Page:United States Statutes at Large Volume 80 Part 1.djvu/1329

 80 STAT. ]

PUBLIC LAW 89-754-NOV. 3, 1966

1293

STUDY C O N C E R N I N G R E L I E F OF H O M E O W N E R S I N P R O X I M I T Y TO AIRPORTS

SEC. 1015. Section 1113 of the Housing and Urban Development Act of 1965 is amended— ^9 Stat. 509. (1) by inserting " (a) "after "SEC. 1113."; note. (2) by striking out "one year after the date of the enactment of this Act" and inserting in lieu thereof "six months after the date of the enactment of the Demonstration Cities and Metropolitan Development Act of 1966"; and (3) by adding at the end thereof the following new subsection: " (b) There is authorized to be appropriated the sum of $100,000 to carry out subsection (a). " QUARTERS A N D F A C I L I T I E S FOR FEDERAL H O M E LOAN B A N K S A N D THE FEDERAL H O M E LOAN B A N K BOARD

SEC. 1016. (a) The second sentence of section 12 of the Federal Home Loan Bank Act (12 U.S.C. 1432) is amended by striking out "but no bank building shall be bought or erected to house any such bank, nor shall any such bank make any lease" and inserting in lieu thereof "but, except with the prior approval of the board, no bank building shall be bought or erected to house any such bank, or leased by such bank under any lease". (b) Section 18 of such Act (12 U.S.C. 1438) is amended— (1) by adding at the end of subsection (b) the following new sentence: "Such assessments may include such amounts as the board may deem advisable for carrying out the provisions of subsection (c) of this section."; and (2) by adding at the end thereof the following new subsection: "(c)(1) The board, utilizing the services of the Administrator of General Services (hereinafter referred to as the 'Administrator'), and subject to any limitation hereon which may hereafter be imposed in appropriation Acts, is hereby authorized— " (A) to acquire, in the name of the United States, real property in the District of Columbia, for the purposes set forth in this subsection; " (B) to construct, develop, furnish, and equip such buildings thereon and such facilities as in its judgment may be appropriate to provide, to such extent as the board may deem advisable, suitable and adequate quarters and facilities for the board and the agencies under its administration or supervision; " (C) to enlarge, remodel, or reconstruct any of the same; and " (D) to make or enter into contracts for any of the foregoing. "(2) The board may require of the respective banks, and they shall make to the board, such advances of funds for the purposes set out in paragraph (1) as in the sole judgment of the board may from time to time be advisable. Such advances shall be in addition to the assessments authorized in subsection (b) and shall be apportioned by the board among the banks in proportion to the total assets of the respective banks, determined in such manner and as of such times as the board may prescribe. Each such advance shall bear interest at the rate of 4^^ per centum per annum from the date of the advance and shall be repaid by the board in such installments and over such period, not longer than twenty-five years from the making of the advance, as the board may determine. Payments of interest and principal upon such advances shall be made from receipts of the board or from other sources which may from time to time be available to the board. The obligation of the board to make any such payment shall not be 65-300 0-67—84

47 Stat. 735.

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