Page:United States Statutes at Large Volume 84 Part 1.djvu/796

 738

PUBLIC LAW 91-375-AUG. 12, 1970

[84 STAT.

"Chapter 20.—FINANCE "Sec.

"2001. Definitions. "2002. Capital of the Postal Service. "2003. The Postal Service Fund. "2004. Transitional appropriations. "2005. Obligations. "2006. Relationship between the Treasury and the Postal Service. "2007. Public debt character of the obligations of the Postal Service. "2008. Audit and expenditures. "2009. Annual budget. "2010. Restrictions on agreements.

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"§2001. Definitions ''As used in this chapter— "(1) 'Fund' means the Postal Service Fund established by section 2008 of this chapter; and "' (2) 'obligations', when referring to debt instruments issued by the Postal Service, means notes, bonds, debentures, mortgages, and any other evidence of indebtedness. "§ 2002. Capital of the Postal Service " (a) The initial capital of the Postal Service shall consist of the equity, as reflected in the budget of the President, of the Government of the United States in the former Post Office Department. The value of assets and the amount of liabilities transferred to the Postal Service upon the commencement of operations of the Postal Service shall be determined by the Postal Service subject to the approval of the Comptroller General, in accordance with the following guidelines: "'(l) Assets shall be valued on the basis of original cost less depreciation, to the extent that such value can be determined. The value recorded on the former Post Office Department's books of account shall be prima facie evidence of asset value. " (2) All liabilities attributable to operations of the former Post Office Department shall remain liabilities of the Government of the United States, except that upon commencement of operations of the Postal Service, the unexpended balances of appropriations made to, held or used by, or available to the former Post Office Department and all liabilities chargeable thereto shall become assets and liabilities, respectively, of the Postal Service. ''(b) The capital of the Postal Service at any time shall consist of its assets, including the balance in the Fund, less its liabilities. "(c) The Postal Service, and the Administrator of General Services where properties under the jurisdiction of the Administrator are involved, with the approval of the Director of the Office of Management and Budget, shall determine which Federal properties shall be transferred to the Postal Service and which shall remain under the jurisdiction of any other department, agency, or establishment of the Government of the United States upon the commencement of operations of the Postal Service. The transfer shall be accomplished at the time of or as near as possible to the commencement of operations of the Postal Service and the valuation of the assets and capital of the Postal Service shall be adjusted accordingly. The following properties shall be included in the transfer: " (1) the mail equipment shops located in Washington, D i ^ r i c t of Columbia; "(2) all machinery, equipment, and appurtenances of the former Post Office Department; "(3) all real property whose ownership was acquired by the Postmaster General under former section 2103 of this title, as in effect immediately prior to the effective date of this section, or which immediately prior to such effective date, is vmder the

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