Page:United States Statutes at Large Volume 74.djvu/631

 74

STAT.]

PUBLIC

LAW 86-682~SEPT. 2, 1960

(3) the best interests of the United States will be served by taking action hereunder, he may obtain and provide space for postal purposes in suitable structures of permanent-type construction in the several States, the District of Columbia, and the Territories and possessions of the United States by negotiating and entering into lease-purchase agreements, the terms of which may not be less than ten nor more than twentytive years and which shall provide in each case that title to the property shall vest in the United States at or before the expiration of the leasehold term and upon fulfillment of the terms and conditions stipulated in each lease-purchase agreement. The terms and conditions shall provide for the application to the purchase price agreed upon therein of rental payments made thereunder. The payments under an agreement may include amounts for the amortization of the fair market value on the date of the agreement of the property described therein. The financial transactions of the Department with respect to lease-purchase agreements are subject to the accounting and auditing requirements of sections 2202, 2206-2208, and 2211 of this title. § 2105. Development of existing sites and property (a) Except as provided in subsection (c) of this section, the Postmaster General may exercise the powers granted in section 2104 of this title with respect to existing properties, including those for which conversions, additions, extensions, or remodeling may be required, and properties upon which construction is to be subsequently effected in pursuance of the terms of applicable lease-purchase agreements. (b) Except as provided in subsection (c) of this section, the Postmaster General may— (1) enter into agreements to effectuate any of the purposes of this section, and (2) bring about the development and improvement of any land purchased by the United States for postal purposes, including the demolition of obsolete and outmoded structures situate thereon, by providing for the construction thereon by others of such structures and facilities as are the subject of the applicable lease-purchase agreement. (c) This section does not authorize the Postmaster General to enter into lease-purchase agreements with respect to any site owned by the Government which was acquired pursuant to law prior to July 22, 1954, on which there has been constructed a building to be used for postal purposes and which was being used for those purposes on July 22, 1954. § 2106. Use of rental funds The Postmaster General may use funds available to the Department for the payment of rents to make payments becoming due from time to time from the United States in jiursuance of lease-purchase agreements entered into under the authority of sections 2104 and 2105 of this title. H e may not expend the funds for acquisition of title to the property covered by any lease-purchase agreement prior to the expiration of the leasehold term specified therein, whether W exercise of option to purchase or otherwise, in the absence of specific appropriation of funds for the acquisition. Appropriations for acquisition purposes are hereby authorized. § 2107. Congressional approval Appropriations may not be made for lease-purchase projects which have not been approved by resolutions adopted by the Committees on Public Works of the Senate and House of Representatives, respec* tively, before July 22, 1957. For the purpose of securing considera-

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