§1105 — Title 2 The Congress | U.S. Code

Summary

Creates a trust fund in the U.S. Treasury called the John C. Stennis Center for Public Service Development Trust Fund. The fund is made up of amounts appropriated under section 1110 and of any interest and proceeds from the sale or payback of obligations held under section 1108(a) that are credited to the fund under subsection (d). If the Center asks, the Treasury Secretary must invest all appropriated money in interest‑bearing U.S. government securities issued directly to the fund. The Treasury may issue special securities at face value that pay interest equal to the average rate on marketable U.S. debt at the end of the previous month, rounded down to the next lower multiple of one‑eighth of 1 percent. If the Center asks, the Secretary must pay back those securities. Special securities are paid back at face value plus accrued interest; other securities are paid back at the market price.

Title 2, §1105

The Congress — Source: USLM XML via OLRC

(a)There is established in the Treasury of the United States a trust fund to be known as the “John C. Stennis Center for Public Service Development Trust Fund”. The fund shall consist of amounts appropriated to it pursuant to section 1110 of this title and amounts credited to it under subsection (d).

(b)(1)At the request of the Center, it shall be the duty of the Secretary of the Treasury to invest in full the amounts appropriated to the fund. Such investments may be made only in interest-bearing obligations of the United States issued directly to the fund.

(2)The purposes for which obligations of the United States may be issued under chapter 31 of title 31 are hereby extended to authorize the issuance at par of special obligations directly to the fund. Such special obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month next preceding the date of such issue, borne by all marketable interest-bearing obligations of the United States then forming a part of the public debt; except that where such average rate is not a multiple of one-eighth of 1 per centum, the rate of interest of such special obligations shall be the multiple of one-eighth of 1 per centum next lower than such average rate. All requests of the Center to the Secretary of the Treasury provided for in this section shall be binding upon the Secretary.

(c)At the request of the Center, the Secretary of the Treasury shall redeem any obligation issued directly to the fund. Obligations issued to the fund under subsection (b)(2) shall be redeemed at par plus accrued interest. Any other obligations issued directly to the fund shall be redeemed at the market price.

(d)In addition to the appropriations received pursuant to section 1110 of this title, the interest on, and the proceeds from the sale or redemption of, any obligations held in the fund pursuant to section 1108(a) of this title, shall be credited to and form a part of the fund.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2003—Subsec. (b). Pub. L. 108–7, § 125(1), added subsec. (b) and struck out heading and text of former subsec. (b). Text read as follows: “(1) It shall be the duty of the Secretary of the Treasury to invest in full the amounts appropriated to the fund. Such investments may be made only in interest bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose, such obligations may be acquired on original issue at the issue price or by purchase of outstanding obligations at the marketplace. “(2) The purposes for which obligations of the United States may be issued under chapter 31 of title 31 are hereby extended to authorize the issuance at par of special obligations exclusively to the fund. Such special obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month next preceding the date of such issue, borne by all marketable interest bearing obligations of the United States then forming a part of the public debt, except that when such average rate is not a multiple of one-eighth of one percent, the rate of interest of such special obligations shall be the multiple of one-eighth of one percent next lower than such average rate. Such special obligations shall be issued only if the Secretary determines that the purchase of other interest bearing obligations of the United States, or of obligations guaranteed as to both principal and interest by the United States or original issue or at the market price, is not in the public interest.” Subsec. (c). Pub. L. 108–7, § 125(2), added subsec. (c) and struck out heading and text of former subsec. (c). Text read as follows: “Any obligation acquired by the fund (except special obligations issued exclusively to the fund) may be sold by the Secretary of the Treasury at the market price, and such special obligations may be redeemed at par plus accrued interest.” 1990—Subsec. (d). Pub. L. 101–520 amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “The interest on, and the proceeds from the sale or redemption of, any obligations held in the fund shall be credited to and form a part of the fund.”

§1105 John C. Stennis Center for Public Service Development Trust Fund

Summary

Title 2, §1105

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata