Page:United States Statutes at Large Volume 80 Part 1.djvu/1268

 1232

12 us^c f?!*? Ante, p. 164.

PUBLIC LAW 89-751-NOV. 3, 1966

[80 STAT.

"(3) All loans, expenses (other than normal administrative expenses), and payments pursuant to operations of the Secretary under this section (other than subsection (b)) shall be paid from the fund, including (but not limited to) expenses and payments of the Secretary in connection with the sale, under section 302(c) of the Federal National Mortgage Association Charter Act, of participations iu obligations acquired under this section. From time to time, and at least at the close of each fiscal year, the Secretary shall pay from the fund into the Treasury as miscellaneous receipts interest on the cumulative amount of appropriations paid out for loans under this section, less the average undisbursed cash balance in the fund during the year. The rate of such interest shall be determined by the Secretary of the Treasury, taking into consideration the average market yield during the month preceding each fiscal year on outstanding Treasury obligations of maturity comparable to the average maturity of loans made from the fund. Interest payments may be deferred with approval of the Secretary of the Treasury, but any interest payments so deferred shall themselves bear interest. If at any time the Secretary determines that moneys in the fund exceed the present and any reasonably prospective future requirements of the fund, such excess may be transferred to the general fund of the Treasury. "(4) In addition to the sums authorized to be appropriated by section 742(a), there are authorized to be appropriated to the fund established by this subsection $10,000,000 for the fiscal year ending June 30, 1967." Allotment Among Schools of Funds for Federal Capital Deposits and Loans to Schools

42 us^c 294^b

Ante, p. 1230.

(b)(1) Subsection (a) of section 742 of the Public Health Service ^^^ ^^ amended by striking out everything after "appropriated" in t he last sentence and substituting therefor the following: "under this section for the fiscal year ending June 30, 1967, or any subsequent fiscal year shall be available to the Secretary (1) for payments into the fund established by section 744(d), and (2) for making Federal capital contributions into loan funds a t schools which have established loan funds under this part. (2) Subsection (b)(1) of such section 742 is amended to read as follows: "The Secretary shall from time to time set dates by which schools must file applications for Federal capital contributions,.and for loans pursuant to section 744." (3) That part of the first sentence of subsection (b)(2) of such section 742 which precedes clause (A) is amended by substituting "section" for "part". (4) Such subsection (b) of such section 742 is further amended by redesignating paragraph (3) as paragraph (4) and by inserting after paragraph (2) the following: "(3) Funds available in any fiscal year for payment to schools under this part (whether as Federal capital contributions or as loans to schools under section 744) which are in excess of the amount appropriated pursuant to this section for that year shall be allotted among schools in such manner as the Secretary determines will best carry out the purposes of this part." Conforming Changes

42 USC 294.

(c)(1) Clauses (A) and (B) of subsection (b)(2) of section 740 ^f such Act are amended to read: " (A) the Federal capital contributions to the fund, (B) an amount equal to not less than one-ninth of such Federal capital contributions, contributed by such institution,".

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