Page:United States Statutes at Large Volume 92 Part 3.djvu/599

 PUBLIC LAW 95-619—NOV. 9, 1978

92 STAT. 3231

subparagraph (2) of the last paragraph of section 2(a) of such Act) in dwelling units. " (c) The Association may issue, to the extent and in such amounts as may be approved in appropriation Acts, to the Secretary of the Treasury its obligations in an amount outstanding at any one time sufficient to enable the Association to carry out its functions under this section. Each such obligation shall mature at such time and be redeemable at the option of the Association in such manner as may be determined by the Association, and shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of the obligation of the Association. The Secretary of the Treasury is authorized and directed to purchase any obligations of the Association issued under this section, and for such purposes the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as now or hereafter in force, and the purposes for 31 USC 774. which securities may be issued under the Second Liberty Bond Act, as now or hereafter in force, are extended to include any purchase of the Association's obligations hereunder. "(d) No State or local usury law or comparable law establishing interest rates or prohibiting or limiting the collection or amount of discount points or other charges in connection with loan transactions and no State law prohibiting the coverage of loan insurance required by the Association shall apply to transactions under this section. "(e) The Association is authorized to— "(1) sell loans and advances of credit purchased under this section at prices which it determines will help promote the objective of assuring that operations under this section are, to the extent feasible, fully self-supporting; and "(2) pay for services performed in carrying out its functions under this section without regard to any limitation on administrative expenses heretofore enacted. "(f) The total amount of outstanding purchases and commitments authorized by the Secretary to be made pursuant to this section shall not exceed amounts approved in appropriation Acts, but in no case may such amounts exceed $2,000,000,000 at any one time. "(g) A loan or advance of credit may be purchased under this section only if— " (1) such loan or advance of credit is not used for the refinancing of an extension of credit; and " (2) the energy conserving improvements financed by such loan or advance of credit are purchased and installed after the date of enactment of this section.". SEC. 244. PURCHASE BY GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OF LOANS FOR SOLAR ENERGY SYSTEMS.

The Federal National Mortgage Association Charter Act is amended by adding the following new section at the end thereof: "



"PURCHASE or LOANS FOR SOLAR ENERGY SYSTEMS

"SEC. 316. (a) The Secretary shall direct the Association to begin making commitments to purchase, and to purchase, loans and advances of credits (and related purchase certificates and other related instruments) in accordance with this section. " (b) In accordance with the directive issued by the Secretary under subsection (a), the Association shall make commitments to purchase

12 USC 1723h.

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