Page:United States Statutes at Large Volume 87.djvu/99

 87 STAT.]

PUBLIC LAW 93-32-MAY U, 1973

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" (b) The assets of the fund shall be available only for the following purposes: "(1) loans which could be insured under this title, and for advances in connection with such loans and loans previously made, as of the effective date of this title, as revised herein, under 63 Stat. 94«. sections 4, 5, and 201 of this Act; 85 Stat. 37. "(2) payment of principal when due (without interest) on 7 USC 904, 905, outstanding loans to the Administrator from the Secretary of the ^'^'^• Treasury for electrification and telephone purposes pursuant to section 3(a) of this Act and payment of principal and interest 61 Stat. 546. when due on loans to the Administrator from the Secretary of ^^^ ^°^* the Treasury pursuant to section 304(a) of this title; ^"''•^* "(3) payment of amounts to which the holder of notes is entitled on insured loans: Provided, That payments other than final payments need not be remitted to the holder until due or until the next agreed annual, semiannual, or quarterly remittance date; "(4) payment to the holder of insured notes of any defaulted installment or, upon assignment of the note to the Administrator at his request, the entire balance due on the note; "•(5) purchase of notes in accordance with contracts of insurance entered into by the Administrator; '•(6) payment in compliance with contracts of guarantee; "(7) payment of taxes, insurance, prior liens, expenses necessary to make fiscal adjustments in connection with the application, and transmittal of collections or necessary to obtain credit reports on applicants or borrowers, expenses for necessary services, including construction inspections, commercial appraisals, loan servicing, consulting business advisory or other commercial and technical services, and other program services, and other expenses and advances authorized in section 7 of this Act in connection with '•^ Stat. 1 ses. insured loans. Such items may be paid in connection with guar an^^^ teed loans after or in connection with the acquisition of such loans or security thereof after default, to the extent determined to be necessary to protect the interest of the Government, or in connection with any other activity authorized in this Act; "(8) payment of the purchase price and Miy costs and expenses incurred in connection with the purchase, acquisition, or operation of property pursuant to section 7 of this Act. " SEC. 303. DEPOSIT or F U N D MONEYS.—Moneys in the fund shall remain on deposit in the Treasury of the United States until disbursed. " SEC. 304. FINANCIAL TRANSACTIONS OF THE F U N D. — (a) The. interim notes. k -t

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Administrator is authorized to make and issue interim notes to the Secretary of the Treasury for the purpose of obtaining funds necessary for discharging obligations of the fund and for making loans, advances and authorized expenditures out of the fund. Such notes shall be in such form and denominations and have such maturities and be subject to such terms and conditions as may be agreed upon by the

issuance.

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