§ 2294. Payments on behalf of public bodies
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/usc/title-12/section-2294A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Notwithstanding any other provision of this chapter, the purchase by the Bank of the obligations of any local public body or agency within the United States shall be made upon such terms and conditions as may be necessary to avoid an increase in borrowing costs to such local public body or agency as a result of the purchase by the Bank of its obligations. The head of the Federal agency guaranteeing such obligations, in consultation with the Secretary of the Treasury, shall estimate the borrowing costs that would be incurred by the local public body or agency if its obligations were not sold to the Bank.
(b)The Federal agency guaranteeing obligations purchased by the Bank may contract to make periodic payments to the Bank which shall be sufficient to offset the costs to the Bank of purchasing obligations of local public bodies or agencies upon terms and conditions as prescribed in this section rather than as prescribed by section 2285 of this title. Such contracts may be made in advance of appropriations therefor, and appropriations for making payments under such contracts are hereby authorized.
(Pub. L. 93–224, § 16, Dec. 29, 1973, 87 Stat. 941.)
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- Public Law 98–181Making supplemental appropriations for the fiscal year ending September 30, 1984, and for other purposes
- Public Law 96–304Making supplemental appropriations for the fiscal year ending September 30, 1980, rescinding certain budget authority, and for other purposes
- Public Law 97–12Making supplemental and further continuing appropriations for the fiscal year ending September 30, 1981, rescinding certain budget authority, and for other purposes
- Public Law 97–35To provide for reconciliation pursuant to section 301 of the first concurrent resolution on the budget for the fiscal year 1982
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- Pub. L. 93–224, § 16
- 87 Stat. 941
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§ 2294
Payments on behalf of public bodies
Stat.×4
U.S.C.×3
Fed. Reg.×1
Pub. L.Pub. L. 93–224, § 16
Stat.87 Stat. 941
Cites 3Cited by 8 across 3 sources