Page:United States Statutes at Large Volume 63 Part 1.djvu/477

 63 STAT.] 81sT CONG. , IST SESS-CH. 338 -JULY 15, 1949 503, and (ii) the interest due on a similar sum represented by notes or other obligations issued by the Secretary; (b) an additional $2,000,000 for grants pursuant to section 504 (a) and loans pursuant to section 504 (b) on and after July 1, 1949, which amount shall be increased by further amounts of $5,000,000, $8,000,000, and $10,000,000 on July 1 of each of the years 1950, 1951, and 1952, respectively; and (c) such further sums as may be necessary to enable the Secretary to carry out the provisions of this title. TITLE VI-MISCELLANEOUS PROVISIONS ADVISORY COMMITTEES SEC. 601. The Housing and Home Finance Administrator may appoint such advisory committee or committees as he may deem nec- essary in carrying out his functions, powers, and duties, under this or any other Act. Service as a member of any such committee shall not constitute any form of service or employment within the pro- visions of sections 281, 283, or 284 of title 18 United States Code. AMENDMENTS OF NATIONAL BANKING ACT SEc. 602. (a) The last sentence of paragraph Seventh of section 5136 of the Revised Statutes, as amended, is amended by inserting before the colon, after the words "obligations of national mortgage associations", a comma and the following: "or such obligations of any local public agency (as defined in section 110 (h) of the Housing Act of 1949) as are secured by an agreement between the local public agency and the Housing and Home Finance Administrator in which the local public agency agrees to borrow from said Administrator, and said Administrator agrees to lend to said local public agency, prior to the maturity of such obligations (which obligations shall have a maturity of not more than eighteen months), monies in an amount which (together with any other monies irrevocably com- mitted to the payment of interest on such obligations) will suffice to pay the principal of such obligations with interest to maturity thereon, which monies under the terms of said agreement are required to be used for the purpose of paying the principal of and the interest on such obligations at their maturity, or such obligations of a public housing agency (as defined in the United States Housing Act of 1937, as amended) as are secured either (1) by an agreement between the public housing agency and the Public Housing Administration in which the public housing agency agrees to borrow from the Public Housing Administration, and the Public Housing Administration agrees to lend to the public housing agency, prior to the maturity of such obligations (which obligations shall have a maturity of not more than eighteen months), monies in an amount which (together with any other monies irrevocably committed to the payment of inter- est on such obligations) will suffice to pay the principal of such obli- gations with interest to maturity thereon, which monies under the terms of said agreement are required to be used for the purpose of paying the principal of and the interest on such obligations at their maturity, or (2) by a pledge of annual contributions under an annual contributions contract between such public housing agency and the Public Housing Administration if such contract shall contain the covenant by the Public Housing Administration which is authorized by subsection (b) of section 22 of the United States Housing Act of 1937, as amended, and if the maximum sum and the maximum period specified in such contract pursuant to said subsection 22 (b) shall not be less than the annual amount and the period for payment 439 Ante, p. 434. Ante, p. 434; post, p. 874. Ante, p. 435; post, p.874. 62 Stat. 697, 698. 18 U. S. C., Supp. II, §§281, 283, 284. Ante, pp. 90, 280. 12U.S.0. 24. Ante, p. 299. Obligations of local public agency. Ante, p. 421. M0 Stat. 888. 42 U.S. o. § 1401- 1431; Supp. II, i 1402 t seq. Ante, pp. 422 -431. Ante, p. 425.

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