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42 USC CHAPTER 25 - FEDERAL FLOOD INSURANCE 01/06/03

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TITLE 42 - THE PUBLIC HEALTH AND WELFARE

CHAPTER 25 - FEDERAL FLOOD INSURANCE

-HEAD-

CHAPTER 25 - FEDERAL FLOOD INSURANCE

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Sec.

2401 to 2413. Repealed.

2414. Issuance of notes by Director of Federal Emergency

Management Agency; terms and conditions.

(a) to (d) Repealed.

(e) Issuance of notes by Director of Federal

Emergency Management Agency; form, terms and

conditions; purchase and sale by Secretary of

the Treasury; public debt transactions.

2415 to 2421. Repealed.

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42 USC Secs. 2401 to 2413 01/06/03

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TITLE 42 - THE PUBLIC HEALTH AND WELFARE

CHAPTER 25 - FEDERAL FLOOD INSURANCE

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Secs. 2401 to 2413. Repealed. Pub. L. 90-448, title XIII, Sec.

1303(c), Aug. 1, 1968, 82 Stat. 573

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Section 2401, act Aug. 7, 1956, ch. 1025, Sec. 2, 70 Stat. 1078,

related to findings and declaration of purpose of this chapter.

Section 2402, act Aug. 7, 1956, ch. 1025, Sec. 3, 70 Stat. 1078,

provided for administration of this chapter, appointment and

compensation of a Commissioner, financial control, and accounting

and audit.

Section 2403, act Aug. 7, 1956, ch. 1025, Sec. 4, 70 Stat. 1079,

authorized insurance and reinsurance.

Section 2404, act Aug. 7, 1956, ch. 1025, Sec. 5, 70 Stat. 1080,

authorized loans and prescribed their terms.

Section 2405, act Aug. 7, 1956, ch. 1025, Sec. 6, 70 Stat. 1080,

provided for a combination of insurance and loans.

Section 2406, act Aug. 7, 1956, ch. 1025, Sec. 7, 70 Stat. 1080,

required establishment of a schedule of estimated rates and fees.

Section 2407, act Aug. 7, 1956, ch. 1025, Sec. 8, 70 Stat. 1081,

related to property and loss limits.

Section 2408, act Aug. 7, 1956, ch. 1025, Sec. 9, 70 Stat. 1081,

related to classification, limitation or rejection of risks.

Section 2409, act Aug. 7, 1956, ch. 1025, Sec. 10, 70 Stat. 1081,

prescribed policy and program limits.

Section 2410, act Aug. 7, 1956, ch. 1025, Sec. 11, 70 Stat. 1082,

authorized reinsurance.

Section 2411, act Aug. 7, 1956, ch. 1025, Sec. 12, 70 Stat. 1082,

related to availability of insurance from other sources, violations

of flood zoning laws, and flood zoning restrictions to reduce

damages from floods.

Section 2412, act Aug. 7, 1956, ch. 1025, Sec. 13, 70 Stat. 1082,

provided for use of other public and private facilities and

services, information, coordination of programs and consultations.

Section 2413, act Aug. 7, 1956, ch. 1025, Sec. 14, 70 Stat. 1083,

related to payment of claims and judicial review.

See section 4001 et seq. of this title.

EFFECTIVE DATE OF REPEAL

Repeal effective 120 days following Aug. 1, 1968, or such later

date prescribed by the Secretary but in no event more than 180 days

following Aug. 1, 1968, see section 1377 of Pub. L. 90-448, set out

as an Effective Date note under section 4001 of this title.

SEPARABILITY

Section 23 of act Aug. 7, 1956, ch. 1025, 70 Stat. 1086, which

provided that the invalidity of any provision of act Aug. 7, 1956,

or its application, should not affect the remainder thereof, was

repealed by Pub. L. 90-448, title XIII, Sec. 1303(c), Aug. 1, 1968,

82 Stat. 573.

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42 USC Sec. 2414 01/06/03

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TITLE 42 - THE PUBLIC HEALTH AND WELFARE

CHAPTER 25 - FEDERAL FLOOD INSURANCE

-HEAD-

Sec. 2414. Issuance of notes by Director of Federal Emergency

Management Agency; terms and conditions

-STATUTE-

(a) to (d) Repealed. Pub. L. 90-448, title XIII, Sec. 1303(c), Aug.

1, 1968, 82 Stat. 573

(e) Issuance of notes by Director of Federal Emergency Management

Agency; form, terms and conditions; purchase and sale by

Secretary of the Treasury; public debt transactions

The Director of the Federal Emergency Management Agency is

authorized to issue to the Secretary of the Treasury from time to

time and have outstanding at any one time, in an amount not

exceeding $500,000,000 (or such greater amount as may be approved

by the President) notes or other obligations in such forms and

denominations, bearing such maturities, and subject to such terms

and conditions as may be prescribed by the Director of the Federal

Emergency Management Agency with the approval of the Secretary of

the Treasury. Such notes or other obligations shall bear interest

at a rate determined by the Secretary of the Treasury, taking into

consideration the current average market yield on outstanding

marketable obligations of the United States of comparable

maturities during the month preceding the issuance of such notes or

other obligations. The Secretary of the Treasury is authorized and

directed to purchase any notes and other obligations to be issued

under this subsection and for such purpose he is authorized to use

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

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

for which securities may be issued under such chapter are extended

to include any purchases of such notes and obligations.

The Secretary of the Treasury may at any time sell any of the

notes or other obligations acquired by him under this section. All

redemptions, purchases, and sales by the Secretary of the Treasury

of such notes or other obligations shall be treated as public debt

transactions of the United States.

-SOURCE-

(Aug. 7, 1956, ch. 1025, Sec. 15, 70 Stat. 1083; Pub. L. 89-174,

Sec. 5(a), Sept. 9, 1965, 79 Stat. 669; Pub. L. 90-448, title XIII,

Sec. 1303, Aug. 1, 1968, 82 Stat. 573; Pub. L. 98-181, title IV,

Sec. 451(f), Nov. 30, 1983, 97 Stat. 1229; Pub. L. 98-479, title

II, Sec. 203(g), Oct. 17, 1984, 98 Stat. 2230; Pub. L. 100-242,

title V, Sec. 545(f), Feb. 5, 1988, 101 Stat. 1942.)

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AMENDMENTS

1988 - Subsec. (e). Pub. L. 100-242 substituted "title 31, United

States Code," for "title 31, United States Code", which for

purposes of codification was translated as "title 31", thus

requiring no change in text.

1984 - Subsec. (e). Pub. L. 98-479 substituted "chapter 31 of

title 31" for "the Second Liberty Bond Act, as amended", and "such

chapter" for "such Act, as amended,".

1983 - Subsec. (e). Pub. L. 98-181 substituted "Director of the

Federal Emergency Management Agency" for "Secretary of Housing and

Urban Development" in two places.

1968 - Subsecs. (a) to (d). Pub. L. 90-448, Sec. 1303(c),

repealed subsecs. (a) to (d), which created three funds, provided

for deposits therein, investment of moneys in the funds, and

deposit of salvage proceeds.

Subsec. (e). Pub. L. 90-448, Sec. 1303(a), (b), substituted

"current average market yield on outstanding marketable obligations

of the United States of comparable maturities during the month" for

"current average rate on outstanding marketable obligations of the

United States of comparable maturities as of the last day of the

month", and struck out provisions which permitted Secretary of the

Treasury to purchase any notes and other obligations to be issued

under this subsection.

Subsecs. (f), (g). Pub. L. 90-448, Sec. 1303(c), repealed

subsecs. (f) and (g) which provided for use of moneys in the Funds

and for payment of administrative expenses.

EFFECTIVE DATE OF 1968 AMENDMENT

Amendment by Pub. L. 90-448 effective 120 days following Aug. 1,

1968, or such later date prescribed by the Secretary but in no

event more than 180 days following Aug. 1, 1968, see section 1377

of Pub. L. 90-448, set out as an Effective Date note under section

4001 of this title.

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TRANSFER OF FUNCTIONS

For transfer of functions, personnel, assets, and liabilities of

the Federal Emergency Management Agency, including the functions of

the Director of the Federal Emergency Management Agency relating

thereto, to the Secretary of Homeland Security, and for treatment

of related references, see sections 313(1), 551(d), 552(d), and 557

of Title 6, Domestic Security, and the Department of Homeland

Security Reorganization Plan of November 25, 2002, as modified, set

out as a note under section 542 of Title 6.

Functions of Public Housing Administration and of Housing and

Home Finance Agency (of which Public Housing Administration is a

constituent agency) and of heads thereof transferred to Secretary

of Housing and Urban Development by Pub. L. 89-174, Sec. 5(a),

Sept. 9, 1965, 79 Stat. 669, which is classified to section 3534(a)

of this title. Section 9(c) of such act, set out as a note under

section 3531 of this title, provides that references to Housing and

Home Finance Agency or to any agency or officer therein are to be

deemed to mean Secretary of Housing and Urban Development and that

Housing and Home Finance Agency and Public Housing Administration

have lapsed.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 4016, 4017 of this title.

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42 USC Secs. 2415 to 2421 01/06/03

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TITLE 42 - THE PUBLIC HEALTH AND WELFARE

CHAPTER 25 - FEDERAL FLOOD INSURANCE

-HEAD-

Secs. 2415 to 2421. Repealed. Pub. L. 90-448, title XIII, Sec.

1303(c), Aug. 1, 1968, 82 Stat. 573

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Section 2415, act Aug. 7, 1956, ch. 1025, Sec. 16, 70 Stat. 1085,

authorized appointment of an advisory committee.

Section 2416, act Aug. 7, 1956, ch. 1025, Sec. 17, 70 Stat. 1085,

provided for studies.

Section 2417, act Aug. 7, 1956, ch. 1025, Sec. 18, 70 Stat. 1085,

prescribed additional functions of the Administrator.

Section 2418, act Aug. 7, 1956, ch. 1025, Sec. 19, 70 Stat. 1086,

reserved rights in acquired real estate.

Section 2419, act Aug. 7, 1956, ch. 1025, Sec. 20, 70 Stat. 1086,

related to exemption of real estate from taxation.

Section 2420, act Aug. 7, 1956, ch. 1025, Sec. 21, 70 Stat. 1086,

provided for annual reports.

Section 2421, act Aug. 7, 1956, ch. 1025, Sec. 22, 70 Stat. 1086,

defined terms used in this chapter.

See section 4001 et seq. of this title.

EFFECTIVE DATE OF REPEAL

Repeal effective 120 days following Aug. 1, 1968, or such later

date prescribed by the Secretary but in no event more than 180 days

following Aug. 1, 1968, see section 1377 of Pub. L. 90-448, set out

as an Effective Date note under section 4001 of this title.

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