Page:United States Statutes at Large Volume 47 Part 1.djvu/736

 712 '2d CONGRESS. SESS. I. CH. 520. JULY 21, 1932. elated by a State or political subdivision of a State and are self-liquidating in character ; and for bridge construction Retroans (5) to make loans to aid in financing the construction of any . publicly owned bridge to be used for railroad, railway, and highway uses, the construction cost of which will be returned in pa rt by mea ns of tol ls, fees, rents, or other charges, and the remainder by means of taxes imposed pursuant to State law enacted before the date of enactment of the Emergency Relief and Construction Act of 1932 ; and the Reconstruction Finance Purchase of bonds . Corp oratio n is f urther autho rized • and empowered to purchase bonds of any State, municipality, or other public body or agency issued for the purpose of financing the construction of any such bridge irrespective of the dates of maturity,4f,such bonds ec $d adatin g Pr* For the purposes of this subsection a project shall be deemed to be self-liquidating if such project will be made self-supporting and financially solvent and if the construction cost thereof will be returned within a reasonable period by means of tolls,' fees, -rents, or other charges, or b such other means (other than by taxation) as may be prescribed by the statutes which provide for the project. Restricti on on use of convict l abor. All loans and contracts made by the Reconstruction Finance Cor- poration in respect of pro jects of the character specified in para- graphs (1) to (5) of this subsection shall be subject to the conditions that no convict labor shall be directly employed on .:any such proj- ect, and that (except in executive, administrative,' "and supervisory met. of employ- position s), so fa r as prac ticable, no indiv idual dir ectly emp loyed on, any s uch pr oject shall be per mitted to wor k more than thirty hours in any one week, and that in the employment of labor in connection Preferenc e to ea serv ice men . with any such project preference shall be given, where they are qualified, to ex-service men with dependents . toProvisions eGse in Puerto extended u Th e provisi ons of th is subsec tion shal l apply with resp ect to pr oj- to pro d Territories . ects in Puerto Rico and the Territories to the same extent as in the case of projects in the se veral Sta tes and as used i n this su bsection the term " p rojec ts " inc ludes Puerto Rico, and the Territories . bea ub n,t ld ports to' (b) . The Re constr uction Finan ce Cor porati on shal l subm it mon thly to the President and to the Senate and the House of Representatives (or the Secretary of the Senate and the Clerk of the House of Repre- sentatives, if t hose bodies are n ot in session) a report of its activities and expenditures under this section and under the Reconstruction Finance Corporation Act, together with a statement showing the names of the borrowers to whom loans and advances were made, and the amount an d' rate o f interes t involv ed in eac h case . 8 Financing (c) In order that the surpluses of agricultural products may not foreign markets. have a depre ssing effect upon curren t price s of s uch pr oducts , the corporation is authorized and directed to make loans, in such amounts as may in its Judgment be necessary, for the purpose of financing sales of such surpluses in the markets of foreign countries in whiA such sales can not be financed in the normal course of commerce ; Restrictions. but no su ch sales shalhbe f inanced b y the cor poration if, in it s judg inent, such s ales w ill af fect a dverse ly the world market s for such Co an held by Farm products : Provided however, That no such loan shall be made to Board, etc ., excluded. finance t he sale i n t'he ma rkets of foreign c ountries of cotton owned eiaing corporations by the Federa l Farm Board or th e Cott on Stab ilizat ion Co rporat ion. In ma rket ing s grio„i_ (d) The Reconstruction Finance Corporation is authorized and tarsi commod ities, etc. empower ed to make l oans t o bona fide institu tions, organ ized u nder the laws of any State or of the' United States and having resources adequate for their undertakings, for the purpose of enabling them to finance the carrying and orderly marketing of agricultural com- moditie s and livest ock pr oduced in th e Unite d Stat es.