Page:United States Statutes at Large Volume 86.djvu/339

 86 STAT. ]

PUBLIC LAW 92-318-JUNE 23, 1972

fevolving fund for the purposes of making loans and insuring loans • • ' ' under this i^art. The total of any loans made from the fund in any fiscal year- shall not exceed limitations specified in appropriation acts. " ( ' b)(l) The Commissioner shall transfer to the fund available appropriations provided under section 741(b) to provide capital for the fund. All amounts received by the Commissioner as interest payments or repayments of principal on loans, and any other moneys, property, or assets derived by him from his operations in connection with this part, including any moneys derived directly or indirexjtly from the sale of assets, or beneficial interests or participations in assets of the fund, shall be deposited in the fund. "(2) All loans, expenses, and payments pursuant to operations of the Commissioner mider this part shall be paid from the fund, including (but not limited to) expenses and payments of the Commissioner in connection with sale, under section 302(c) of the Federal National Mortgage Association Charter Act, of participations in obligations ^s Stat. soo; acquired under this part. From time to time, and at least at the close of *'\2 USC ni7. each fiscal year, the Commissioner' shall pay from the fund into the interest payTreasury as miscellaneous receipts interest on the cumulative amount '"*"'*• of appropriations paid out for loans under this part or available as capital to the fund, less the average undisbursed cash balance in the fund duT'ing the year. The I'ate 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 inaturity of loans macle from the fund. Interest payments may be Deferral. deferred with the approval of the Secretary of the Treasury, but any interest payments so deferred shall themselves beai- interest. If at any time the Commissionei' 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. •' • '

"ANNUAL INTEREST GRANTS

745. (a) To assist institutions of higher education and higheieducation building agencies to reduce the cost of borrowing from other sources for the construction of academic facilities, the Commissioner may make annual interest grants to such institutions and agencies. ''(b) Annual interest grants to an institution of higher education or higher education building agency with respect to any academic facility shall be made over a fixed period not exceeding forty years, and provision for such grants shall be embodied in a contract guaranteeing their payment over such period. Each such grant shall be in an amount not greater than the difference between (1) the average annual debt service which would be required to be paid, during the life of the loan, on the amount borrowed from other sources for the construction of such facilities, and (2) the average annual debt service which the institution would have been req^uired to pay, during the life of the loan, with respect to such amounts if the applicable interest rate were the luaxinium rate specified in section 744(b)(2). The amount on which such grant is based shall be approved by the Secretary. " (c)(1) There are hereby authorized to be appropriated to the Commissioner such sums as may be necessary for the payment of annual interest grants to institutions of higher education and higher education building agencies in accordance with this section. •'SEC.

Appropriation.

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