20 U.S.C. § 74a — Permanent loan of funds by Board of Trustees to Treasury; semiannual interest payments to Board

FEDERAL · 20 U.S.C. · Chapter 3

Permanent loan of funds by Board of Trustees to Treasury; semiannual interest payments to Board

Current through Pub. L. 119-102

Title 20 — Education·Ch. 3 — SMITHSONIAN INSTITUTION, NATIONAL MUSEUMS AND ART GALLERIES·Subch. II

The Secretary of the Treasury is authorized and directed to receive into the Treasury from time to time as a permanent loan by the Board of Trustees of the National Gallery of Art to the United States sums in cash of not to exceed $5,000,000 in the aggregate, and to pay interest on the principal amount of such loan at a rate which is the higher of the rate of 4 per centum per annum or a rate which is .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 semiannually. Such interest is permanently appropriated for payment to the Board of Trustees of the National Gallery of Art

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The Secretary of the Treasury is authorized and directed to receive into the Treasury from time to time as a permanent loan by the Board of Trustees of the National Gallery of Art to the United States sums in cash of not to exceed $5,000,000 in the aggregate, and to pay interest on the principal amount of such loan at a rate which is the higher of the rate of 4 per centum per annum or a rate which is .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 semiannually. Such interest is permanently appropriated for payment to the Board of Trustees of the National Gallery of Art.

20 U.S.C. § 74a (Permanent loan of funds by Board of Trustees to Treasury; semiannual interest payments to Board) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Apr. 10, 1943, ch. 46, 57 Stat. 62; Pub. L. 94–418, Sept. 21, 1976, 90 Stat. 1278.)

Editorial Notes

Editorial Notes

Codification
Section was not enacted as part of act Mar. 24, 1937, ch. 50, 50 Stat. 51, which comprises this subchapter.

Amendments
1976—Pub. L. 94–418 inserted provision authorizing alternate interest rate to existing interest rate of 4 per centum per annum.