§ 4711. Investment of receipts and proceeds

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1994

   Community Development Banking and Financial Institutions Act of 1994

   Pub. L. 103–325 title I § 112 · 108 Stat. 2160

   Enacted · 12 U.S.C. § 4711

   (Pub. L. 103–325, title I, § 112, Sept. 23, 1994, 108 Stat. 2177.)

   Source evidence

   Code source credit
   (Pub. L. 103–325, title I, § 112, Sept. 23, 1994, 108 Stat. 2177.)

   Enacted provision · exact public law section
   SEC. 112. INVESTMENT OF RECEIPTS AND PROCEEDS. (a) Establishment of Account.— Any dividends on equity investments and proceeds from the disposition of investments, deposits, or credit union shares that are received by the Fund as a result of assistance provided pursuant to section 108 or 113, and any fees received pursuant to section 109(f) shall be deposited and accredited to an account of the Fund in the United States Treasury (hereafter in this section referred to as “the account”) established to carry out the purpose of this subtitle. (b) Investments.— Upon request of the Administrator, the Secretary of the Treasury shall invest amounts deposited in the account in public debt securities with maturities suitable to the needs of the Fund, as determined by the Administrator, and bearing interest at rates determined by the Secretary of the Treasury, comparable to current market yields on outstanding marketable obligations of the United States of similar maturities. (c) Availability.— Amounts deposited into the account and interest earned on such amounts pursuant to this section shall be available to the Fund until expended.

1 of 1 references resolved to an enrolled provision