Page:United States Statutes at Large Volume 90 Part 1.djvu/126

 90 STAT. 7 6

PUBLIC LAW 9 4 - 2 1 0 — F E B. 5, 1976 (5) not be debts or enforceable general obligations of, nor shall payment of the principal thereof or interest thereon be guaranteed by, the United States. Neither the full faith and credit, n o r the general taxing power, of the Federal Government shall be pledged to the payment of the principal of, any premium on, or interest on, such F u n d bonds. (f) N o PERSONAL L I A B I L I T Y. — N e i the r the Secretary, nor any other

individual, who executes any F u n d anticipation notes or F u n d bonds, shall be subject to any personal liability or accountability by reason of the issuance of any such notes or bonds. (g)

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KEDEMPTION AND TRANSFER.—If, after the 10th

anniversary

date of the original issuance of the initial series of F u n d bonds, the amount in the F u n d, exclusive of the value of any redeemable preference shares held by the F u n d, exceeds 250 percent of the amount required to satisfy amounts due in the succeeding fiscal year on account of F u n d bonds, the Secretary may use such excess to redeem F u n d bonds i n accordance with their terms or may withdraw all or part of such excess from the F u n d and transfer i t to the general fund of the United States. When all F u n d bonds have been redeemed, all amounts remaining in the F u n d or thereafter accruing to it shall be transferred to the general fund of the United States, except to the extent necessary to cover such expenses of the F u n d as may be required to carry on and complete any remaining responsibilities. (h)

PURCHASE BY SECRETARY.—The

Secretary,

subject

to

such

agreements with holders of F u n d bonds as may then exist, is authorized (out of any funds available) to purchase F u n d anticipation notes or F u n d bonds. Upon any such purchase, such bonds and notes shall be canceled. AUTHORIZATIONS

45 USC 829.

r

SEC. 509. There is authorized to be appropriated to the Secretary of the Treasury for the purposes of the F u n d not to exceed $600,000,000 and the Secretary of the Treasury is authorized and directed to purchase, from time to time, p r i o r to September 30, 1978, from the Secretary, out of such moneys in the Treasury as are appropriated under this sentence, F u n d anticipation notes in such aggregate principal amounts, subject to the foregoing limitation, as the Secretary may so offer for sale. N o money i n the F u n d, regardless of source, shall be obligated, expended, or otherwise committed to any purpose from the F under i o r to or after September 30, 1978, without prior approval thereof in an annual appropriations Act. The F u n d shall not qualify as one of the exceptions provided in section 401(d) of the Congressional B u d g e t and I m p o u n d m e n t Control Act of 1974 (31 U.S.C. 1351(d)). EXEMPTION

45 USC 830.

S E C, 510. Neither the provisions of section 20a of the Interstate Commerce Act (49 U.S.C. 20a), n o r the registration and prospectus delivery requirements of the Securities Act of 1933, nor the provisions of the securities laws of any State, shall be applicable to the issuance and sale of redeemable preference shares by railroads under this title. GUARANTEE OF OBLIGATIONS

45 USC 831.

SEC. 511. (a) GENERAL.—The Secretary may, in accordance with the provisions of this section, guarantee and make commitments to guarantee the payment of the principal balance of, and any interest on, an obligation of an applicant p r i o r to, on, or after the date of execu-

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