Page:United States Statutes at Large Volume 120.djvu/3253

 120 STAT. 3222

PUBLIC LAW 109–435—DEC. 20, 2006

‘‘(2) amounts received from obligations issued by Postal Service under subsection (e); ‘‘(3) interest and dividends earned on investments of the Competitive Products Fund; and ‘‘(4) any other receipts of the Postal Service (including from the sale of assets), to the extent allocable to competitive products. ‘‘(c) If the Postal Service determines that the moneys of the Competitive Products Fund are in excess of current needs, the Postal Service may request the investment of such amounts as the Postal Service determines advisable by the Secretary of the Treasury in obligations of, or obligations guaranteed by, the Government of the United States, and, with the approval of the Secretary, in such other obligations or securities as the Postal Service determines appropriate. ‘‘(d) With the approval of the Secretary of the Treasury, the Postal Service may deposit moneys of the Competitive Products Fund in any Federal Reserve bank, any depository for public funds, or in such other places and in such manner as the Postal Service and the Secretary may mutually agree. ‘‘(e)(1)(A) Subject to the limitations specified in section 2005(a), the Postal Service is authorized to borrow money and to issue and sell such obligations as the Postal Service determines necessary to provide for competitive products and deposit such amounts in the Competitive Products Fund. ‘‘(B) Subject to paragraph (5), any borrowings by the Postal Service under subparagraph (A) shall be supported and serviced by— ‘‘(i) the revenues and receipts from competitive products and the assets related to the provision of competitive products (as determined under subsection (h)); or ‘‘(ii) for purposes of any period before accounting practices and principles under subsection (h) have been established and applied, the best information available from the Postal Service, including the audited statements required by section 2008(e). ‘‘(2) The Postal Service may enter into binding covenants with the holders of such obligations, and with any trustee under any agreement entered into in connection with the issuance of such obligations with respect to— ‘‘(A) the establishment of reserve, sinking, and other funds; ‘‘(B) application and use of revenues and receipts of the Competitive Products Fund; ‘‘(C) stipulations concerning the subsequent issuance of obligations or the execution of leases or lease purchases relating to properties of the Postal Service; and ‘‘(D) such other matters as the Postal Service considers necessary or desirable to enhance the marketability of such obligations. ‘‘(3) Obligations issued by the Postal Service under this subsection— ‘‘(A) shall be in such forms and denominations; ‘‘(B) shall be sold at such times and in such amounts; ‘‘(C) shall mature at such time or times; ‘‘(D) shall be sold at such prices; ‘‘(E) shall bear such rates of interest; ‘‘(F) may be redeemable before maturity in such manner, at such times, and at such redemption premiums;

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