 CHAPTER 70--STRENGTHENING AND IMPROVEMENT OF ELEMENTARY AND SECONDARY 
                                 SCHOOLS
 
      SUBCHAPTER XII--SCHOOL FACILITIES INFRASTRUCTURE IMPROVEMENT
 
Sec. 8508. General provisions


(a) Budget and accounting

    In the performance of, and with respect to, the functions, powers, 
and duties under this subchapter, the Secretary, notwithstanding the 
provisions of any other law, shall--
        (1) prepare annually and submit a budget program as provided for 
    wholly owned Government corporations by chapter 91 of title 31; and
        (2) maintain a set of accounts which shall be audited by the 
    Comptroller General in accordance with the provisions of chapter 35 
    of title 31, but such financial transactions of the Secretary, as 
    the making of loans and vouchers approved by the Secretary, in 
    connection with such financial transactions shall be final and 
    conclusive upon all officers of the Government.

(b) Use of funds

    Funds made available to the Secretary pursuant to the provisions of 
this subchapter shall be deposited in a checking account or accounts 
with the Treasurer of the United States. Receipts and assets obtained or 
held by the Secretary in connection with the performance of functions 
under this subchapter, and all funds available for carrying out the 
functions of the Secretary under this subchapter (including 
appropriations therefor, which are hereby authorized), shall be 
available, in such amounts as may from year to year be authorized by the 
Congress, for the administrative expenses of the Secretary in connection 
with the performance of such functions.

(c) Legal powers

    In the performance of, and with respect to, the functions, powers, 
and duties under this subchapter, the Secretary, notwithstanding the 
provisions of any other law, may--
        (1) prescribe such rules and regulations as may be necessary to 
    carry out the purposes of this subchapter;
        (2) sue and be sued;
        (3) foreclose on any property or commence any action to protect 
    or enforce any right conferred upon the Secretary by any law, 
    contract, or other agreement, and bid for and purchase at any 
    foreclosure or any other sale any property in connection with which 
    the Secretary has made a loan pursuant to this subchapter; \1\
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    \1\ See References in Text note below.
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        (4) in the event of any such acquisition, notwithstanding any 
    other provision of law relating to the acquisition, handling, or 
    disposal of real property by the United States, complete, 
    administer, remodel and convert, dispose of, lease, and otherwise 
    deal with, such property, but any such acquisition of real property 
    shall not deprive any State or political subdivision of such State 
    civil or criminal jurisdiction in and over such property or impair 
    the civil rights under the State or local laws of the inhabitants on 
    such property;
        (5) sell or exchange at public or private sale, or lease, real 
    or personal property, and sell or exchange any securities or 
    obligations, upon such terms as the Secretary may fix;
        (6) obtain insurance against loss in connection with property 
    and other assets held; and
        (7) include in any contract or instrument made pursuant to this 
    subchapter such other covenants, conditions, or provisions as may be 
    necessary to assure that the purposes of this subchapter will be 
    achieved.

(d) Contracts for supplies or services

    Section 5 of title 41 shall not apply to any contract for services 
or supplies on account of any property acquired pursuant to this 
subchapter \1\ if the amount of such contract does not exceed $1,000.

(e) Applicability of chapter 91 of title 31

    The provisions of section 9107(a) of title 31 which are applicable 
to corporations or agencies subject to chapter 91 of such title, shall 
also be applicable to the activities of the Secretary under this 
subchapter.

(Pub. L. 89-10, title XII, Sec. 12008, as added Pub. L. 103-382, title 
I, Sec. 101, Oct. 20, 1994, 108 Stat. 3873.)

                       References in Text

    This subchapter, referred to in subsec. (c)(3), was in the original 
``this part'' and was translated as reading ``this title'', meaning 
title XII (Secs. 12001-12013) of Pub. L. 89-10, to reflect the probable 
intent of Congress, because title XII of Pub. L. 89-10 does not contain 
parts.
    This subchapter, referred to in subsec. (d), was in the original 
``this subtitle'' and was translated as reading ``this title'', meaning 
title XII (Secs. 12001-12013) of Pub. L. 89-10, to reflect the probable 
intent of Congress, because title XII of Pub. L. 89-10 does not contain 
subtitles.
