Page:United States Statutes at Large Volume 70.djvu/455

 70 S T A T. ]

PUBLIC LAW 627-JUNE 29, 1956

399

Proper adjustments shall be made in the amounts subsequently transferred to the extent prior estimates Avere in excess of or less than the amounts required to be transferred. (d) ADDITIONAL APPROPRIATIONS TO TRUST FUND.—There are hereby authorized to be appropriated to the Trust Fund, as repayable adA^ances, such additional sums as may be required to make the expenditures referred to in subsection (f). (e) MANAGEMENT OF TRUST F U N D. — (1) IN GENERAL.—It shall be the

duty of the Secretary of the „,^*P°'"* *° ^ ° " Treasury to hold the Trust Fund, and (after consultation with the Secretary of Commerce) to report to the Congress not later than the first day of March of each year on the financial condition and the results of the operations of the Trust Fund during the preceding fiscal year and on its expected condition and operations during each fiscal year thereafter up to and including the fiscal year ending June 30, 1973. Such report shall be printed as a House document of the session of the Congress to which the report is made. (2) INVESTMENT.—It shall be the duty of the Secretary of the Treasury to invest such portion of the Trust Fund as is not, in his judgment, required to 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 (A) on original issue at par, or (B) by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued under the Second Liberty Bond Act, as amended, are 40 Stat. 288. hereby extended to authorize the issuance at par of special obliga- 31 USC 774. tions exclusively to the Trust Fund. Such special obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month next preceding the date of such issue, borne by all marketable 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 percent, the rate of interest of such special obligations shall be the multiple of one-eighth of 1 percent next lower than such average rate. Such special obligations shall be issued only if the Secretary of the Treasury determines that the purchase of other interest-bearing obligations of the United States, or of obligations guaranteed as to both principal and interest by the United States on original issue or at the market price, is not in the public interest. Advances to the Trust F u n d pursuant to subsection (d) shall not be invested. (3) SALE OF OBLIGATIONS.—Any obligation acquired by the

Trust Fund (except special obligations issued exclusively to the Trust Fund) may be sold by the Secretary of the Treasury at the market price, and such special obligations may be redeemed at par plus accrued interest. (4) INTEREST AND CERTAIN PROCEEDS.—The interest on, and the

proceeds from the sale or redemption of, any obligations held in the Trust Fund shall be credited to and form a part of the Trust Fund. (f) EXPENDITURES FROM TRUST F U N D. — (1) FEDERAL-AID HIGHWAY PROGRAM.—Amounts

in the Trust Fund shall be available, as provided by appropriation Acts, for making expenditures after June 30, 1956, and before July 1, 1972, to meet those obligations of the United States heretofore or hereafter incurred under the Federal-Aid Road Act approved July

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