Page:United States Statutes at Large Volume 88 Part 1.djvu/1211

 88 STAT. ]

PUBLIC LAW 93-426-SEPT. 30, 1974

"(b) The Secretary of the Treasury is authorized and directed to cancel the outstanding balance of all unpaid notes issued to the Secretary of the Treasury pursuant to this section, together with interest accrued and unpaid on such notes. "(c) Any cash balance remaining on June 30, 1974, in the borrowing authority previously authorized by this section, and any funds thereafter received on transactions heretofore or hereafter entered into pursuant to sections 302 and 303 shall be covered into the Treasury ^

•

^^

• i

5?

1167

^o use app. 2092, 2093.

as miscellaneous receipts. SEC. 3. Section 711 of the Defense Production Act of 1950 (50 U.S.C. App. 2161) is amended— (1) by inserting " (a) " after "SEC. 711."; (2) by inserting "(including sections 302 and 303 and for payment of interest under subsection (b) of this section)" after "Act" the first place the term appears; and (3) by adding at the end thereof the following new subsection: "(b) Interest shall accrue on (1) the cumulative amount of disbursements to carry out the purposes of sections 302 and 303 (except for storage, maintenance, and other operating and administrative expenses), plus any unpaid accrued interest, less the cumulative amount of any funds received on transactions entered into pursuant to sections 302 and 303 and any net losses incurred by an agency in carrying out its functions under sections 302 and 303 when the head of the agency determines that such net losses have occurred; and (2) the current market value of the inventory of materials procured under section 303 as of the first day of each fiscal year commencing with the fiscal year beginning July 1, 1975. At the close of each fiscal year there shall be deposited into the Treasury as miscellaneous receipts, from any amounts appropriated under this section, an amount which the Secretary of the Treasury determines necessary to provide for the Interest payment of any interest accrued and unpaid under this subsection. The rate 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 marketable obligations of the United States with one year remaining to maturity.". SEC. 4. The first sentence of section 717(a) of the Defense Production Act of 1950 (50 U.S.C. App. 2166(a)) is amended by striking out "June 30, 1974" and inserting in lieu thereof "June 30, 1975". 50 USC SEC. 5. The Defense Production Act of 1950 is amended by adding 2061. at the end thereof the following new section:

rate,.

app.

"NATIONAL COMMISSION ON SUPPLIES AND SHORTAGES "SEC.

720. (a) SHORT TITLE.—This section may be cited as the

'National Commission on Supplies and Shortages Act of 1974'. "(b) FINDINGS.— (1) The United States is increasingly dependent on the importation from foreign nations of certain natural I'esources vital to commerce and the national defense. "(2) Nations that export such resources can alone or in association with other nations arbitrarily raise the prices of such resources to

Nations 1 Commission on Supplies and Shortages Act of 1974 SO u s e app. 2169.

�