Page:United States Statutes at Large Volume 94 Part 2.djvu/159

 PUBLIC LAW 96-374—OCT. 3, 1980

94 STAT. 1437

authorized to be appropriated $400,000,000 for each of the fiscal years 1981 and 1982, $475,000,000 for fiscal year 1983, $550,000,000 for fiscal year 1984, and $625,000,000 for fiscal year 1985, except that no funds are authorized to be appropriated for any fiscal year which begins after there has been a capital distribution under section 466(a).". 20 USC 20 USC (b) Section 461(b)(2) of the Act is amended— (1) by striking out "for the fiscal year ending September 30, 1980, and each of the three succeedingfiscalyears'' and inserting in lieu thereof "for fiscal year 1985 and each of the five succeedingfiscalyears"; and (2) by striking out "October 1, 1980" and inserting in lieu thereof "October 1, 1985".

1087ff. 1087aa.

ALTERNATIVE FUNDING FOR DIRECT LOANS; RECAPTURE OF CURRENT BALANCES

SEC. 442. (a) Part E of title IV of the Act is amended by adding at the end thereof the following new sections: ALTERNATIVE SOURCE OF FUNDS

"SEC. 468. (a)(1) The Secretary shall, not later than April 1 of each fiscal year, issue and have outstanding at any one time notes, debentures, bonds, or other obligations in such amounts as shall be necessary to carry out functions under this part, subject to such annual limitations as may be provided in an appropriation Act with respect to such fiscal year, except that the Secretary shall not issue any such obligation without the prior concurrence of the Secretary of the Treasury as to the terms and conditions of such obligations. The Secretary of the Treasury may direct that any such issuance by the Secretary be sold to the Department of the Treasury for its own account or to the Federal Financing Bank. "(2) The Secretary of the Treasury is authorized and directed to purchase any obligations issued under this section, and for that purpose, the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities hereafter issued under the Second Liberty Bond Act, and the purposes for which securities may be issued under the Second Liberty Bond Act are extended to include such purchases. Each purchsise of obligations by the Secretary of the Treasury under this section shall be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Secretsury of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturity. Interest due on obligations of the Secretary held by the Treasury may be deferred, at the discretion of the Secretary, but any such deferred interest shall bear interest at the rate specified in this section. The Secretary of the Treasury may sell, upon such terms and conditions and at such price or prices as he shall determine, any of the obligations acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of such obligations under this section shall be treated as public debt transactions of the United States. "(3) All obligations of the Secretary issued under this section shall be fully and unconditionally guaranteed as to principal and interest and shall constitute general obligations of the United States, backed by the full faith and credit of the Government of the United States of America. Such guarantee shall be expressed on the face of all such obligations.

Obligations. 20 USC 1087hh.

31 USC 774.

�