Page:United States Statutes at Large Volume 123.djvu/1672

 123STA T . 1 65 2 PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9‘ ‘ SEC.217 . T E MPORA R Y CORPORATE CRE DI T UN ION STA B I L I Z ATION F UND. ‘ ‘ (a)ESTABLI S HMEN T OFS TABILI Z ATION FU N D.—Ther e is here byc rea t e d i n the Treas u ry of the U nited States a fund to be k no w n as the ‘Te mp orary C orporate Credit Union Stabi l i z ation Fund. ’ The B oard will administer the Stabilization Fund as prescribed by sec - tion 209 . ‘‘(b) E XP ENDITU R ES FROM STABILIZATION FUND.— M oney in the Stabilization Fund shall be a v ailable upon re q uisition by the Board , without fiscal year limitation, for makin g payments for the purposes described in section 20 3 (a), sub j ect to the following additional limitations ‘‘( 1 ) A ll payments other than administrative payments shall be connected to the conservatorship, liquidation, or threatened conservatorship or liquidation, of a corporate credit union. ‘‘(2) P rior to authorizing each payment the Board shall— ‘‘(A) certify that, absent the e x istence of the Stabiliza- tion Fund, the Board would have made the identical pay- ment out of the N ational Credit Union Share I nsurance Fund (Insurance Fund) and ‘‘(B) report each such certification to the Committee on Banking, H ousing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of R epresentatives. ‘‘(c) AUTHORIT Y TO BORRO W .— ‘‘(1) IN G ENERAL.—The Stabilization Fund is authorized to borrow from the Secretary of the Treasury from time-to- time as deemed necessary by the Board. The maximum out- standing amount of all borrowings from the Treasury by the Stabilization Fund and the National Credit Union Share Insur- ance Fund, combined, is limited to the amount provided for in section 203(d)(1), including any authorized increases in that amount. ‘‘(2) REPAYMENT OF AD V AN C ES.— ‘‘(A) IN GENERAL.—The advances made under this sec- tion shall be repaid by the Stabilization Fund, and interest on such advance shall be paid, to the G eneral fund of the Treasury. ‘‘(B) V ARIABLE RATE OF INTEREST.—The Secretary of the Treasury shall make the first rate determination at the time of the first advance under this section and shall reset the rate again for all advances on each anniversary of the first advance. The interest rate shall be equal to the average market yield on outstanding marketable obliga- tions of the United States with remaining periods to matu- rity equal to 12 months. ‘‘(3) REPAYMENT SCHEDULE.—The Stabilization Fund shall repay the advances on a first-in, first-out basis, with interest on the amount repaid, at times and dates determined by the Board at its discretion. All advances shall be repaid not later than the date of the seventh anniversary of the first advance to the Stabilization Fund, unless the Board extends this final repayment date. The Board shall obtain the concurrence of the Secretary of the Treasury on any proposed extension, including the terms and conditions of the extended repayment. ‘‘(d) ASSESSMENT TO REPAY ADVANCES.—At least 90 days prior to each repayment described in subsection (c)(3), the Board shall Deadlin e s. Deadline. R e port s. C erti f i c ation. 12US C1 790 e.