Page:United States Statutes at Large Volume 112 Part 2.djvu/834

 112 STAT. 1718 PUBLIC LAW 105-244 —OCT. 7, 1998 not to exceed (from such funds not otherwise appropriated) $617,000,000 in fiscal year 1999, $735,000,000 in fiscal year 2000, $770,000,000 in fiscal year 2001, $780,000,000 in fiscal year 2002, and $795,000,000 in fiscal year 2003. "(2) ACCOUNT MAINTENANCE FEES, — Account maintenance fees under paragraph (1)(B) shall be paid quarterly and deposited in the Agency Operating Fund established under section 422B. "(3) CARRYOVER.— The Secretary may carry over funds made available under this section to a subsequent fiscal year."; (2) by amending subsection (b) to read as follows: "(b) CALCULATION BASIS.— Except as provided in subsection (c), account maintenance fees payable to guaranty agencies under paragraph (1)(B) shall be calculated— "(1) for fiscal years 1999 and 2000, on the basis of 0.12 percent of the original principal amount of outstanding loans on which insurance was issued under part B; and "(2) for fiscal years 2001, 2002, and 2003, on the basis of 0.10 percent of the original principal amount of outstanding loans on which insurance was issued under part B."; (3) by striking subsection (d); (4) by redesignating subsection (c) as subsection (d); and (5) by inserting after subsection (b) the following: "(c) SPECIAL RULES.— "(1) FEE CAP. —The total amount of account maintenance fees payable under this section— "(A) for fiscal year 1999, shall not exceed $177,000,000 "(B) for fiscal year 2000, shall not exceed $180,000,000 "(C) for fiscal year 2001, shall not exceed $170,000,000 "(D) for fiscal year 2002, shall not exceed $180,000,000 and "(E) for fiscal year 2003, shall not exceed $195,000,000. "(2) INSUFFICIENT FUNDING.— "(A) IN GENERAL. —If the amounts set forth in paragraph (1) are insufficient to pay the account maintenance fees payable to guaranty agencies pursuant to subsection (b) for a fiscal year, the Secretary shall pay the insufficiency ^^ by requiring guaranty agencies to transfer funds from the Federal Student Loan Reserve Funds under section 422A to the Agency Operating Funds under section 422B. "(B) ENTITLEMENT.—A guaranty agency shall be deemed to have a contractual right against the United States to receive payments according to the provisions of subparagraph (A).". SEC. 455. AUTHORITY TO SELL LOANS. Part D of title IV (20 U.S.C. 1087a et seq.) is amended by adding at the end the following: 20 USC 10871. "SEC. 459. AUTHORITY TO SELL LOANS. "The Secretary, in consultation with the Secretary of the Treasury, is authorized to sell loans made under this part on such terms as the Secretary determines are in the best interest of the United States, except that any such sale shall not result in any cost to the Federal Government. Notwithstanding any other provision of law, the proceeds of any such sale may be used by the Secretary to offer reductions in the interest rate paid by a borrower

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