Page:United States Statutes at Large Volume 80 Part 1.djvu/1271

 80 STAT. ]

PUBLIC LAW 89-751-NOV. 3, 1966

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 approprations 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) I n addition to the sums authorized to be appropriated by section 824, there are authorized to be appropriated to the fund established by this subsection $2,000,000 for the fiscal year ending June 30, 1967." (b) Section 824 of the Public Health Service Act is amended by striking out the last sentence and substituting therefor the following: "Sums appropriated pursuant to 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 827(d), and (2) in accordance with agreements under this part, for Federal capital contributions to schools with which such agreements have been made, to be used, together with deposits in such funds pursuant to section 822(b)(2)(B), for establishment and maintenance of student loan funds."

1235

78 Stat, 915. 42 USC 297c.

Ante, p. 1234.

42 USC 297a.

Allotment of Funds for Federal Capital Contributions and Loans to Schools (c)(1) Section 825(a)_ of the Public Health Service Act (relating to allotments of appropriations among States) is amended by inserting "for payment as Federal capital contributions or as loans to schools under section 827)" after "shall be allotted" in the first sentence, and by adding at the end of subsection (a) the following new sentence "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 827) which are in excess of the amount appropriated pursuant to section 824 for that year shall be allotted among States and among schools within States in such manner as the Secretary determines will best carry out the purposes of this part." (2) Section 825(b)(1) of such Act (relating to the allocation of Federal capital contributions to schools) is amended to read as follows: " (b)(1) The Secretary shall from time to time set dates by which schools of nursing in a State must file applications for Federal capital contributions, and for loans pursuant to section 827, from the allotment of such State under the first two sentences of subsection (a) of this section."

^2 USC 297d.

Conforming Amendment (d)(1) So much of section 826(a) of such Act as precedes paragraph (1) is amended by striking out "this part" and inserting in lieu thereof "an agreement pursuant to section 822(b)". (2) Paragraph (1) of such section 826(a) is amended by striking out "the balance" and inserting in lieu thereof "such balance". (3) Subsection (b) of such section 826 is amended by inserting "(other than so much of such fund as relates to payments from the

42 USC 297e.

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