Page:United States Statutes at Large Volume 84 Part 2.djvu/473

 84 STAT. ]

PUBLIC LAW 91-609-DEC. 31, 1970

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(c) The first paragraph of section 24 of the Federal Eeserve Act ga^statrsi"^' is amended by inserting the following before the period at the end 12 USC an. of the fourth sentence thereof: "or under part B of the Urban Growth and New Community Development Act of 1970". (d) The twelfth paragraph of section 5(c) of the Homeowners' Loan Act of 1933 is amended by adding in the last sentence imme- ^2 stau M^S^. diately after "under title IV of the Housing and Urban Development Act of 1968" the words "or under part B of the LTrban Growth and New Community Development Act of 1970". (e) Section 701 of the Housing Act of 1954 is amended by— H us^c 46^^.' (1) striking out the word "approved" in subsection (a)(4) and adding before the semicolon at the end of such subsection "or under part B of the Urban Growth and New Community Development Act of 1970"; (2) inserting in subsection (b) after "(2) areas described in" the following: "subsection (a)(4) or"; and (3) striking out the "No" at the beginning of the third sentence of subsection (b) and inserting in lieu thereof "Except for planning for areas described in subsection (a)(4), no". (f) All laborers and mechanics employed by contractors or sub- j^^h^an^c" ^a econtractors in land development assisted under this part shall be paid wages at rates not less than those prevailing on similar construction in the locality as determined by the Secretary of Labor in accordance with the Davis-Bacon Act, as amended (40 U.S.C. 276a— 276a-5). No assistance shall be extended under this part for any land '^^ ^'^'* ^°i^' development without first obtaining adequate assurance that these labor standards will be maintained upon the construction work involved in such program. The Secretary of Labor shall have, with respect to the labor standards specified in this section, the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267), and section 2 of the Act of June 13, 1934 (40 U.S.C. ^ "^^ ^^P276c). ^^ ^ ^ ^ •^°^* (g) With respect to any obligation issued by or on behalf of any State land development agency for which the issuer has elected to receive the benefits of the guarantees provided under this part, the interest paid on such obligation and received by the purchaser thereof (or his successor in interest) shall be included in gross income for the purposes of chapter 1 of the Internal Revenue Code of 1954. ^SA Stat. 3. ^ r L26 USC 1. JOINT FUXDIXG

SEC. 728. Funds made available under any Federal assistance program for projects or activities approved as part of, or pursuant to, a new community development program may be used jointly with funds made available for such projects or activities under any other Federal assistance program, subject to regulations prescribed by the President. Such regulations may include provisions for common technical or administrative requirements where varying or conflicting provisions of law would otherwise apply, for establishing joint management funds and common non-Federal shares, and for special agreements, or delegations of authority, among different Federal agencies in connection with the supervision or administration of assistance. Such regulations shall in any case include appropriate criteria and procedures to assure that any special authorities conferred, which are not otherwise provided for by law, shall be employed only as necessary to promote effective and efficient administration and in a manner consistent with the protection of the Federal interest and program purposes or statutory requirements of a substantive nature. For purposes of this section, the term "Federal assistance program" has the same meaning as under the Intergovernmental Cooperation Act of 1968.

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