations of the United States, or of obligations guaranteed as to both principal and interest by the United States or original issue at the market price, is not in the public interest. (c) SALE OF OBLIGATIONS.— Any obligations acquired by the fund (except special obligations issued exclusively to the fund in accord-

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