Page:United States Statutes at Large Volume 48 Part 1.djvu/669

 73d CON GRESS. SESS. II. CHS. 167, 168. APR IL 27, 1934. 643 All of the above-described land is now held by said district by Lic ense termina ted. virtue of that certain license numbered 567, heretofore issued to said district by the Federal Power Commission. Upon th is gr ant becoming effective said license is terminated and the parties thereto relieved of all obligation by reason thereof, and the fee title of the Fee title to struc- district to its dams, spillways, conduits. tunnels, power house, power tares, etc" confirmed . lines, and other structures now constructed in whole or in part on said lands and the right to maintain and operate the same is fully confi rmed . SEC . 2 . That the grant of the said lands hereinbefore described w ater supply . i naidof is made in aid of the water supply of said district for itself and its inhabit ants, and th e said distr ict sh all pay for t he sai d land s the sum of $5 per acre. SEC. 3 . That the rights hereby granted shall revert to the United sio neversionary provi ° States if abandoned or transferred to any person, association, or cor- poration other than to the State or to another municipal corporation . Approved, April 27, 1934 . [CHAPTER 168 .] AN ACT April 27, 1934 . To guarantee the bonds of the Home Owners' Loan Corporation, to amend the 	[x.2999 .]	 Home Owners' Loan Act of 1933, and for other purposes . [Public, No . 178 .1 Be it enacted by the Senate and House of Representatives of the Unit ed St ates of Am eric a in Congr ess assem bled, That (a) section Actt ome 1933, eTs.Lo d- 4(c) of the Home Owners' Loan Act of 1933 is amended to read as ments. follows : 12 Ar te, p. 12 9; Post, p. 126 4 . "(c) The C orpor ation is autho rized to issue bond s in an a ggre- tho• ea: issue of, au- gate amount not to exceed $2,000,000,000, which may be sold by the AggreKate amount . Corporation to obtain funds for carrying out the purposes of this sectio n, or exchan ged as herei nafter provid ed . Suc h bon ds sh all be Character of. i n such forms and denominations, shall mature within such periods of not more than e ightee n year s from the da te of their issue, shall bear such rates of interest not exceeding 4 per centum per annum, shall be subject to such terms and conditions, and shall be issued in such manner and sold at such prices, as may be prescribed by the Corporation, with the approval of the Secretary of the Treasury . Such bonds shall be fully and unconditionally guaranteed both as to interest and principal by the United States, and such guaranty shall be expressed on the face thereof, and such bonds shall be lawful investme nts, and may be ac cepted as securit y, for al l fiducia ry, trust, and public funds, the investment or deposit of which shall be under the auth ority or control of the Uni ted Stat es or any officer or office rs thereof. In the event that the Corporation shall be unable to pay Payment provisions. upon d emand, when due, t he pri ncipal of, or inter est on, such bonds, the Secretary of the Treasury shall pay to the holder the amount thereof which is hereby authorized to be appropriated out of any taot~Appropriation au- mone ys in the Treas ury not o therw ise appro priat ed, and t hereu pon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such bonds. The Purchase of bonds by Secre tary of the Treasu ry, in his d iscreti on, is autho rized to pur - say etary o r the 1~eas° chase any bonds of the Corporation issued under this subsection which are guaranteed as to interest and principal, and for such purpose the Secretary of the Treasury is authorized to use as a F a~ap able. public-debt transaction the proceeds from the sale of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of the Corpo- ration's bonds hereunder. The Secretary of the Treasury may, at sal e. any time, sell any of the bonds of the Corporation acquired by him