Page:United States Statutes at Large Volume 70.djvu/877

 70 S T A T. ]

PUBLIC LAW 880-AUG. 1, 1956

821

aging Trustee of the Board of Trustees (hereinafter in this title called the 'Managing Trustee'). The Commissioner of Social Security shall serve as Secretary of the Board of Trustees. I t shall be the duty of the Board of Trustees to— "(1) Hold the Trust Funds; Reports to Con"(2) Report to the Congress not later than the first day of gress. March of each year on the operation and status of the Trust Funds during the preceding hscal year and on their expected operation and status during the next ensuing five fiscal years; "(3) Report immediately to the Congress whenever the Board of Trustees is of the opinion that during the ensuing five fiscal years either of the Trust Funds will exceed three times the highest annual expenditures from such Trust Fund anticipated during that five-fiscal-year period, and whenever the Board of Trustees is of the opinion that the amount of either of the Trust Funds is unduly small; and "(4) Recommend improvements in administrative procedures and policies designed to effectuate the proper coordination of the old-age and survivors insurance and Federal-State unemployment compensation program. Statement of aeThe report provided for in paragraph (2) above shall include a state- sets and disburse__ ment of the assets of, and the disbursements made from, the Trust me'rts Funds during the preceding fiscal year, an estimate of the expected future income to, and disbursements to be made from, the Trust Funds during each of the next ensuing five fiscal years, and a statement of the actuarial status of the Trust Funds. Such report shall be printed as a House document of the session of the Congress to which the report is made. " (d) I t shall be the duty of the Managing Trustee to invest such Investmftntj portion of the Trust Funds as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interestbearing 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 issue at par, or (2) by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued 28e. under the Second Liberty Bond Act, as amended, are hereby extended 40 Stat. 774. 31 USC to authorize the issuance at par of public-debt obligations for purchase by the Trust Funds. Such obligations issued for purchase by the Trust Funds shall have maturities fixed with due regard for the needs of the Trust Funds, and 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 interestbearing obligations of the United States then forming a part of the Public Debt that are not due or callable until after the expiration of five years from the date of original issue; except that where such average rate is not a multiple of one-eighth of 1 per centum, the rate of interest of such obligations shall be the multiple of one-eighth of 1 per centum nearest such average rate. Such obligations shall be issued for purchase by the Trust Funds only if the Managing Trustee determines that the purchase in the market 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. obligations issued exclusively to the Trust Funds) may be sold by the Managing Trustee at the market price, and such special obligations may be redeemed at par plus accrued interest.
 * of obllga"(e) Any obligations acquired by the Trust Funds (except special

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