Title 20 — EducationRelease 119-73

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

Title 20 › Chapter CHAPTER 3— - SMITHSONIAN INSTITUTION, NATIONAL MUSEUMS AND ART GALLERIES › Subchapter SUBCHAPTER II— - NATIONAL GALLERY OF ART › § 74a

Last updated Apr 6, 2026|Official source

Summary

The Treasury Secretary must accept cash from the National Gallery of Art’s Board of Trustees as a permanent loan, up to $5,000,000 in total. The Secretary must pay interest on that money at the higher of 4% per year or a rate equal to the Secretary’s chosen long-term Treasury-based rate minus 0.25 percentage points, rounded to the nearest one‑eighth of 1%. Interest is paid twice a year, and those interest payments are permanently available to the Board.

Full Legal Text

Title 20, §74a

Education — Source: USLM XML via OLRC

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.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

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

Amendments

1976—Pub. L. 94–418 inserted provision authorizing alternate interest rate to existing interest rate of 4 per centum per annum.

Reference

Citations & Metadata

Citation

20 U.S.C. § 74a

Title 20 — Education

Last Updated

Apr 6, 2026

Release point: 119-73