FEDERAL · 2 U.S.C. · Chapter 5
Deposits by Library of Congress Trust Fund Board with Treasurer of United States
2 U.S.C. § 158
Title2 — The Congress
Chapter5 — LIBRARY OF CONGRESS
This text of 2 U.S.C. § 158 (Deposits by Library of Congress Trust Fund Board with Treasurer of United States) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
2 U.S.C. § 158.
Text
In the absence of any specification to the contrary, the board may deposit the principal sum, in cash, with the Treasurer of the United States as a permanent loan to the United States Treasury, and the Treasurer shall thereafter credit such deposit with interest at a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum, payable semi-annually, such interest, as income, being subject to disbursement by the Librarian of Congress for the purposes specified: Provided, however, That the total of such princi
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Source Credit
History
(Mar. 3, 1925, ch. 423, §2, formerly §1, 43 Stat. 1107; renumbered §2, Apr. 13, 1936, ch. 213, 49 Stat. 1205; amended June 23, 1936, ch. 734, 49 Stat. 1894; Pub. L. 87–522, July 3, 1962, 76 Stat. 135; Pub. L. 94–289, May 22, 1976, 90 Stat. 521.)
Editorial Notes
Editorial Notes
Codification
Section is comprised of third par. of section 2 of act Mar. 3, 1925. First, second, and fourth pars. of section 2 are classified to sections 156, 157, and 158a of this title, respectively.
Amendments
1976—Pub. L. 94–289 substituted "a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum" for "the rate of 4 per centum per annum".
1962—Pub. L. 87–522 increased the total amount of deposits which can be held by the Treasurer from $5,000,000 to $10,000,000.
1936—Act June 23, 1936, substituted "in the absence of any specification to the contrary" for "Should any gift or bequest so provide".
Codification
Section is comprised of third par. of section 2 of act Mar. 3, 1925. First, second, and fourth pars. of section 2 are classified to sections 156, 157, and 158a of this title, respectively.
Amendments
1976—Pub. L. 94–289 substituted "a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum" for "the rate of 4 per centum per annum".
1962—Pub. L. 87–522 increased the total amount of deposits which can be held by the Treasurer from $5,000,000 to $10,000,000.
1936—Act June 23, 1936, substituted "in the absence of any specification to the contrary" for "Should any gift or bequest so provide".
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Bluebook (online)
2 U.S.C. § 158, Counsel Stack Legal Research, https://law.counselstack.com/usc/2/158.