20 U.S.C. § 74a — Permanent loan of funds by Board of Trustees to Treasury; semiannual interest payments to Board
submitted 83 years ago by ch. 46 to r/title-20-EDUCATION · 140 words · no verdicts yet
The National Gallery's Board of Trustees can lend the U.S. Treasury up to $5 million as a permanent loan. The Treasury must pay interest on it twice a year, at whichever is higher: 4%, or a rate tied to current long-term government bond yields minus a quarter point. That interest is automatically set aside to pay the Board.
This section sets up a permanent loan arrangement between the National Gallery of Art's Board of Trustees and the U.S. Treasury.
- The Secretary of the Treasury must accept, from time to time, cash sums from the Board as a permanent loan to the United States. The total of these loans cannot exceed $5,000,000.
- The Treasury pays interest on this loan twice a year. The rate is whichever is higher of two options: a flat 4% per year, or a rate the Secretary sets based on current average market yields on long-term U.S. government bonds, minus 0.25 percentage points, rounded to the nearest eighth of a percent.
- This interest money is permanently set aside (appropriated) in advance to be paid to the Board of Trustees — Congress does not need to approve it each year.
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.
Source credit: (Apr. 10, 1943, ch. 46, 57 Stat. 62; Pub. L. 94–418, Sept. 21, 1976, 90 Stat. 1278.)
- 1943Enacted · Act of Apr. 10, 1943, ch. 46 · 57 Stat. 62
- 1976Amended · Pub. L. 94-418 · 90 Stat. 1278
A history note hasn’t been published yet. The record shows enactment by ch. 46 on 1943-04-10.
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