Page:United States Statutes at Large Volume 92 Part 2.djvu/265

 PUBLIC LAW 95-478—OCT. 18, 1978 insured under this section upon such terms and conditions as he may prescribe. " (g)(1) The Secretary shall have the same functions, powers, and duties (insofar as applicable) with respect to the insurance of mortgages under this section as the Secretary of Housing and Urban Development has with respect to the insurance of mortgages under title II of the National Housing Act. " (2) The provisions of subsections (e), (g), (h), (i), (j), (k), (1), and (n) of section 207 of the National Housing Act shall apply to mortgages insured under this section; except that, for the purposes of their application with respect to such mortgages, all references in such provisions to the General Insurance F u n d shall be deemed to refer to the Multipurpose Senior Center Insurance F u n d, and all references in such provisions to 'Secretary' shall be deemed to refer to the Secretary of Health, Education, and Welfare. " (h)(1) There is hereby created a Multipurpose Senior Center Insurance F u n d which shall be used by the Secretary as a revolving fund for carrying out all the insurance provisions of this section. All mortgages insured under this section shall be insured under and be the obligation of the Multipurpose Senior Center Insurance F u n d. " (2) The general expenses of the operations of the Department of Health, Education, and Welfare relating to mortgages insured under this section may be charged to the Multipurpose Senior Center Insurance F u n d. " (3) Moneys in the Multipurpose Senior Center Insurance F u n d not needed for the current operations of the Department of Health, Education, and Welfare with respect to mortgages insured under this section shall be deposited with the Treasurer of the United States to the credit of such fund, or invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States. The Secretary may, with the approval of the Secretary of the Treasury, purchase in the open market debentures issued as obligations of the Multipurpose Senior Center Insurance F u n d. Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this section. Debentures so purchased shall be canceled and not reissued. " (4) P r e m i u m charges, adjusted premium charges, and appraisal and other fees received on account of the insurance of any mortgage under this section, the receipts derived from property covered by such mortgages and from any claims, debts, contracts, property, and security assigned to the Secretary in connection therewith, and all earnings as the assets of the fund, shall be credited to the Multipurpose Senior Center Insurance F u n d. The principal of, and interest paid and to be paid on, debentures which are the obligation of such fund, cash insurance payments and adjustments, and expenses incurred in the handling, management, renovation, and disposal of properties acquired or constructed in connection with mortgages insured under this sec tion, shall be charged to such fund. " (5) There are authorized to be appropriated to provide initial capital for the Multipurpose Senior Center Insurance F u n d, and to assure the soundness of such fund thereafter, such sums as may be necessary.

92 STAT. 1545

12 USC 1707. 12 USC 1713.

Multipurpose Senior Center Insurance Fund, .

"ANNUAL INTEREST GRANTS

" SEC. 432. (a) To assist nonprofit private agencies to reduce the 42 USC 3035h. cost of borrowing from other sources for the acquisition, alteration,

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