Page:United States Statutes at Large Volume 113 Part 1.djvu/897

 PUBLIC LAW 106-65 —OCT. 5, 1999 113 STAT. 873 "(A) ensures the availability of sufficient funds or other financial resources to pay the amount guaranteed during the period of the guarantee; "(B) provides for the perfection of a security interest in the assets of the account for the United States for the benefit of the Academy with the highest priority available for liens and security interests under applicable law; "(C) requires the donor to maintain in an account with the investment management firm assets having a total value that is not less than 130 percent of the amount guaranteed; and "(D) requires the investment management firm, at any time that the value of the account is less than the value required to be maintained under subparagraph (C), to liquidate any noncash assets in the account and reinvest the proceeds in Treasury bills issued under section 3104 of title 31. "(4) MAJOR UNITED STATES COMMERCIAL BANK.— The term 'major United States commercial bank' means a commercial bank that— "(A) is an insured bank (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)); "(B) is headquartered in the United States; and "(C) has net assets in a total amount considered by the Secretary of the Army to qualify the bank as a major bank. " (5) MAJOR UNITED STATES INVESTMENT MANAGEMENT FIRM. —The term 'major United States investment management firm' means any broker, dealer, investment adviser, or provider of investment supervisory services (as defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c) or section 202 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2) or a major United States commercial bank that— "(A) is headquartered in the United States; and "(B) holds for the account of others investment assets in a total amount considered by the Secretary of the Army to qualify the firm as a major investment management firm. ". (2) The table of sections at the beginning of such chapter is amended by inserting after the item relating to section 4356 the following new item: "4357. Acceptance of guarantees with gifts for major projects.". (b) NAVAL ACADEMY. — (1) Chapter 603 of title 10, United States Code, is amended by inserting after section 6974 the following new section: "§6975. Acceptance of guarantees with gifts for major projects "(a) ACCEPTANCE AUTHORITY. —Subject to subsection (c), the Secretary of the Navy may accept from a donor or donors a qualified guarantee for the completion of a major project for the benefit of the Naval Academy. "(b) OBLIGATION AUTHORITY.— The amount of a qualified guarantee accepted under this section shall be considered as contract authority to provide obligation authority for purposes of Federal fiscal and contractual requirements. Funds available for a project for which such a guarantee has been accepted may be obligated 69-194-01 -29:QL3Panl

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