Page:United States Statutes at Large Volume 123.djvu/1673

 123STA T . 1 65 3 PUBLIC LA W 111 – 22 —M A Y 2 0, 200 9set t h e amoun to f the u pc om i n gr epa y ment an d determine if the S ta b i l i z ation F und w ill ha v e sufficient funds to ma k e the repay - ment .I f the Stabilization Fund might not have sufficient funds to make the repayment , the B oard shall assess each federally insured credit union a special premium due and payable within 60 days in an aggregate amount calculated to ensure the Stabiliza- tion Fund is able to make the repayment. T he premium charge for each credit union shall be stated as a percentage of its insured shares as represented on the credit union ’ s previous call report. The percentage shall be identical for each credit union. A ny credit union that fails to make timely payment of the special premium is sub j ect to the procedures and penalties described under sub- sections ( d ) , (e), and (f) of section 2 02. ‘ ‘(e) DISTR I BU TI ON S FRO M INSUR A N CE FUN D . — At the end of any calendar year in which the Stabilization Fund has an out- standing advance from the Treasury, the Insurance Fund is prohib- ited from making the distribution to insured credit unions described in section 202(c)( 3 ). In lieu of the distribution described in that section, the Insurance Fund shall make a distribution to the Sta- bilization Fund of the ma x imum amount possible that does not reduce the Insurance Fund’s e q uity ratio below the normal oper- ating level and does not reduce the Insurance Fund’s available assets ratio below 1 .0 percent. ‘‘(f) IN V ESTMENT O F STABI L I Z ATION FUND ASSETS.—The Board may request the Secretary of the Treasury to invest such portion of the Stabilization Fund as is not, in the Board’s judgment, required to meet the current needs of the Stabilization Fund. Such investments shall be made by the Secretary of the Treasury in public debt securities, with maturities suitable to the needs of the Stabilization Fund, as determined by the Board, and bearing interest at a rate determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the U nited States of comparable maturity. ‘‘(g) R E P ORTS.—The Board shall submit an annual report to C ongress on the financial condition and the results of the operation of the Stabilization Fund. The report is due to Congress within 30 days after each anniversary of the first advance made under subsection (c)(1). Because the Fund will use advances from the Treasury to meet corporate stabilization costs with full repayment of borrowings to Treasury at the Board’s discretion not due until 7 years from the initial advance, to the extent operating expenses of the Fund exceed income, the financial condition of the Fund may reflect a deficit. W ith planned and required future repayments, the Board shall resolve all deficits prior to termination of the Fund. ‘‘(h) CLOSIN G OF STABILIZATION FUND.—Within 9 0 days fol- lowing the seventh anniversary of the initial Stabilization Fund advance, or earlier at the Board’s discretion, the Board shall dis- tribute any funds, property, or other assets remaining in the Sta- bilization Fund to the Insurance Fund and shall close the Stabiliza- tion Fund. If the Board extends the final repayment date as per- mitted under subsection (c)(3), the mandatory date for closing the Stabilization Fund shall be extended by the same number of days.’’. (2) CONFORMING AMENDMENT.—Section 202(c)(3)(A) of the Federal Credit Union Act (12 U.S.C. 17 8 2(c)(3)(A)) is amended by inserting ‘‘, subject to the requirements of section 217(e),’’ after ‘‘The Board shall’’. Extensio n .D e adl ine.