Sec. 90303. Sustaining the Truman Foundation and the Madison Foundation
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Section 10(b) of Public Law 93–642 ( 20 U.S.C. 2001 et seq. ) is amended to read as follows: It shall be the duty of the Secretary of the Treasury to invest in full the amounts appropriated to the fund. Investments of amounts appropriated to the fund shall be made in public debt securities of the United States with maturities suitable to the fund. For such purpose, such obligations may be acquired— on original issue at the issue price; or by purchase of outstanding obligations at the market price.
The purposes for which obligations of the United States may be issued under chapter 31 of title 31, United States Code, are hereby extended to authorize the issuance at par of special obligations exclusively to the fund. Such special obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month next preceding the date of such issue, borne by all marketable interest-bearing obligations of the United States then forming a part of the public debt, except that where such average rate is not a multiple of 1/8 of 1 percent, the rate of interest of such special obligations shall be the multiple of 1/8 of 1 percent next lower than such average rate.
Such special obligations shall be issued only if the Secretary determines that the purchases of other interest-bearing obligations of the United States, or of obligations guaranteed as to both principal and interest by the United States or original issue or at the market price, is not in the public interest. . Section 14 of Public Law 93–642 ( 20 U.S.C. 2013 ) is amended by striking $30,000,000 to the fund and inserting to the Harry S. Truman Memorial Scholarship Trust Fund such sums as may be necessary for fiscal year 2022 and each succeeding fiscal year. .
Subsection
(b)of section 811 of the James Madison Memorial Fellowship Act ( 20 U.S.C. 4510 ) is amended to read as follows: It shall be the duty of the Secretary of the Treasury to invest in full the amounts appropriated to the fund. Subject to paragraph (3), investments of amounts appropriated to the fund shall be made in public debt securities of the United States with maturities suitable to the fund. For such purpose, such obligations may be acquired— on original issue at the issue price; or by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued under chapter 31 of title 31, United States Code, are hereby extended to authorize the issuance at par of special obligations exclusively to the fund. Such special obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month next preceding the date of such issue, borne by all marketable interest-bearing obligations of the United States then forming a part of the public debt, except that where such average rate is not a multiple of 1/8 of 1 percent, the rate of interest of such special obligations shall be the multiple of 1/8 of 1 percent next lower than such average rate. Such special obligations shall be issued only if the Secretary determines that the purchases of other interest-bearing obligations of the United States, or of obligations guaranteed as to both principal and interest by the United States or original issue or at the market price, is not in the public interest. . Section 816 of the James Madison Memorial Fellowship Act ( 20 U.S.C. 4515 ) is amended to read as follows: There are authorized to be appropriated to the James Madison Memorial Trust Fund such sums as may be necessary to carry out the provisions of this title for fiscal year 2022 and each succeeding fiscal year. .
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- Pub. L. 93-642
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Sec. 90303
Sustaining the Truman Foundation and the Madison Foundation
Pub. L.Pub. L. 93-642
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