
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 10USC2677]

 
                         TITLE 10--ARMED FORCES
 
                    Subtitle A--General Military Law
 
                PART IV--SERVICE, SUPPLY, AND PROCUREMENT
 
CHAPTER 159--REAL PROPERTY; RELATED PERSONAL PROPERTY; AND LEASE OF NON-
                             EXCESS PROPERTY
 
Sec. 2677. Options: property required for military construction 
        projects
        
    (a) The Secretary of a military department may acquire an option on 
a parcel of real property before or after its acquisition is authorized 
by law, if he considers it suitable and likely to be needed for a 
military project of his department.
    (b) As consideration for an option acquired under subsection (a), 
the Secretary may pay, from funds available to his department for real 
property activities, an amount that is not more than 12 percent of the 
appraised fair market value of the property.
    (c)(1) Before acquiring an option on real property under subsection 
(a), the Secretary of a military department shall review the most recent 
inventory of real property assets published by the Resolution Trust 
Corporation under section 21A(b)(11)(F) of the Federal Home Loan Bank 
Act (12 U.S.C. 1441a(b)(11)(F)) and determine whether any real property 
listed in the inventory is suitable for use by the military department 
for the purposes for which the real property is sought.
    (2) The requirement for the review referred to in paragraph (1) 
shall terminate on September 30, 1996.

(Added Pub. L. 85-861, Sec. 1(51), Sept. 2, 1958, 72 Stat. 1460; amended 
Pub. L. 87-554, title VI, Sec. 607, July 27, 1962, 76 Stat. 242; Pub. L. 
92-145, title VII, Sec. 707(4), Oct. 27, 1971, 85 Stat. 412; Pub. L. 94-
273, Sec. 6(3), Apr. 21, 1976, 90 Stat. 377; Pub. L. 97-214, 
Sec. 10(a)(5)(A), (B), July 12, 1982, 96 Stat. 175; Pub. L. 97-375, 
title I, Sec. 104(b), Dec. 21, 1982, 96 Stat. 1819; Pub. L. 98-407, 
title VIII, Sec. 803, Aug. 28, 1984, 98 Stat. 1519; Pub. L. 102-190, 
div. B, title XXVIII, Sec. 2861, Dec. 5, 1991, 105 Stat. 1559; Pub. L. 
103-35, title II, Sec. 201(c)(9), May 31, 1993, 107 Stat. 98.)

                                          Historical and Revision Notes
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---------------------------------
            Revised section                      Source (U.S. Code)            
   Source (Statutes at Large)
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---------------------------------
2677..................................  [Uncodified].                        Ju
ly 27, 1954, ch. 579, Sec.
                                                                              5
01(b) (provisos), 68 Stat. 560.
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---------------------------------

    In subsections (a) and (b), the word ``property'' is substituted for 
the word ``estate''.
    In subsection (a), the words ``Before acquisition of a parcel of 
real property is authorized by law'' are substituted for the words 
``prior to such authorization''. The word ``acquire'' is substituted for 
the word ``procure''. The words ``if he considers * * * likely to be 
needed'' are substituted for the words ``which in their judgment is * * 
* likely to be required''. The word ``prospective'' is omitted as 
surplusage.
    In subsection (b), the words ``for each year the option is to 
continue, and proportionately for any other period'' are substituted for 
the words ``per annum'' for clarity. The words ``not more than 3 
percent'' are substituted for the words ``not in excess of 3 per 
centum''.


                               Amendments

    1993--Subsec. (c)(1). Pub. L. 103-35 substituted ``section 
21A(b)(11)(F) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(b)(11)(F))'' for ``section 21A(b)(12)(F) of the Federal Home Loan 
Bank Act (12 U.S.C. 1441a(b)(12)(F))''.
    1991--Subsec. (c). Pub. L. 102-190 added subsec. (c).
    1984--Subsec. (b). Pub. L. 98-407 substituted ``12 percent'' for ``5 
percent''.
    1982--Pub. L. 97-214, Sec. 10(a)(5)(B), substituted ``Options: 
property required for military construction projects'' for ``Options: 
property required for public works projects of military departments'' in 
section catchline.
    Subsec. (b). Pub. L. 97-214, Sec. 10(a)(5)(A), substituted 
``percent'' for ``per centum''.
    Subsec. (c). Pub. L. 97-375 repealed subsec. (c) which provided that 
for each six-month period ending on September 30 or March 31, during 
which he acquired options under subsec. (a), the Secretary of each 
military department report those options to the Committees on Armed 
Services of the Senate and House of Representatives.
    1976--Subsec. (c). Pub. L. 94-273 substituted ``September'' for 
``June'' and ``March'' for ``December''.
    1971--Subsec. (b). Pub. L. 92-145 struck out requirement that amount 
paid for option be credited to the purchase price if acquisition of real 
property is completed.
    1962--Subsec. (a). Pub. L. 87-554 provided for acquisition of option 
after acquisition of real property is authorized by law and for need of 
option for military rather than public works project.
    Subsec. (b). Pub. L. 87-554 struck out ``for each year the option is 
to continue, and proportionately for any other period'' after ``fair 
market value of the property'' and provided for credit to purchase price 
of the property if its acquisition is completed.


                    Effective Date of 1982 Amendment

    Amendment by Pub. L. 97-214 effective Oct. 1, 1982, and applicable 
to military construction projects, and to construction and acquisition 
of military family housing authorized before, on, or after such date, 
see section 12(a) of Pub. L. 97-214, set out as an Effective Date note 
under section 2801 of this title.
