Page:United States Statutes at Large Volume 82.djvu/620

 578

la use 2 ^4 • " Investment of

59 Stat. 597; 61 Stat. 584.

PUBLIC LAW 90-448-AUG. 1, 1968

[82 STAT.

(3) to repay to the Secretary of the Treasury such sums as may be borrowed from him (together with interest) in accordance with the authority provided in section 1309; and (4) to pay such administrative expenses (or portion of such expenses) of ca.rrying out the flood insurance program as he may deem necessary; and (5) for the purposes specified in subsection (d) under the conditions provided therein. (b) The fund shall be credited with— (1) such funds borrowed in accordance with the authority provided in section 1309 as may from time to time be deposited in the fund; (2) premiums, fees, or other charges which may be paid or collected in connection with the excess loss reinsurance coverage provided under section 1335; (3) such amounts as may be advanced to the fund from appropriations in order to maintain the fund in an operative condition adequate to meet its liabilities; (4) interest which may be earned on investments of the fund pursuant to subsection (c); (5) such sums as are required to be paid to the Secretary under section 1308(d); and (6) receipts from any other operations under this title (including premiums under the conditions specified in subsection (d), and salvage proceeds, if any, resulting from reinsurance coverage). (c) If, after— (1) all outstanding obligations of the fund have been liquidated, and (2) any outstanding amounts which may have been advanced to the fund from appropriations authorized under section 1376 (a)(2)(B) have been credited to the appropriation from which advanced, with interest accrued at the rate prescribed under sec^'^^^^ ^^ ^^^ ^* ^^^^ Federal Flood Insurance Act of 1956, as in effect immediately prior to the enactment of this title. the Secretary determines that the moneys of the fund are in excess of current needs, he may request the investment of such amounts as he deems advisable by the Secretary of the Treasury in obligations issued or guaranteed by the United States. (d) In the event the Secretary makes a determination in accordance with the provisions of section 1340 that operation of the flood insurance program, in whole or in part, should be carried out through the facilities of the Federal Government, the fund shall be available for all purposes incident thereto, including— (1) cost incurred in the adjustment and payment of any claims for losses, and (2) f)ayment of applicable operating costs set forth in the schedules prescribed under section 1311, for so long as the program is so carried out, and in such event any premiums paid shall be deposited by the Secretary to the credit of the fund. (e) An annual business-type budget for the fund shall be prepared, transmitted to the Congress, considered, and enacted in the manner prescribed by law (sections 102, 103, and 104 of the Government Corporation Control Act (31 U.S.C. 847-849)) for wholly-owned Governmftut corporations.

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