Page:United States Statutes at Large Volume 47 Part 1.djvu/735

 72d CONGRE SS. SESS. I. CH. 520. JULY 21,1932 . 711 t the State or Territory has borrowed to the full extent authorized by a payment law. Whenever an application under this section is approved by to governor, on ap- the corporation in whole or in part, the amount approved shall be prove!. immediately paid to the governor of the State or Te rritory upon deliv ery by him t o the corpo ration of a receip t ther efor statin g that he p ayment is accepted subject to the terms of this section. (e) Any portion of the amount approved by the corporation for Ipalitmea et o om ike . . payment to the governor of a State or Territory shall, at his request, certificate. and w ith th e appr oval o f the corpo ration, be p aid to any munici pality Terms. or po litica l subd ivisio n of such S tate o r Terr itory if (1 ) the gover- nor makes as to such municipality or political subdivision a like cer- tificate as provided in subsection (c) as to the State or Territory, and (2) such municipality or political subdivision enters into an agreement with the corporation for the repayment to the corpora- tion of the amount so paid, with interest at the rate of 3 per centum per annum, at such times, and upon such other terms and conditions, s may be agreed upon between the corporation and such munici- separation of pality or political subdivision. The amount paid to any municipal- amounts. ity or political subdivision under this subsection shall not be included in any amounts reimbursable to the corporation unde r subsection (b) of this section. "Territory" defined, (f) As used in this section the term "Territory" means Alaska, Hawaii, and Puerto Rico. TIT LE II-LOANS BY RECONSTRUCTION FINANCE strructon Finn e eor: COR POR ATIO N poration. SEC. 201. (a) The Reconstruction Finance Corporation is author- Antep enlarged. ized a nd empow ered- Financing construe . (1) to make loans to, or contracts with, States, municipalities t ion of self-liquidating and political subdivisions of States, public agencies of States, of pro jects, t hersecui teas. municipalities and of political subdivisions of States, public corporations, boards and commissions, and public municipal instrumentalities of one or more States, to aid in financing projects authorized under Federal, State, or municipal law which are self-liquidating in character, such loans or contracts to be made through the purchase of their securities, or other- wise, and for such purpose the Reconstruction Finance Corpora- tion is authorized to bid for such securities Provided, That Long-term securit ies. not hing herein contained shall be construed to prohibit the Reconstruction Finance Corporation, in carrying out the pro- visions of this paragraph, from purchasing securities having a maturity of more than ten years ; To aid c orporati ons (2) to make loans to corporations formed wholly for the in providing housing, purpose of providing housing for families of low income, or for slum reconstruction, etc., under go ver nm ent reco nstru ctio n of slum are as, w hich are regu late d by Stat e or r egulation. municipal law as to rents, charges, capital structure, rate of return, and areas and methods of operation, to aid in financing projects unde rtaken by such corporations which are self- liqui dating in ch aracte r ; aiding public w orks (3) to make loans to private corporations to aid in carrying of self-liquidating out the c onst ructi on, repl aceme nt, or im prov emen t of brid ges, c eacte r. tunnels docks, viaducts, waterworks, canals and marke ts, devoted to public use and which are sell-liquidating in character ; To limi ted divi dend (4) to make loans to private limited dividend corporations to corporations in aid of aid in financing projects for the protection and development of derregulationecc ., un• fore sts and other ren ewabl e na tura l res ourc es, w hich are reg-