Page:United States Statutes at Large Volume 90 Part 1.djvu/125

 PUBLIC LAW 94-210—FEB. 5, 1976 versary of the date of original issuance thereof, and (B) at any time thereafter. (b) PLEDGE AND LIEN.—The Secretary, subject to sections 502(g) and 508(g) of this title, shall impose a first pledge of, and a first lien on, all revenues payable to, and assets held in, the Fund, and appropriated for the use of the Secretary pursuant to this title. The Secretary may impose such a pledge of and lien on all other revenues or property of the Fund. The purpose of any such pledge and lien shall be to secure the payment, when due, of the principal of, any redemption premiums on, and any interest on, all Fund anticipation notes and Fund bonds, and for other purposes incidental thereto. Such incidental purposes may include the creation of reserve and other funds which may be similarly pledged and used, to such extent and in such manner as the Secretary deems necessary or desirable. Any pledge made by the Secretary shall be valid and binding from the time it is made. The revenues and assets held in the Fund, and the revenues or property of the Fund which are so pledged and which are subsequently received by the Fund, shall immediately be subject to the lien of such pledge without any physical delivery thereof or any further act. The lien of any such pledge shall be valid and binding as against all parties having claims of any kind, in tort, contract, or otherwise, against the Secretary or the Fund, without regard to whether such parties have notice thereof. No instrument by which a pledge is created need be recorded or filed to protect such pledge. (c) ENHANCEMENT or MARKETABILITY.—The Secretary may enter into binding covenants with the holders of Fund bonds, and with the trustee, if any, under any agreement entered into in connection with the issuance of such bonds with respect to (1) the establishment of reserves, and other funds; (2) stipulations concerning the subsequent issuance of obligations; and (3) such other matters as the Secretary deems necessary or desirable to enhance the marketability of Fund bonds. (d) SPECIFIC DETERMINATIONS.—Subject to subsection (a) of this section, the Secretary may determine, with respect to Fund bonds— (1) the form and denominations in which they shall be issued; (2) the time when they shall be sold, and in what amounts; (3) the time when they shall mature; (4) the price thereof at sale; (5) the rate of interest thereon; (6) whether, and in what manner, they may be redeemed prior to the date when they mature; and (7) whether they shall be negotiable or nonnegotiable and whether they shall be bearer or registered instruments, and any indentures or covenants relating thereto. (e) CHARACTERISTICS.—Fund bonds issued by the Secretary under this section shall— (1) contain a recital that they are issued under this section, which shall be conclusive evidence as to the validity and regularity of issuance and sale of such Fund bonds; (2) be subject to such other terms and conditions as the Secretary may, by the resolution authorizing their issuance, determine; (3) be lawful investments and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority or control of any officer or agency of the United States; (4) not be exempted from Federal, State, and local taxation; and

90 STAT. 75

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