Sec. 304. Corporate funds
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There is established in the Treasury of the United States a revolving fund to be known as the Corporate Capital Account , consisting of such funds as— are available to discharge liabilities under predecessor authorities; and are made available to the Corporation pursuant to subsections (d), (e), and (f), or otherwise available pursuant to this section. Amounts in the Corporate Capital Account shall be available for discharge of liabilities of the Corporation, until such time as all such liabilities have been discharged or have expired or until all of the amounts in the Account have been expended in accordance with the provisions of this section.
There is hereby authorized to be transferred to the Corporation at its call, for the purposes specified in subsection (g), all fees and other revenues collected by the Overseas Private Investment Corporation pursuant to the reorganization plan submitted by the President under section 602. All support provided pursuant to predecessor authorities or title II shall continue to constitute obligations of the United States, and the full faith and credit of the United States is hereby pledged for the full payment and performance of such obligations.
There are authorized to be appropriated to the Corporation, to remain available until expended, such amounts as may be necessary from time to time to replenish or increase the Corporate Capital Account. In order to discharge liabilities of the Corporation, the Corporation may issue from time to time for purchase by the Secretary of the Treasury notes, debentures, bonds, or other obligations of the Corporation. The aggregate amount of obligations outstanding under paragraph
(1)at any one time shall not exceed $1,000,000,000. Any obligation issued under paragraph
(1)shall be repaid to the Treasury of the United States within one year after the date of issue of the obligation. Any obligation issued under paragraph
(1)shall bear interest at a rate determined by the Secretary, 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 any obligation authorized by this subsection. The Secretary shall purchase any obligation of the Corporation issued under paragraph (1), and for such purchase the Secretary may use as a public debt transaction the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code. The purpose for which securities may be issued under such chapter shall include any such purchase. There are hereby authorized to be appropriated to the Secretary for fiscal year 2018 and each fiscal year thereafter such sums as may be necessary to carry out this subsection. Fees may be charged for providing services and for transaction costs incurred by the Corporation in amounts to be determined by the Corporation. All fees under paragraph
(1)paid for transaction costs and other costs associated with services provided shall be available for obligation for the purposes for which such fees were collected. In order to carry out the purposes of the Corporation, all funds, fees, revenues, and income transferred to or earned by the Corporation, from whatever source derived, shall be held by the Corporation and shall be available to carry out the purposes of the Corporation, including— payment of all expenses of the Corporation; transfers and additions to the Corporate Capital Account and such other funds or reserves as the Corporation may establish, at such time and in such amounts as the Board may determine; payment of dividends on capital stock, which shall consist of and be paid from net earnings of the Corporation after payments, transfers, and additions under paragraphs
(1)and (2); and transfer of such sums as may be necessary from the Corporate Capital Account for costs (as defined in section 502 of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661a )) of providing support under title II, including the costs of modifying such support. Transaction costs incurred by the Corporation, including such costs relating to loan obligations or loan guarantee commitments covered by the provisions of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq.), shall be held in and paid out of the Corporate Capital Account.
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