Page:United States Statutes at Large Volume 63 Part 1.djvu/965

63 ] and empowered to issue, any provision of the Hawaiian Organic Act or any other Act of Congress to the contrary notwithstanding, public-improvement bonds in such amounts as will not cause the total indebtedness of such Territory to exceed $50,000,000. Any extension of the total indebtedness of such Territory beyond $50,000,000 shall be made solely in conformity with the Hawaiian Organic Act.

2. All bonds issued pursuant to section 1 shall be serial bonds payable in substantially equal annual installments, with the first such installment maturing not later than five years from the date of issue and the last such installment maturing not later than thirty years from such date.

3. Bonds shall not be issued pursuant to section 1 without the approval of the President of the United States.

4. Act Numbered 401 of the Session Laws of 1949 of the Territory of Hawaii entitled “An Act relating to public improvements, and the financing thereof, making appropriations for public improvements, providing for the issuance of public-improvement bonds and memorializing Congress to authorize the issuance of public-improvement bonds of the Territory of Hawaii during the years 1949 to 1955, inclusive, without respect to the limitation imposed by the Hawaiian Organic Act, and amending Act 205 of the Session Laws of Hawaii 1947”, to the extent approved by the Governor of the Territory of Hawaii on May 27, 1949, is hereby confirmed and ratified: Provided, however, That nothing herein contained shall be deemed to prohibit the amendment of said Act of said Territory by the legislature thereof, from time to time, to provide for changes in the improvements authorized by said Act and for the disposition of unexpended moneys appropriated by said Act: Provided further, That the proceeds of the bond issues hereby authorized shall be expended only for authorized public improvements or for reduction of the debt unless otherwise approved by the Congress.

Approved October 26, 1949.

[CHAPTER 755]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That, in order to further the policy enunciated in the Act of August 21, 1935 (49 Stat. 666), entitled “An Act to provide for the preservation of historic American sites, buildings, objects, and antiquities of national significance, and for other purposes”, and to facilitate public participation in the preservation of sites, buildings, and objects of national significance or interest, there is hereby created a charitable, educational, and nonprofit corporation, to be known as the National Trust for Historic Preservation in the United States, hereafter referred to as the “National Trust”. The purposes of the National Trust shall be to receive donations of sites, buildings, and objects significant in American history and culture, to preserve and administer them for public benefit, to accept, hold, and administer gifts of money, securities, or other property of whatsoever character for the purpose of carrying out the preservation program, and to execute such other functions as are vested in it by this Act.

2. The National Trust shall have its principal office in the District of Columbia and shall be deemed, for purposes of venue in