§3026 Acceleration of the Final Government Equity Redemption Date

Summary

Sets the Final Government Equity Redemption Date for either December 31, 1981, or no later than 10 days after Congress passes the first 1982 appropriations law for the Department of Housing and Urban Development and Independent Agencies (not a continuing resolution), whichever is later. Before that date, the Treasury Secretary must buy any class A stock Congress funded. After that date, the Treasury must not buy any more class A stock. On the Final Date, the Bank must convert all class A stock the Treasury holds into class A notes. The notes must equal the stock’s par value plus any unpaid dividends. From that date until December 31, 1990, at least 30% of money the Bank gets from selling stock (except class B or C sales) must be used right away to retire class A notes. After December 31, 1990, the Bank must have a repayment plan that pays all class A notes by December 31, 2020. That requirement is in addition to the rule in section 3014(c). The United States will not be responsible for any Bank obligation made after the Final Date. The Board must adopt bylaws as soon as practical after August 13, 1981 to speed and coordinate actions tied to the Final Date. The Treasury Secretary must publish a notice in the Federal Register within 5 days after the Final Date saying when it occurred.