Volume 75 · 120
Public Law 87–58
To authorize the acceptance by the Government of gifts to be used to reduce the public debt.
Approved June 27, 1961
Statutory text
AN ACT
To authorize the acceptance by the Government of gifts to be used to reduce the public debt.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That in order to
Public debt.
Gifts.
afford to the people of the United States an opportunity to make gifts to the Government of the United States to be used for the purpose of reducing the public debt—
the Secretary of the Treasury is authorized to accept on
Acceptance authority.
behalf of the United States (1) any gift of money made on the sole condition that it be used to reduce the public debt of the United States, (2) any gift of obligations of the United States included in the public debt of the United States, if made on the sole condition that the obligations be canceled and retired and not reissued, or (3) any gift of other intangible personal property made on the sole condition that it be sold, and the proceeds realized from the sale be used to reduce the public debt of the United States; and
the Administrator of General Services is authorized to accept on behalf of the United States any gift of other property, real or personal, made to the United States on the sole condition that it be sold and the proceeds realized from the sale be used to reduce the public debt of the United States: Provided, however, That the Secretary of the Treasury or the Administrator of General Services, as the case may be, is authorized to reject any gift under this section whenever he determines such action to be in the interest of the United States.
Sec. 2.
The Secretary of the Treasury shall convert into money, at the best terms available, any gift accepted by him under the provisions of paragraph (a)(3) of the first section of this Act; and the Administrator of General Services shall convert into money, at the best terms available, any gift accepted by him under the provisions of the first section of this Act.
Sec. 3.
If under applicable law any gift accepted under the first section of this Act is subject to a gift or inheritance tax, the Secretary of the Treasury or the Administrator of General Services, as the case may be, is authorized to pay such tax out of the proceeds of such gift, or the proceeds of the redemption or sale of such gift, as the case may be.
Sec. 4.
There is hereby established on the books of the Treasury a special account into which shall be deposited all money received as gifts under this Act and all money received as a result of the conversion into money of gifts of property other than money received under this Act. The Secretary of the Treasury shall from time to time utilize the money in the special account for the payment at maturity or the redemption or purchase before maturity of any obligations of the United States included in the public debt of the United States. All obligations of the United States paid, redeemed, or purchased with money out of the special account snail be canceled and retired and shall not be reissued. All money deposited in the special account is hereby appropriated and shall be available for expenditure for the purposes of this Act.
Approved June 27, 1961.