Page:United States Statutes at Large Volume 47 Part 1.djvu/734

 710 72d CONGR ESS. SESS. I. CH. 520 . JULY 21, 1932. yeailable for two avail able for payment t o the gov ernors of the sev eral Stat es and Te r- Payment to gover- ritories for the purposes of this section, upon application therefor hors on approved ap- plication, etc. by them in accordance with subsection ( c), and upon approval of such applications by the corporation. In ter est on pay- (b) A11 amounts paid under this section shall bear interest at the ments. rate of 3 per centum per annum, and, except in the case of Puerto Rico and the Territory of Alaska, shall be reimbursed to the ded co r- ei es dd mbnssimutur poration, with interest thereon at the rate of 3 per centum per ai d, unde r Fed era l annum, by m aking annual deduc tions, beginn ing wi th the fisca l ear Highway Act. 1935, from regular apportionments made from future Feral author izations in aid of the Stat es and Te rritories for the construc- Computation. tion of highways and rural post roads, of an amount equal to one- fifth of the share which such State or Territory would be entitled to re ceive under such a pporti onment, excep t for the pr ovisio ns of this section, or of an amount aqual to one-fifth of the amounts so paid to the governor of such State or Territory pursuant to this section and all accrued interest thereon to the date of such deduc- tion, whichever is the lesser, until the sum of such deductions equals the total amounts paid' under this section and all accrued interest th ere on. When ever any such deduc tion is m ade, the S ecre tary of Deduction subject to the Treasury shall immediately pay to the corporation an amount State, etc., agreements, equal to the amount so deducted. If any State or Territory shall, except in default. within two years after the date of enactment of this Act, enter into an agreement with the corporation for the repayment to the cor- poration of the amounts paid under this section to the governor of suc h State o r Territo ry, with interest thereon a s herein provided, in such installments and upon such terms as may be agreed upon, then the de ductio n unde r this subse ction s hall n ot be made u nless Means of recovery in such S tate o r Terr itory shall be in default in th e perf ormanc e of default of agreement. the terms of such agreement. In the case of a default by the State or Ter ritory in an y such agree ment, the agr eement shall there upon be terminated and reimbursement of the unpaid balance of the amount covered by such agreement shall be made by making annual deductions in the manner above provided (beginning with the fiscal year next following such default) from regular apportionments made to such State or Territory from future Federal authorizations in aid of the Sta tes and T erritorie s for th e constru ction of highways Terms imposed on and rural post roads. Before any amount is paid under this secti on loans to Puerto Aico and Alas ka. to the Governor of Puerto Rico or of the Territory of Alas a, Puerto Rico or the Terri tory o f Alas ka shal l ente r into an ag ree- ment with the corporation for the repayment of such amount with interest thereon as herein provided, in such installments and upon certificate of neces- such terms and conditions as may be agreed upon. sits, etc ., to accom- (c) The governor of any State or Territory may from time to pang Governor's ap • ti plieation. me make application for funds under this section, and in each application so made shall certify the necessity for such funds and that the resources of the State or Territory, including moneys then available and which can be m t.de available by the State or Territory, Governor to admin- its polit ical subd ivisions, and priv ate contr ibutions, are inad equate isterfunds. to meet its relief needs. All amounts paid to the governor of a Statements of dig- State or Territory under this section shall be administered by the bursements to be filed governor, or under his direction, and upon his res onsibility. The with State auditor, etc. Governor shall file with the corporation and with t e auditor of the State or Territory (or, if there is no auditor, then with the official exercis ing co mparab le aut hority ) a st atement of th e disb urseme nts Applications other- made by llim under this section. wis e ac cep ta ble not (d) Nothing in this section shall be construed to authorize the deen n ii 9 ed b y legal inhibi- corporation to deny an otherwise acceptable application under this s cion because of constitutional or other legal inhibitions or because