US (United States) Code. Title 12. Chapter 24: Federal Financing Bank

Codificación normativa de EEUU (Estados Unidos). Legislación federal estadounidense # Banks and Banking

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-CITE-

12 USC CHAPTER 24 - FEDERAL FINANCING BANK 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

.

-HEAD-

CHAPTER 24 - FEDERAL FINANCING BANK

-MISC1-

Sec.

2281. Congressional findings and declaration of purpose.

2282. Definitions.

2283. Creation of Federal Financing Bank.

2284. Board of Directors.

2285. Functions.

(a) Purchase and sale of obligations issued, sold, or

guaranteed by Federal agencies.

(b) Yield.

(c) Fees.

2285a. Acquisition of obligations involving loan guarantees for New

York City.

2286. Approval of financing plans by Secretary of the Treasury.

(a) Method, source, timing, terms, and conditions of

sale of obligations issued or sold by Federal

agencies.

(b) Grant or denial of approval by Secretary.

(c) Time and form for submission of financing plans.

2287. Initial capital.

2288. Bank obligations.

(a) Maximum amount of obligations issued publicly and

outstanding at any one time.

(b) Purchase and sale of obligations of Federal

Financing Bank by Secretary of the Treasury as

public debt transactions.

(c) Authority of Federal Financing Bank to require

Secretary of the Treasury to purchase

obligations of the Bank.

(d) Bank obligations as lawful investments.

2289. General powers.

2290. Exemptions.

(a) Federal, State, and local taxes.

(b) Exempt securities.

(c) Budget status of Federal agencies; restrictions.

2291. Preparation of obligations.

2292. Annual report to the President and Congress.

2293. Budget and audit provisions of Government corporation control

law applicable.

2294. Payments on behalf of public bodies.

2294a. Contracts for periodic payments to offset costs of purchase

of obligations of local public housing agencies.

2295. Authority or responsibility under other provisions of law not

to be affected or impaired.

2296. Increase not authorized in amounts of obligations issued,

sold, or guaranteed by Federal agencies.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in section 1824 of this title; title

42 sections 8814, 8835.

-CITE-

12 USC Sec. 2281 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2281. Congressional findings and declaration of purpose

-STATUTE-

The Congress finds that demands for funds through Federal and

federally assisted borrowing programs are increasing faster than

the total supply of credit and that such borrowings are not

adequately coordinated with overall Federal fiscal and debt

management policies. The purpose of this chapter is to assure

coordination of these programs with the overall economic and fiscal

policies of the Government, to reduce the cost of Federal and

federally assisted borrowings from the public, and to assure that

such borrowings are financed in a manner least disruptive of

private financial markets and institutions.

-SOURCE-

(Pub. L. 93-224, Sec. 2, Dec. 29, 1973, 87 Stat. 937.)

-MISC1-

EFFECTIVE DATE

Section 20 of Pub. L. 93-224 provided that: ''This Act (enacting

this chapter and amending section 24 of this title) becomes

effective upon the date of its enactment (Dec. 29, 1973), except

that section 7 (section 2286 of this title) becomes effective upon

the expiration of thirty days after such date (Dec. 29, 1973).''

SHORT TITLE

Section 1 of Pub. L. 93-224 provided: ''That this Act (enacting

this chapter and amending section 24 of this title) may be cited as

the 'Federal Financing Bank Act of 1973'.''

SEPARABILITY

Section 19 of Pub. L. 93-224 provided that: ''If any provision of

this Act (enacting this chapter and amending section 24 of this

title), or the application thereof to any person or circumstance,

is held invalid, the validity of the remainder of the Act (this

chapter), and the application of such provisions to other persons

or circumstances, shall not be affected.''

-EXEC-

EXECUTIVE ORDER NO. 11782

Ex. Ord. No. 11782, May 6, 1974, 39 F.R. 15991, which established

the Federal Financing Bank Advisory Council and provided for its

membership, functions, etc., was revoked by Ex. Ord. No. 12379,

Sec. 15, Aug. 17, 1982, 47 F.R. 36099, set out as a note under

section 14 of the Federal Advisory Committee Act in the Appendix to

Title 5, Government Organization and Employees.

-MISC6-

TERMINATION OF ADVISORY COUNCILS

Advisory councils established after Jan. 5, 1973, to terminate

not later than the expiration of the 2-year period beginning on the

date of their establishment, unless, in the case of a council

established by the President or an officer of the Federal

Government, such council is renewed by appropriate action prior to

the expiration of such 2-year period, or in the case of a council

established by the Congress, its duration is otherwise provided for

by law. See sections 3(2) and 14 of Pub. L. 92-463, Oct. 6, 1972,

86 Stat. 770, 776, set out in the Appendix to Title 5, Government

Organization and Employees.

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12 USC Sec. 2282 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2282. Definitions

-STATUTE-

For the purposes of this chapter -

(1) The term ''Federal agency'' means an executive department, an

independent Federal establishment, or a corporation or other entity

established by the Congress which is owned in whole or in part by

the United States.

(2) The term ''obligation'' means any note, bond, debenture, or

other evidence of indebtedness, but does not include Federal

Reserve notes or stock evidencing an ownership interest in the

issuing Federal agency.

(3) The term ''guarantee'' means any guarantee, insurance, or

other pledge with respect to the payment of all or part of the

principal or interest on any obligation, but does not include the

insurance of deposits, shares, or other withdrawable accounts in

financial institutions, or any guarantee or pledge arising out of a

statutory obligation to insure such deposits, shares, or other

withdrawable accounts.

(4) The term ''Bank'' means the Federal Financing Bank

established by section 2283 of this title.

-SOURCE-

(Pub. L. 93-224, Sec. 3, Dec. 29, 1973, 87 Stat. 937.)

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12 USC Sec. 2283 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2283. Creation of Federal Financing Bank

-STATUTE-

There is hereby created a body corporate to be known as the

Federal Financing Bank, which shall have succession until dissolved

by an Act of Congress. The Bank shall be subject to the general

supervision and direction of the Secretary of the Treasury. The

Bank shall be an instrumentality of the United States Government

and shall maintain such offices as may be necessary or appropriate

in the conduct of its business.

-SOURCE-

(Pub. L. 93-224, Sec. 4, Dec. 29, 1973, 87 Stat. 937.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 2282 of this title; title

31 section 305.

-CITE-

12 USC Sec. 2284 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2284. Board of Directors

-STATUTE-

(a) The Bank shall have a Board of Directors consisting of five

persons, one of whom shall be the Secretary of the Treasury as

Chairman of the Board, and four of whom shall be appointed by the

President from among the officers or employees of the Bank or of

any Federal agency. The Chairman and each other member of the

Board may designate some other officer or employee of the

Government to serve in his place.

(b) The Board of Directors shall meet at the call of its

Chairman. The Board shall determine the general policies which

shall govern the operations of the Bank. The Chairman of the Board

shall select and effect the appointment of qualified persons to

fill such offices as may be provided for in the bylaws, and such

persons shall be the executive officers of the Bank and shall

discharge such executive functions, powers, and duties as may be

provided for in the bylaws or by the Board of Directors. The

members of the Board and their designees shall not receive

compensation for their services on the Board.

-SOURCE-

(Pub. L. 93-224, Sec. 5, Dec. 29, 1973, 87 Stat. 937.)

-CITE-

12 USC Sec. 2285 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2285. Functions

-STATUTE-

(a) Purchase and sale of obligations issued, sold, or guaranteed by

Federal agencies

The Bank is authorized to make commitments to purchase and sell,

and to purchase and sell on terms and conditions determined by the

Bank, any obligation which is issued, sold, or guaranteed by a

Federal agency. Any Federal agency which is authorized to issue,

sell, or guarantee any obligation is authorized to issue or sell

such obligations directly to the Bank.

(b) Yield

Any purchase by the Bank shall be upon such terms and conditions

as to yield a return at a rate not less than a rate determined by

the Secretary of the Treasury taking into consideration (1) the

current average yield on outstanding marketable obligations of the

United States of comparable maturity, or (2) whenever the Bank's

own obligations outstanding are sufficient, the current average

yield on outstanding obligations of the Bank of comparable

maturity.

(c) Fees

The Bank is authorized to charge fees for its commitments and

other services adequate to cover all expenses and to provide for

the accumulation of reasonable contingency reserves.

-SOURCE-

(Pub. L. 93-224, Sec. 6, Dec. 29, 1973, 87 Stat. 938.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 2290, 2294 of this title;

title 2 section 661d; title 48 section 1423a.

-CITE-

12 USC Sec. 2285a 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2285a. Acquisition of obligations involving loan guarantees

for New York City

-STATUTE-

Nothing in any provision of law shall be construed to authorize

the Federal Financing Bank to acquire any obligation the payment of

interest or principal of which has at any time been guaranteed in

whole or in part under title I of the New York City Loan Guarantee

Act of 1978.

-SOURCE-

(Pub. L. 95-339, title II, Sec. 201(b), Aug. 8, 1978, 92 Stat.

467.)

-REFTEXT-

REFERENCES IN TEXT

Title I of the New York City Loan Guarantee Act of 1978, referred

to in text, is title I of Pub. L. 95-339, Aug. 8, 1978, 92 Stat.

460, as amended, which was classified generally to subchapter II

(Sec. 1521 et seq.) of chapter 27 of former Title 31, and was

omitted from the Code in the general revision and reenactment of

Title 31, Money and Finance, by Pub. L. 97-258, Sept. 13, 1982, 96

Stat. 877.

-COD-

CODIFICATION

Section was enacted as part of the New York City Loan Guarantee

Act of 1978, and not as part of the Federal Financing Bank Act of

1973 which comprises this chapter.

-CITE-

12 USC Sec. 2286 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2286. Approval of financing plans by Secretary of the Treasury

-STATUTE-

(a) Method, source, timing, terms, and conditions of sale of

obligations issued or sold by Federal agencies

To insure the orderly and coordinated marketing of Treasury and

Federal agency obligations and appropriate financing planning with

respect thereto, and to facilitate the effective financing of

programs authorized by law subject to the applicable provisions of

such law, the prior approval of the Secretary of the Treasury shall

be required with respect to -

(1) the method of financing,

(2) the source of financing,

(3) the timing of financing in relation to market conditions

and financing by other Federal agencies, and

(4) the financing terms and conditions, including rates of

interest and maturities,

of obligations issued or sold by any Federal agency; except that

the approval of the Secretary of the Treasury shall not be required

with respect to (A) obligations issued or sold pursuant to an Act

of Congress which expressly prohibits any guarantee of such

obligations by the United States, and (B) obligations issued or

sold by the Farmers Home Administration.

(b) Grant or denial of approval by Secretary

Upon receipt of a request from a Federal agency for his approval

under subsection (a) of this section, the Secretary of the Treasury

shall act promptly either to grant his approval or to advise the

agency of the reasons for withholding his approval. In no case

shall the Secretary of the Treasury withhold such approval for a

period longer than sixty days unless, prior to the end of such

period, he submits to the Congress a detailed explanation of his

reasons for so doing. In no case shall the Secretary withhold such

approval for a period longer than one hundred and twenty days. To

the maximum extent practicable, withholdings of approval shall be

made in a manner which is not disproportionately detrimental to the

functioning of any particular type of Federal program. Expedited

treatment shall be accorded in any case in which the Federal agency

advises the Secretary of the Treasury that unusual circumstances

require such treatment.

(c) Time and form for submission of financing plans

Federal agencies subject to this section shall submit financing

plans to the Secretary of the Treasury at such times and in such

forms as he shall prescribe.

-SOURCE-

(Pub. L. 93-224, Sec. 7, Dec. 29, 1973, 87 Stat. 938.)

-MISC1-

EFFECTIVE DATE

Section effective on expiration of 30 days after Dec. 29, 1973,

see section 20 of Pub. L. 93-224, set out as a note under section

2281 of this title.

-CITE-

12 USC Sec. 2287 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2287. Initial capital

-STATUTE-

The Secretary of the Treasury is authorized to advance the funds

necessary to provide initial capital to the Bank. Each such advance

shall be upon such terms and conditions as to yield a return at a

rate not less than 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 maturity. Interest payments on such advances may be

deferred, at the discretion of the Secretary, but any such deferred

payments shall themselves bear interest at the rate specified in

this section. There is authorized to be appropriated not to exceed

$100,000,000, which shall be available for the purposes of this

section without fiscal year limitation.

-SOURCE-

(Pub. L. 93-224, Sec. 8, Dec. 29, 1973, 87 Stat. 939.)

-CITE-

12 USC Sec. 2288 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2288. Bank obligations

-STATUTE-

(a) Maximum amount of obligations issued publicly and outstanding

at any one time

The Bank is authorized, with the approval of the Secretary of the

Treasury, to issue publicly and have outstanding at any one time

not in excess of $15,000,000,000, or such additional amounts as may

be authorized in appropriations Acts, of obligations having such

maturities and bearing such rate or rates of interest as may be

determined by the Bank. Such obligations may be redeemable at the

option of the Bank before maturity in such manner as may be

stipulated therein. So far as is feasible, the debt structure of

the Bank shall be commensurate with its asset structure.

(b) Purchase and sale of obligations of Federal Financing Bank by

Secretary of the Treasury as public debt transactions

The Bank is also authorized to issue its obligations to the

Secretary of the Treasury and the Secretary of the Treasury may in

his discretion purchase or agree to purchase any such obligations,

and for such purpose the Secretary of the Treasury is authorized to

use as a public debt transaction the proceeds of the sale of any

securities hereafter issued under chapter 31 of title 31, and the

purposes for which securities may be issued under chapter 31 of

title 31 are extended to include such purchases. Each purchase of

obligations by the Secretary of the Treasury under this subsection

shall be upon such terms and conditions as to yield a return at a

rate not less than 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 maturity. 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

subsection. All purchases and sales by the Secretary of the

Treasury of such obligations under this subsection shall be treated

as public debt transactions of the United States.

(c) Authority of Federal Financing Bank to require Secretary of the

Treasury to purchase obligations of the Bank

The Bank may require the Secretary of the Treasury to purchase

obligations of the Bank issued pursuant to subsection (b) of this

section in such amounts as will not cause the holding by the

Secretary of the Treasury resulting from such required purchases to

exceed $5,000,000,000 at any one time. This subsection shall not

be construed as limiting the authority of the Secretary to purchase

obligations of the Bank in excess of such amount.

(d) Bank obligations as lawful investments

Obligations of the Bank issued pursuant to this section shall 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 the United States,

the District of Columbia, the Commonwealth of Puerto Rico, or any

territory or possession of the United States, or any agency or

instrumentality of any of the foregoing, or any officer or officers

thereof.

-SOURCE-

(Pub. L. 93-224, Sec. 9, Dec. 29, 1973, 87 Stat. 939.)

-COD-

CODIFICATION

In subsec. (b), ''chapter 31 of title 31'' substituted for ''the

Second Liberty Bond Act'' on authority of Pub. L. 97-258, Sec.

4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which

enacted Title 31, Money and Finance.

-CITE-

12 USC Sec. 2289 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2289. General powers

-STATUTE-

The Bank shall have power -

(1) to sue and be sued, complain, and defend, in its corporate

name;

(2) to adopt, alter, and use a corporate seal, which shall be

judicially noticed;

(3) to adopt, amend, and repeal bylaws, rules, and regulations

as may be necessary for the conduct of its business;

(4) to conduct its business, carry on its operations, and have

offices and exercise the powers granted by this chapter in any

State without regard to any qualification or similar statute in

any State;

(5) to lease, purchase, or otherwise acquire, own, hold,

improve, use, or otherwise deal in and with any property, real,

personal, or mixed, or any interest therein, wherever situated;

(6) to accept gifts or donations of services, or of property,

real, personal, or mixed, tangible or intangible, in aid of any

of the purposes of the Bank;

(7) to sell, convey, mortgage, pledge, lease, exchange, and

otherwise dispose of its property and assets;

(8) to appoint such officers, attorneys, employees, and agents

as may be required, to define their duties, to fix and to pay

such compensation for their services as may be determined,

subject to the civil service and classification laws, to require

bonds for them and pay the premium thereof;

(9) to enter into contracts, to execute instruments to incur

liabilities, and to do all things as are necessary or incidental

to the proper management of its affairs and the proper conduct of

its business;

(10) to act through any corporate or other agency or

instrumentality of the United States, and to utilize the services

thereof on a reimbursable basis, and any such agency or

instrumentality is authorized to provide services as requested by

the Bank; and

(11) to determine the character of and the necessity for its

obligations and expenditures, and the manner in which they shall

be incurred, allowed, and paid, subject to provisions of law

specifically applicable to Government corporations.

-SOURCE-

(Pub. L. 93-224, Sec. 10, Dec. 29, 1973, 87 Stat. 940.)

-REFTEXT-

REFERENCES IN TEXT

The civil service laws, referred to in par. (8), are set forth in

Title 5, Government Organization and Employees. See, particularly,

section 3301 et seq. of Title 5.

The classification laws, referred to in par. (8), are classified

to chapter 51 (Sec. 5101 et seq.) and subchapter III (Sec. 5331 et

seq.) of chapter 53 of Title 5.

-CITE-

12 USC Sec. 2290 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2290. Exemptions

-STATUTE-

(a) Federal, State, and local taxes

The Bank, its property, its franchise, capital, reserves,

surplus, security holdings, and other funds, and its income shall

be exempt from all taxation now or hereafter imposed by the United

States or by any State or local taxing authority; except that (1)

any real property and any tangible personal property of the Bank

shall be subject to Federal, State, and local taxation to the same

extent according to its value as other such property is taxed, and

(2) any obligations issued by the Bank shall be subject to Federal

taxation to the same extent as the obligations of private

corporations are taxed.

(b) Exempt securities

All obligations issued by the Bank pursuant to this chapter shall

be deemed to be exempted securities within the meaning of sections

77c(a)(2), 77ddd(a)(4), and 78c(a)(12) of title 15.

(c) Budget status of Federal agencies; restrictions

Nothing herein shall affect the budget status of the Federal

agencies selling obligations to the Bank under section 2285(a) of

this title, or the method of budget accounting for their

transactions. The receipts and disbursements of the Bank in the

discharge of its functions shall not be included in the totals of

the budget of the United States Government and shall be exempt from

any general limitation imposed by statute on expenditures and net

lending (budget outlays) of the United States.

-SOURCE-

(Pub. L. 93-224, Sec. 11, Dec. 29, 1973, 87 Stat. 940.)

-CITE-

12 USC Sec. 2291 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2291. Preparation of obligations

-STATUTE-

In order to furnish obligations for delivery by the Bank, the

Secretary of the Treasury is authorized to prepare such obligations

in such form as the Bank may approve, such obligations when

prepared to be held in the Treasury subject to delivery upon order

by the Bank. The engraved plates, dies, bed pieces, and other

material executed in connection therewith, shall remain in the

custody of the Secretary of the Treasury. The Bank shall reimburse

the Secretary of the Treasury for any expenditures made in

preparation, custody, and delivery of such obligations.

-SOURCE-

(Pub. L. 93-224, Sec. 12, Dec. 29, 1973, 87 Stat. 941.)

-CITE-

12 USC Sec. 2292 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2292. Annual report to the President and Congress

-STATUTE-

The Bank shall, as soon as practicable after the end of each

fiscal year, transmit to the President and the Congress an annual

report of its operations and activities.

-SOURCE-

(Pub. L. 93-224, Sec. 13, Dec. 29, 1973, 87 Stat. 941.)

-CITE-

12 USC Sec. 2293 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2293. Budget and audit provisions of Government corporation

control law applicable

-STATUTE-

The budget and audit provisions of chapter 91 of title 31 shall

be applicable to the Federal Financing Bank in the same manner as

they are applied to the wholly owned Government corporations named

in section 9101(3) of title 31.

-SOURCE-

(Pub. L. 93-224, Sec. 15, Dec. 29, 1973, 87 Stat. 941.)

-COD-

CODIFICATION

''Chapter 91 of title 31'' and ''section 9101(3) of title 31''

substituted in text for ''the Government Corporation Control Act

(31 U.S.C. 841 et seq.)'' and ''section 101 of such Act (31 U.S.C.

846)'', respectively, on authority of Pub. L. 97-258, Sec. 4(b),

Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted

Title 31, Money and Finance.

-CITE-

12 USC Sec. 2294 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2294. Payments on behalf of public bodies

-STATUTE-

(a) Notwithstanding any other provision of this chapter, the

purchase by the Bank of the obligations of any local public body or

agency within the United States shall be made upon such terms and

conditions as may be necessary to avoid an increase in borrowing

costs to such local public body or agency as a result of the

purchase by the Bank of its obligations. The head of the Federal

agency guaranteeing such obligations, in consultation with the

Secretary of the Treasury, shall estimate the borrowing costs that

would be incurred by the local public body or agency if its

obligations were not sold to the Bank.

(b) The Federal agency guaranteeing obligations purchased by the

Bank may contract to make periodic payments to the Bank which shall

be sufficient to offset the costs to the Bank of purchasing

obligations of local public bodies or agencies upon terms and

conditions as prescribed in this section rather than as prescribed

by section 2285 of this title. Such contracts may be made in

advance of appropriations therefor, and appropriations for making

payments under such contracts are hereby authorized.

-SOURCE-

(Pub. L. 93-224, Sec. 16, Dec. 29, 1973, 87 Stat. 941.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 2294a of this title; title

42 section 1437q.

-CITE-

12 USC Sec. 2294a 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2294a. Contracts for periodic payments to offset costs of

purchase of obligations of local public housing agencies

-STATUTE-

In addition to any authority provided before October 1, 1981, the

Secretary of Housing and Urban Development may, on and after

October 1, 1981, enter into contracts for periodic payments to the

Federal Financing Bank to offset the costs to the Bank of

purchasing obligations (as described in the first sentence of

section 2294(b) of this title) issued by local public housing

agencies for purposes of financing public housing projects

authorized by section 1437c(c) of title 42. Notwithstanding any

other provision of law, such contracts may be entered into only to

the extent approved in appropriation Acts, and the aggregate amount

which may be obligated over the duration of such contracts may not

exceed $400,000,000. There are hereby authorized to be appropriated

any amounts necessary to provide for such payments. The authority

to enter into contracts under this subsection shall be in lieu of

any authority (except for authority provided specifically to the

Secretary before October 1, 1981) of the Secretary to enter into

contracts for such purposes under section 2294(b) of this title.

-SOURCE-

(Pub. L. 97-35, title III, Sec. 329E, Aug. 13, 1981, 95 Stat. 410.)

-COD-

CODIFICATION

Section was enacted as part of the Housing and Community

Development Amendments of 1981 and also as part of the Omnibus

Budget Reconciliation Act of 1981, and not as part of the Federal

Financing Bank Act of 1973 which comprises this chapter.

-MISC3-

EFFECTIVE DATE

Section effective Oct. 1, 1981, see section 371 of Pub. L. 97-35,

set out as a note under section 3701 of this title.

-CITE-

12 USC Sec. 2295 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2295. Authority or responsibility under other provisions of

law not to be affected or impaired

-STATUTE-

Nothing in this chapter shall be construed as impairing any

authority or responsibility of the President or the Secretary of

the Treasury under any other provision of law, nor shall anything

in this chapter affect in any manner any provision of law

concerning the right of any Federal agency to sell obligations to

the Secretary of the Treasury or the authority or responsibility of

the Secretary of the Treasury to purchase such obligations.

-SOURCE-

(Pub. L. 93-224, Sec. 17, Dec. 29, 1973, 87 Stat. 942.)

-CITE-

12 USC Sec. 2296 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 24 - FEDERAL FINANCING BANK

-HEAD-

Sec. 2296. Increase not authorized in amounts of obligations

issued, sold, or guaranteed by Federal agencies

-STATUTE-

Nothing in this chapter shall be construed as authorizing an

increase in the amounts of obligations issued, sold, or guaranteed

by any Federal agency which issues, sells, or guarantees

obligations purchased by the Bank.

-SOURCE-

(Pub. L. 93-224, Sec. 18, Dec. 29, 1973, 87 Stat. 942.)

-CITE-