20 U.S.C. § 74a

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 74a - Permanent loan of funds by Board of Trustees to Treasury; semiannual interest payments to Board

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

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

EDITORIAL NOTES

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

AMENDMENTS1976-Pub. L. 94-418 inserted provision authorizing alternate interest rate to existing interest rate of 4 per centum per annum.