§ 2906. Management of the Friendship Trust Fund
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/usc/title-22/section-2906A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Constituent amounts The Fund shall consist of—
(1)amounts appropriated under sections 2902(d) and (e)(1) of this title;
(2)any other amounts received by the Fund by way of gifts and donations; and
(3)interest and proceeds credited to it under subsection
(b)of this section.
(b)Investments by Secretary of Treasury in authorized obligations; issuance of obligations and special obligations; conditions of acquisition It shall be the duty of the Secretary of the Treasury (hereafter referred to as the “Secretary”) to invest such portion of the Fund as is not, in the judgment of the Commission, required to meet current withdrawals. Such investment may be made only in interest-bearing obligations of the United States, in obligations guaranteed as to both principal and interest by the United States, in interest-bearing obligations of Japan, or in obligations guaranteed as to both principal and interest by Japan. For such purposes, the obligations may be acquired
(1)on original issue at the issue price, or
(2)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, 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 issued during the preceding two years then forming part of the public debt; except that where such average rate is not a multiple of one-eight of 1 per centum, the rate of interest of such special obligations shall be the multiple of one-eighth of 1 per centum next lower than such average rate. Such special obligations shall be issued only if the Secretary determines that the purchase of other interest-bearing obligations of the United States, or of obligations guaranteed as to both principal and interest by the United States on original issue or at the market price, is not in the public interest.
(c)Sale of obligations; redemption of special obligations Any obligation acquired by the Fund (except special obligations issued exclusively to the Fund) may be sold by the Secretary at the market price, and such special obligations may be redeemed at par plus accrued interest.
(d)Credit to Fund of interest on, and proceeds from sale or redemption of, any obligations held in Fund The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to and form a part of the Fund.
(e)Payments for implementation of programs and necessary expenses of Commission; appropriation of amounts; exceptions In accordance with section 2905(4) of this title, the Secretary shall pay out of the Fund such amounts, including expenses of the Commission, as the Commission considers necessary to carry out the provisions of this chapter; except that amounts in the Fund, other than amounts which have been appropriated and amounts received (including amounts earned as interest on, and proceeds from the sale or redemption of, obligations purchased with amounts received) by the Commission pursuant to sections 2905(2) and
(3)of this title, shall be subject to the appropriation process.
(Pub. L. 94–118, § 7, Oct. 20, 1975, 89 Stat. 606; Pub. L. 94–350, title IV, § 401(3)(B), July 12, 1976, 90 Stat. 833; Pub. L. 97–241, title V, § 503(b), Aug. 24, 1982, 96 Stat. 298; Pub. L. 105–277, div. A, § 101(b) [title IV, § 404(b)], Oct. 21, 1998, 112 Stat. 2681–50, 2681–101.)
Connections5 cite this · traces to 2
Cited by 5 sections
statutes-at-large
- Public Law 94–350To authorize fiscal year 1977 appropriations for the Department of State, the United States Information Agency, and the Board for International Broad-casting, and for other purposes
- Public Law 97–241To authorize appropriations for fiscal years 1982 and 1983 for the Department of State, the International Communication Agency, and the Board for International Broadcasting, and for other purposes
- Public Law 105–276Making appropriations for the Departments of Veterans Affairs and Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 1999, and for other purposes
- Public Law 94–118To provide for the use of certain funds to promote scholarly, cultural, and artistic activities between Japan and the United States, and for other purposes
statute-compilations
Traces to 2 documents
13 references not yet in our index
- Pub. L. 94–118, § 7
- 89 Stat. 606
- Pub. L. 94–350, title IV, § 401(3)(B)
- 90 Stat. 833
- Pub. L. 97–241, title V, § 503(b)
- 96 Stat. 298
- Pub. L. 105–277, div. A, § 101(b) [title IV, § 404(b)]
- 112 Stat. 2681–50
- Pub. L. 97–258, § 4(b)
- 96 Stat. 1067
- Pub. L. 105–277
- Pub. L. 97–241
- Pub. L. 94–350
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cites case law
§ 2906
Management of the Friendship Trust Fund
Stat.×4
Stat. Comp.×1
Pub. L.Pub. L. 94–118, § 7
Stat.89 Stat. 606
Pub. L.Pub. L. 94–350, title IV, § 401(3)(B)
Stat.90 Stat. 833
Pub. L.Pub. L. 97–241, title V, § 503(b)
Cites 15 · showing 7Cited by 5 across 2 sources