Page:United States Statutes at Large Volume 53 Part 2.djvu/887

 1363 53 STAT.] 76TH CONG., IST SESS.-CH. 666 -AUG. 10, 1939 Trust Fund during each of the next ensuing five fiscal years, and a statement of the actuarial status of the Trust Fund. "(c) It shall be the duty of the Managing Trustee to invest such Investment of sur- portion of the Trust Fund as is not, in his judgment, required to funds. meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose such obligations may be acquired (1) on original Acuisition of obli issue at par, or (2) by purchase of outstanding obligations at the gtn market price. The purposes for which obligations of the United it of special States may be issued under the Second Liberty Bond Act, as 40tat. 288. 31U.S.C.ch.12; amended, are hereby extended to authorize the issuance at par of Supp. IV, ch. 12 . special obligations exclusively to the Trust Fund. Such special Intertate 1 obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month next preced- ing the date of such issue, borne by all interest-bearing obligations of the United States then forming a part of the Public Debt; except that where such average rate is not a multiple of one-eighth of 1 per centum, the rate of interest of such special obligations shall be the multiple of one-eighth of 1 per centum next lower than such average rate. Such special obligations shall be issued only if the condition. Managing Trustee determines that the purchase of other interest- bearing oligations of the United States, or of obligations guaran- teed as to both principal and interest by the United States on original issue or at the market price, is not in the public interest. "(d) Any obligations acquired by the Trust Fund (except special ale of regular obli- obligations issued exclusively to the Trust Fund) may be sold by gats. the Managing Trustee at the market price, and such special obliga- Redemption of pe- tions may be redeemed at par plus accrued interest.al obligations. "(e) The interest on, and the proceeds from the sale or redemp- Creditingofinterest, tion of, any obligations held in the Trust Fund shall be credited to etc and form a part of the Trust Fund. "(f) The Managing Trustee is directed to pay from the Trust Payments into Fund into the Treasury the amount estimated by.him and the Chair- Treaury. man of the Social Security Board which will be expended dur- ing a three month period by the Social Security Board and Ante, p. 1362. the Treasury Department for the administration of Title II and 42 IIt. .C., Supp. Title VIII of this Act, and the Federal Insurance Contributions 'IVt,l§l0 1l-. Act. Such payments shall be covered into the Treasury as repay- I. .. ( .ch. 9,sulch. ments to the account for reimbursement of expenses incurred in con- _A nection with the administration of Titles II and VIII of this Act Not aailable for and the Federal Insurance Contributions Act. Such repayments expenditures. shall not be available for expenditures but shall be carried to the surplus fund of the Treasury. If it subsequently appear that the Adjustments. estimates in any particular three month period were too high or too low, appropriate adjustments shall be made by the Managing Trus- tee in future payments. "(g) All amounts credited to the Trust Fund shall be available for Availability of amounts credited to making payments required under this title. Trust Fund. " OLD-AGE AND SURVIVORS INSURANCE BENEFIT PAYMENTS "Primary Insurance Benefits "SEC. 202. (a) Every individual, who (1) is a fully insured Beneficiaries. individual (as defined in section 209 (g)) after December 31, 1939, po, p. 76. (2) has attained the age of sixty-five, and (3) has filed application for primary insurance benefits, shall be entitled to receive a primary insurance benefit (as defined in section 209 (e)) for each month,

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