12 U.S.C. § 5228 — Funding
submitted 18 years ago by Pub. L. 110-343 to r/title-12-BANKS-AND-BANKING · 99 words · no verdicts yet
This section allows the Secretary to fund this chapter with proceeds from specified Treasury securities. It treats authorized spending and obligations as appropriated when made.
For the authorities and administration costs under this chapter, the Secretary* may use proceeds from securities issued under chapter 31 of title 31. The purposes for which those securities may be issued include actions and administrative expenses authorized by this chapter. Any money the Secretary spends or obligates for those actions, including administrative expenses, is treated as appropriated when spent or obligated.
For the purpose of the authorities granted in this chapter, and for the costs of administering those authorities, the Secretary* may use the proceeds of the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include actions authorized by this chapter, including the payment of administrative expenses. Any funds expended or obligated by the Secretary for actions authorized by this chapter, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure or obligation.
Source credit: (Pub. L. 110–343, div. A, title I, § 118, Oct. 3, 2008, 122 Stat. 3786.)
- 2008Enacted · Pub. L. 110-343 · 122 Stat. 3786
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-343 on 2008-10-03.
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