Page:United States Statutes at Large Volume 48 Part 1.djvu/147

 73d CONGRESS. SESS. I. CH.55. JUNE 10, 1933 . 121 tions accepted hereunder shall be collateraled (a) in the case of loans Loans for repair of earthquake damages, for the repair or reconstruction of private property, by the obliga- 1933.. tions of the owner of such secured b a paramount lien Other O property . prope rty Y property of ex cept as to t axes and spe cial ass essm ents on the prop erty rep aire d borrower as collateral. or reconstructed, or on other property of the borrower, and (b) in Municip alities, etc. the case of muni cipalit ies or politi cal sub divisi ons of States or the ir Public school boards public agencies, including public-school boards and public-school and districts » districts, by an obligation of such municipality, political subdivision, public agency, public-school board, or public-school district. The Application for, not denied by constitu- Corporation shall not deny an otherwise acceptable application for tional, etc ., inhibitions loans for repair or construction of the buildings of municipalities, aff ectin g co llate ral. political subdivisions, public agencies, public-school boards, or public-school districts because of constitutional or other legal inhi- bitions affecting the collateral ." SEC . 6. The fourth sentence of paragraph (6) of section 201 (a) Matu rities of co l- lateral obligations . of such Act, as amended, is hereby amended by striking out the Ante, pp. 20, 99, 120 . period at the end thereof and inserting in lieu thereof the following

Post, p.283. "in case of loans made under clause (a) of this paragraph, and not exceeding twenty years in case of loans made under clause (b SEC. 7. The fifth sentence of paragraph (6) of section 201 (a) of mSecuri alities,etc . 10 such Act, as amended, is hereby amended by striking out the period at the end thereof and inserting in lieu thereof a comma and the sec ed deemed fully following : "and, in case of loans made under clause (b), shall be deemed to be so secured if, in the opinion of the Reconstruction Finance Corporation, such loans will be repaid from any source, including taxation, within a reasonable period, not exceeding twenty years ." SEC . 8 . The seventh sentence of paragraph (6) of section 201 (a) Ante, pp. 20 . 99,120 . Post, p. 283. of such Act, as amended, is hereby amended to read as follows : Aggre g ate of loans . "The aggregate of loans made under clause (a) shall not exceed Amount increased . $5,000,000, and the aggregate of loans made under clause (b) shall not exceed $12,000,000 ." SEC . 9. The first sentence in section 201 (a) of such Act, as Vol . 47, p. 712. amended, which follows paragraph (6) thereof is hereby amended by ee Self- liqu idati ng pr oJ- striking out the period at the end of such sentence and inserting in lieu thereof a com ma and the fol lowing : " exce pt t hat for the pur- Municipalities, etc. poses of clause (b) of paragraph (6) of this subsection a project sha ll be deemed to be s elf-li quidati ng if t he con structi on cost there of will be returned by any means, including taxation, within a reason- able period, not exceeding twenty years .' SEC. 10. That an Act entitled "An Act to provide emergency Reconstruction Fi- nance Corporation Act financing facilities for financial institutions, to aid in financing agri- amendment . culture, commerce, and industry, and for other purposes ", approv ed Vol. 47, pp. 8.709. January 22, 1932, and amended by an Act approved July 21, 1932, be further amended by adding at the end of section 5 thereof the Railroad reorganiza- following : "Provided further, That the Corporation may make said t 'Vol .47 .p.1474 . loans to trustees of railroads which proceed to reorganize under sec- Loans to trustees au- tion 77 of the Bankruptcy Act of March 3, 1933 ." b thorized . SEC. 11 . A s used in thi s Act the ter m "insurance c ompany" shall "in s urance coin- ', include any corporation engaged in the business of insurance or in pan y construed . the writing of annuity contracts, irrespective of the nature thereof, and operating under the supervision of a State superintendent or department of insurance in any of the States of the United States . SEC . 12 . Sect ion 5 of the Rec onst ruct ion Fina nce Corp orat ion Act, Vol. 47, p.8. as amended, is amended by adding at the end thereof the following new paragraph "The Reconstruction Finance Corporation is further authorized a nc efusel State insur and empowered to make loans if adequately secured to any State insurance fund established or created by the laws of any State for the