Page:United States Statutes at Large Volume 49 Part 1.djvu/1277

 123 2 Prov iso. Not appli cabl e to clerical-mechanical service. Vol. 42, p. 1490. U.S.C .,p. 86. Transfer to another position wit ho ut re- duction. Higher salary rates allowed. If only one position in a grade. Short title. April 17, 1936. AN ACT [H. R. 11968.] Relating to the authority of the Reconstruction Finance Corporation to make [Public, No. 525.] rehabilitation loans for the repair of damages caused by floods or other catas- trophes, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States o f America in Congress assembled, That the Act entitled "An Act authorizing the Reconstruction Finance Corpora- tion to make loans to nonprofit corporations for the repair of dam- ages caused by floods or other catastrophes, and for other purposes", approved April 13, 1934, as amended, is amended to read as follows : "That the Reconstruction Finance Corporation is authorized and empowe red, thr ough suc h existi ng agenc y or age ncies as it may des- ignate, to make loans to corporations, partnerships, or individuals, municipalities or political subdivisions of States or of their public agencies, including public school boards and public school districts, and water, irrigation, sewer, drainage, and flood control districts for the purpose of financing the repair, construction, reconstruction, or rehabilitation of structures or buildings, including such equip- ment, appliances, fixtures, machinery, and appurtenances as shall be deemed necessary or appropriate by the Reconstruction Finance Corporation, and for the purpose of financing the repair, construc- tion, rec onstruction, o r rehabilitat ion of water, irrigation, g as, elec- tric, sewer, drainage, flood-control, communication, or transportation syst ems, h ighway s, an d brid ges da maged or de stroye d by e arth- quake, conflag ration, tornado, cyclone, hurric ane, flo od, or o ther catastrophe in the years 1935 or 1936, and for the purpose of financ- ing the acquisition of structures, buildings, or property, real and Replacements. personal, in replacement of structures, buildings, groins, jetties, bulk- heads, or property, real and personal, destroyed or rendered unfit for use by reason of the catastrophe, when such repair, construction, reconstruction, rehabilitation, or acquisition is deemed by the Recon- Security for loans. struction Finance Corporation to be useful or necessary, said loans to be so secured as reas onably t o assure repayme nt there of. " Obligati ons acce pted her eunder s hall be collater aled- "(a) In the case of loans for the acquisition, repair, construction, reconstr uction, or rehab ilitatio n of pri vate rea l proper ty, by t he obligations of the owner of such property, secured by a lien thereon ; " (b) In case of loans for the repair, construction, reconstruction, or rehabilitation of privately owned water, gas, electric, communica- tion, or transportation systems, by the obligations of the owners of Loans for flood dam- age repair, etc . Vol.48,p.589;U.S. C.,p.577. Ante, p. 505. Loan s to munic ipal- it ies, co rpor ati ons, in di- viduals, etc ., authorized fo r re habil itat ion pur- poses. Repairs to publ ic works, etc ., damaged dur ing 1935 or 1936 . Collateral require- ments. Pri va te real prop- ert y. Privately own ed public utilities. 74TH CONGRESS . SESS. II. CHS. 233, 234. APRIL 17, 1936 . only to the next hig her rate : Pro vi de d, That this restriction s hall not apply (1) to grades 1, 2, 3, and 4 of the clerical-mechanical service ; (2) to require the reduction in salary of any person whose compensa- tion was fixed as of July 1, 1924, in accordance with the rules of section 6 of such Act ; (3) to require the reduction in salary of any person w ho is tr ansferre d from o ne posit ion to a nother p osition in the same or different grade in the same or a different bureau, office, or other appropriation unit ; (4) to prevent the payment of a salary under any grade at a rate higher than the maximum rate of the grade wh en such higher r ate is p ermitted by the Classifi cation A ct of 1923, as amended, and is specifically authorized by other law ; or (5) to reduce the compensation of any person in a grade in which only one position is allocated. SEC. 4 . This Act may be cited as the Legislative Branch Appro- priation Act, 1937. Approved, April 17, 1936. [CH APTE R 234.]