Page:United States Statutes at Large Volume 68 Part 1.djvu/551

 68

STAT.]

519

PUBLIC LAW 5 1 9 - J U L Y 22, 1954

lition of obsolete and outmoded structures situated thereon, by providing for the construction thereon by others of such structures and facilities as shall be the subject of the applicable purchase contracts. " (d) Each such purchase contract shall include such provisions as the Administrator of General Services, in his discretion, shall deem to be in the best interests of the United States and appropriate to secure the performance of the obligations imposed upon the party or parties that shall enter into such agreement with the United States: Provided, That no such agreement may provide for the payment by the United States in pursuance of the terms thereof of moneys in an aggregate annual amount in excess of 15 per centum of the appraised fair market value of the property at the date of the purchase contract, or in the case of property where construction shall not have been completed at that date in excess of 15 per centum of the fair market value at the date of completion of such construction. No such purchase contract shall provide for any payments to be made by the United States in excess of the amount necessary, as determined by the Administrator, to— "(1) amortize— " (A) the cost of improvements to be constructed plus the fair market value, on the date of the agreement, of the site, if owned or acquired by the contractor; or " (B) the fair market value, on the date of the agreement, of completed improvements together with the site thereof; or " (C) a combination of the foregoing in the case of existing improvements to be remodeled by the contractor; and "(2) provide a reasonable rate of interest on the outstanding principal as determined under (1) above; and "(3) reimburse the contractor for the cost of any other obligations assumed by him under the contract, including (but not limited to) payment of taxes, costs of carrying appropriate insurance, and costs of repair and maintenance if so assumed by the contractor. "(e) No proposed purchase contract agreement shall be executed under this section unless such agreement has been approved by the Director of the Bureau of the Budget, as evidenced by a written statement of such officer to the effect that the execution of such agreement is necessary and is in conformity with the policy of the President. No appropriations shall be made for purchase contract projects which have not been approved by resolutions adopted by the Committees on Public Works of the Senate and House of Representatives, respectively, within three years after the date of enactment of this Act. For the purpose of securing consideration of said approval the Administrator shall transmit to each such Committee a prospectus oi the proposed project, including (but not limited to) — " (1) a brief description of the building located or to be erected at a given location; "(2) an estimate of the maximum cost of site and building together with the term of years over which payments would run and the maximum rate of interest that would be acceptable for any deferred part of such cost; "(3) a certificate of need for the space signed by the head of the agency or agencies which will use the facility; "(4) a statement by the Administrator of the General Services Administration that suitable space owned by the Government is not available and that suitable rental space is not available at a price commensurate with that to be afforded through the contract proposed; "(5) a statement of the managerial, custodial, heat and utility services to be provided by the contractor, or an estimate of their

Contract provisions*

Limitations*

Budget and Cong r e s s i o n a l approval.

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