Title 20 — EducationRelease 119-73not60
§74a Permanent Loan of Funds by Board of Trustees to Treasury; Semiannual Interest Payments to Board
Title 20 › Chapter 3— SMITHSONIAN INSTITUTION, NATIONAL MUSEUMS AND ART GALLERIES › Subchapter II— NATIONAL GALLERY OF ART › § 74a
Summary
Treasury must accept up to $5,000,000 from the Gallery’s Board as a permanent loan and pay interest semiannually to the Board. The interest rate is the higher of 4% or the Secretary’s market rate minus .25 percentage points; the payments are permanently for 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 5, 2026
Release point: 119-73not60