§284e Payment of Subscription to Association by United States

Summary

Congress may appropriate $320,290,000, with no fiscal year limit, for the United States to subscribe to the Association. The U.S. Governor may vote to increase the Association’s resources and agree that the United States will contribute $312,000,000, as recommended by the Executive Directors in their September 9, 1963 report. Congress may appropriate that $312,000,000 from taxpayer funds or from money borrowed on the Nation’s credit, also with no fiscal year limit. To keep U.S. costs down, the Secretary of the Treasury must issue special U.S. notes at face value and give them to the Association in exchange for dollars when the Association’s articles allow. Those notes are issued under chapter 31 of title 31, pay no interest, cannot be sold or transferred, and must be paid when the Association demands. The total face value of notes outstanding at any time cannot exceed the amount actually paid to the Association under the articles. Any net-income payments the Association makes to the United States must be deposited into the Treasury as miscellaneous receipts.