Page:United States Statutes at Large Volume 88 Part 1.djvu/811

 88 STAT. ]

PUBLIC LAW 93-390-AUG. 27, 1974

767

" (f) There are authorized to be appropriated to the Corporation, Appropriation. to remain available until expended, such amounts as may be necessary from time to time to replenish or increase the insurance and guaranty fund, to discharge the liabilities under insurance, reinsurance, or guaranties issued by the Corporation or issued under predecessor guaranty authority, or to discharge obligations of the Corporation purchased by the Secretary of the Treasury pursuant to this subsection. However, no appropriations shall be made to augment the Insurance Reserve until the amount of funds in the Insurance Reserve is less than $25,000,000. Any appropriations to augment the Insurance Reserve shall then only be made either pursuant to specific authorization enacted after the date of enactment of the Overeeas Private Investment Corporation Amendments Act of 1974, or to satisfy the full faith and credit provision of section 287(c). In order to discharge liabilities under investment insur- infra. ance or reinsurance, the Corporation is authorized to issue from time to time for purchase by the Secretary of the Treasury its notes, debentures, bonds, or other obligations; but the aggregate amount of such obligations outstanding at any one time shall not exceed $100,000,000. Any such obligation shall be repaid to the Treasury within one year after the date of issue of such obligation. Any such obligation shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of any oblip-ation authorized by this subsection. The Secretary of the Treasury shall purchase any obligation of the Corporation issued under this subsection, and for such purchase he may use as a public debt transaction the proceeds of the sale of any securities issued under the Second Liberty Bond Act after the date of enactment of the Overseas Private Invest- ^i use 774. ment Corporation Amendments Act of 1974. The purpose for which securities may be issued under such Bond Act shall include any such purchase." (4) In section 237— ^ _ 22 USC 2197. (A) in subsection (a), strike out "and guaranties" and insert in lieu thereof a comma and "guaranties, and reinsurance"; and strike out "or guaranties" and insert in lieu thereof a comma and "guaranties, or reinsurance"; (B) in subsection (b), strike out "or guaranty" in both places and insert in lieu thereof in both places the following:", guaranty or reinsurance"; (C) in subsection (c), insert ", reinsurance," after "insurance" in both places it occurs: (D) strike out subsection (d) and insert in lieu thereof the following: " (d) Fees shall be charged for insurance, guaranty, and reinsurance coverage in amounts to be determined by the Corporation. In the event fees charged for investment insurance, guaranties, or reinsurance are reduced, fees to be paid under existing contracts for the same type of insurance, guaranties, or reinsurance and for similar guaranties issued under predecessor guaranty authority may be reduced."; (E) in subsection (e), strike out "or guaranty" and insert in lieu thereof a comma and "guaranty, or reinsurance"; (F) in subsection (f), insert ", reinsurance," after "insurance" in both places it occurs; (G) add at the end of subsection (f) the following: "Notwithstanding the preceding sentence, the Corporation shall limit the amount of direxjt insurance and reinsurance issued by it under section 234 so that risk of loss as to at least 10 per centum of the total ^"'^' P- '^^'^• investment of the insured and its affiliates in the project is borne

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