Page:United States Statutes at Large Volume 49 Part 1.djvu/1278

 74 TH C ONGRESS. SESS. II. CH. 234. A PRIL 17, 1936 . 1 233 such water, gas, electric, communication, or transportation systems, secured by a lien thereon ; and "( c) In case of loans for the repair, construction, reconstruction, Municipal, etc ., or rehabilitation of property of municipalities or political subdivi- property. sions of States or of their public agencies, including public-school board s an d pu blic- scho ol d istr icts, and wat er, i rrig atio n, s ewer, drainage, and flood-control districts, by an obligation of such munic- ipalit y, po litic al sub divis ion, public agen cy, b oard, or di stric t, pa y- able from any source, including taxation or tax-anticipation warrants . "The collateral obligations shall have maturities not exceeding ten Maturities. years in case of loans made under paragraph (a) of this Act and not exceeding twenty years in case of loans under paragraphs (b) and (c) of this Act. "The Corporation shall prescribe such regulations as will most Regulations . effectively exped ite the repair, c onstruction, reco nstruction, and rehabilitation provided for by this Act and effectively carry out the emergency-relief purposes of this Act . "Notwithstanding an other provision of law, disbursement may Time limit for dis- bursement on com- be made at any time prior to January 23, 1939, on any commitment mitment s. made by the Corporation under the terms of this Act, as amended. Aggregate amount '-The aggregate of loans made under this Act shall not exceed authorized. $50,00 0,000 ." SEC . 2 . The title of the said Act is amended to read as follows : Title ame nded . "An Act au thorizing the Recon struction Finance Co rporation to make loans for the repair of damages caused by floods or other catas- trophies 1, and for other purposes ." SEC . 3. Tit le Iof the National Hous ing Act, as amended, is Actaamendme Hou nt sing amended by inserting after section 5 thereof the following new Cv l . 486p .1247 ; U. s. section "SEC . 6 . (a) T he Admini strator is authoriz ed and emp owered, Insurance i nstitut ions, eligibl e for upon such terms and conditions as he may prescribe, to insure banks, credit insurance, trust companies, personal finance companies, mortgage companies, against l oss. building and loan associations, in stallment lending companies, and other such finan cial i nstit ution s, her etofo re or here after appro ved b y the Administrator as eligible for credit insurance, against losses which they may sustain as a result of loans and advances of credit, and purchases of obligations representing loans and advances of credit, made by them subsequent to the date this section takes effect and prior to January 1, 1937, or such earlier date as the President may fix by proclamation upon his determination that the emergency no longer exists, for the purpose of financing, by the owners of real property or by lessees thereof under a lease for a period of not less than one year, the restoration, rehabilitation, rebui lding and replace- me nt of improvements on suc h re al property and equipment and machinery thereon which were damaged or destroyed by earthquake, conflagration, tornado, cyclone, hurricane, flood, or other catastrop he in the years 1935 or 1936, either on the same site or on a new site in the same locality where the damaged o r destroy ed propert y was locat ed. The Administrator is authorized to grant insurance under Maximum amount . this section to any such financial institution up to 10 per centum of the total amount of loans, advances of credit, and purchases made by s uch fina ncial ins titu tion for such pur pose, and any ins uranc e Application of ac- cum ula ted re ser ve to reserve accumulated by any such financial institution under section 2 los ses. of this title prior to April 1, 1936, shall be applic able to the payment of any losses sustained by it as a result of loans, a dvances of credit, or purchases insured under this section. 1 So in original. 104019 •-36-	78