Page:United States Statutes at Large Volume 87.djvu/85

 87

STAT.]

PUBLIC LAW 93-29-MAY 3, 1973

premium charoe herein provided for, the Secretary is authorized to charjije and collect such auiouuts as he may deem reasonable for- the appraisal of a property or project during- accpiisition, alteration, or renovation; but such chai'<jjes for appraisal and inspection shall not aj;gre«;ate more than 1 per centum of the original principal face amount of the mortgage. " (f) The Secretary nuiy consent to the release of a T)ar't or ];a'ts of the mortgaged property or* pr-oject from the lien of any mortgage insured under this section upon such ter-nrs and conditions as he rrray prescribe. " (g)(1) The Secretary shall have the same frrnctions, jwwer-s, and duties (insofar- as a))i)]icable) with r-e^pect to the insrrr-arrce of uvor-tgages mider- this section as the Secretary of Housing and Urban Development has with r-espect to the insurance of mortgages under title II of the National Housing Act. "(2) The provisions of subsections (e), (g), (h), (i), (j), (k), (1), and (n) of section '207 of the National Ilorrsing Act shall apply to mortgages insured under this section; except that, for the purposes of their- application with r-espect to such mortgages, all r-eferences in such provisions to the Oeneral Insurance Fund shall be deemed to r-efer to the Multipurpose Senior Center Lisur-ance Fund, and all r-eferences in such provisions to 'Secretary' shall be deemed to refer to the Secretary of Health, Education, and Welfare. " (h)(1) There is her-eby cr-eated a Multipurpose Senior Center Insurance Fund which shall be used by the Secretary as a revolving fund for carrying out all the insurance provisions of this section. All mortgages insured under this section shall be insured under and be the obligation of the Multipurpose Senior Center Insurance Fund. "(2) The general expenses of the operations of the Department of Health, Education, and Welfare relating to mor-tgages insur-ed underthis section may be charged to the Multipurpose Senior Center Insurance Fund. "(3) Moneys in the Multipurpose Senior Center Insurance Fund not needed for- the curr-ent operations of the Department of Health, Education, and Welfare with respect to mortgages insured under this section shall be deposited with the Treasurer of the United States to the credit of such fund, or invested in bonds or other- obligatioirs of, or in bonds or other obligations guaranteed as to principal and interest by, the United States. The Secretary may, with the approval of the Secretary of the Treasury, purchase in the open market debentures issued as obligations of the Multipurpose Senior Center Insurance Fund. Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this section. Debentures so purchased shall be canceled and not reissued. "(4) Premium charges, adjusted premium charges, and appraisal and other fees received on account of the insurance of any mor-tgage under this section, the receipts derived from property covered by such mortgages and from any claims, debts, contracts, property, and security assigned to the Secretary in connection therewith, and all earnings as the assets of the fund, shall be credited to the Multipurpose Senior Center Insurance Fund. The principal of, and interest paid and to be paid on, debentures which are the obligation of such fund, cash insurance payments and adjustments, and expenses incurred in the handling, management, renovation, and disposal of properties acquired, in connection with mortgages insured under this section, shall be charged to such fund.

53

12 USC 1707. 12 USC 1713.

Multipurpose Senior Center Insurance Fund, establishment.

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