
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 40USC875]

 
             TITLE 40--PUBLIC BUILDINGS, PROPERTY, AND WORKS
 
   CHAPTER 19--CAPITOL AND WHITE HOUSE-PENNSYLVANIA AVENUE DEVELOPMENT
 
Sec. 875. Powers of Corporation

    In carrying out its powers and duties, the Corporation--
        (1) shall have all necessary and proper powers for the exercise 
    of the authorities vested in it;
        (2) shall have succession in its corporate name;
        (3) may adopt and use a corporate seal which shall be judicially 
    noticed;
        (4) may sue and be sued in its corporate name. All litigation 
    arising out of the activities of the Corporation shall be conducted 
    by the Attorney General;
        (5) may adopt, amend, and repeal bylaws, rules, and regulations 
    governing the manner in which its business may be conducted and the 
    powers vested in it may be exercised;
        (6) may acquire lands, improvements, and properties within the 
    development area by purchase, lease, donation, or exchange; may 
    hold, maintain, use, or operate such properties; may sell, lease, or 
    otherwise dispose of such real and personal property and any 
    interest therein as the Corporation deems necessary to carry out the 
    development plan; or may lease, repurchase, or otherwise acquire and 
    hold any property which the Corporation has theretofore sold, 
    leased, conveyed, transferred, or otherwise disposed of: Provided, 
    That condemnation proceedings for the acquisition of real property 
    (including interests therein), which may be necessary or appropriate 
    in order to carry out the development plan, shall be conducted in 
    accordance with the procedural provisions of chapter 13, subchapter 
    IV, of title 16 of the District of Columbia Code: Provided further, 
    That prior to acquiring any residential property there shall be a 
    finding of assurance of adequate replacement housing consonant with 
    the requirements of the Uniform Relocation Assistance and Real 
    Property Acquisition Policies Act of 1970 (84 Stat. 1894) [42 U.S.C. 
    4601 et seq.];
        (7) may enter into and perform such contracts, leases, 
    cooperative agreements, or other transactions with any agency or 
    instrumentality of the United States, the several States, or the 
    District of Columbia or with any person, firm, association, or 
    corporation (including agreements with private utility companies 
    with respect to the relocation of utility lines and other facilities 
    in the development area) as may be deemed necessary or appropriate 
    to the conduct of activities authorized under this chapter;
        (8) may establish (through covenants, regulations, agreements, 
    or otherwise) such restrictions, standards, and requirements as are 
    necessary to assure development, maintenance, and protection of the 
    development area in accordance with the development plan;
        (9) shall seek authority from the Congress to borrow money by 
    issuing marketable obligations, after obtaining proposals from at 
    least three private financial analysts on the feasibility of private 
    versus public financing of the Corporation, which proposals shall be 
    transmitted to the Congress with the development plan as provided in 
    section 874 of this title.
        (10) may borrow money from the Treasury of the United States in 
    such amounts as may be authorized in appropriation Acts, but not to 
    exceed $120,000,000. Such borrowings from the Treasury shall have 
    such maturities, terms, and conditions as may be agreed upon by the 
    Corporation and the Secretary of the Treasury, but the maturities 
    may not be in excess of forty years, and such borrowings may be 
    redeemable at the option of the Corporation before maturity. Such 
    borrowings shall bear interest at a rate determined by the Secretary 
    of the Treasury taking into consideration the average market yield 
    on outstanding marketable obligations of the United States of 
    comparable maturities during the month preceding the issuance of the 
    obligations of the Corporation. The interest payments on such 
    obligations may be deferred with the approval of the Secretary of 
    the Treasury but any interest payment so deferred shall bear 
    interest. Said obligations shall be issued in amounts and at prices 
    approved by the Secretary of the Treasury. The authority of the 
    Corporation to issue obligations hereunder shall remain available 
    without fiscal year limitation. The Secretary of the Treasury is 
    authorized and directed to purchase any obligations of the 
    Corporation to be issued under this paragraph and for such purpose 
    the Secretary of the Treasury is authorized to use as a public debt 
    transaction of the United States the proceeds from the sale of any 
    securities issued under chapter 31 of title 31, and the purposes for 
    which securities may be issued under chapter 31 of title 31 are 
    extended to include any purchase of the Corporation's obligations 
    under this paragraph;
        (11) may invest any funds held in reserve or sinking funds, or 
    any moneys not required for immediate use or disbursement, with the 
    approval of the Secretary of the Treasury, in obligations of the 
    United States Government, or obligations the principal and interest 
    of which are guaranteed by the United States Government: Provided, 
    That this authority shall not extend to moneys obtained by borrowing 
    from the Government or through appropriations to the Corporation;
        (12) may procure insurance against any loss in connection with 
    its property and other assets and operations;
        (13) may contract for and accept any gifts or grants or property 
    or financial or other aid in any form from the Federal Government or 
    any agency or instrumentality thereof, or from any State or any 
    agency or instrumentality thereof, or from any source, and comply 
    subject to the provisions of this chapter, with the terms and 
    conditions thereof;
        (14) may determine the character of and necessity for its 
    obligations and expenditures, and the manner in which they shall be 
    incurred, allowed, and paid, subject to provisions and laws 
    specifically applicable to wholly owned Government corporations;
        (15) may prepare or cause to be prepared plans, specifications, 
    designs, and estimates of cost for the construction, reconstruction, 
    rehabilitation, improvement, alteration, or repair of any project, 
    and from time to time may modify such plans, specifications, 
    designs, or estimates;
        (16) may acquire, construct, reconstruct, rehabilitate, improve, 
    alter, or repair or provide for the construction, reconstruction, 
    improvement, alteration, or repair of any project;
        (17) may grant options to purchase any project or may renew any 
    leases entered into by it in connection with any of its projects, on 
    such terms and conditions as it may deem advisable;
        (18) may manage any project, owned or leased by the Corporation, 
    and may enter into agreements with the District of Columbia 
    government or any agency or instrumentality thereof, or with any 
    person, firm, partnership, or corporation, either public or private, 
    for the purpose of causing any such project to be managed;
        (19) shall request the Council of the District of Columbia, when 
    required for implementation of the development plan, to close any 
    street, road, highway, alley, or any part thereon in the development 
    area. If the title to the street, road, highway, or alley so closed 
    is in the United States, the Mayor of the District of Columbia shall 
    convey the title to the land on behalf of the United States to the 
    Corporation, without cost, except that the Corporation shall 
    reimburse the District of Columbia for the administrative expenses 
    of the action. If the title to the street, road, highway, or alley 
    so closed is not in the United States, the Mayor shall convey title 
    to the land on behalf of the District of Columbia to the 
    Corporation, without cost, except that the Corporation shall 
    reimburse the District of Columbia for the administrative costs of 
    the action: Provided, That if the land would have reverted to a 
    private abutting property owner under otherwise applicable law of 
    the District of Columbia, the Corporation shall pay such owner the 
    fair market value of the land that would have reverted to him.\1\
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    \1\ So in original. The period should be a semicolon.
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        (20) may transfer title to, interests in, or jurisdiction over 
    real property which has been acquired by the Corporation and is to 
    be devoted to public uses under the development plan, to any agency 
    of the United States or the District of Columbia. Agencies of the 
    United States or the District of Columbia may accept such transfers 
    under this paragraph, and shall thereafter administer and maintain 
    the property in accordance with the development plan and the terms 
    of any transfer agreement. The Director of the National Park Service 
    may transfer title to or interest in public reservations, roadways, 
    spaces, or parks under his jurisdiction within the development area 
    to the Corporation to facilitate implementation of the development 
    plan; and, notwithstanding any other provision of law, the 
    Corporation may utilize such transferred property for any public or 
    private development consistent with the plan.\1\
        (21) may utilize or employ the services of personnel of any 
    agency or instrumentality of the Federal Government or of the 
    District of Columbia, with the consent of the agency or 
    instrumentality concerned, upon a reimbursable basis, or utilize 
    voluntary or uncompensated personnel;
        (22) shall publish and disseminate information and make known to 
    potential users, by advertisement, solicitation, or other means, the 
    availability for development of lands in the development area;
        (23) may execute all instruments necessary or appropriate in the 
    exercise of any of its functions under this chapter, and may 
    delegate to members of the Board or the Executive Director such of 
    its powers and responsibilities as it deems appropriate and useful 
    for the administration of the Corporation; and
        (24) shall be entitled to the use of the United States mails in 
    the same manner as the executive departments of the Government, and 
    shall have all the rights, privileges, and immunities of the United 
    States with respect to debts due from insolvent, deceased, or 
    bankrupt debtors.

(Pub. L. 92-578, Sec. 6, Oct. 27, 1972, 86 Stat. 1270; Pub. L. 95-629, 
title I, Sec. 101(2), (3), Nov. 10, 1978, 92 Stat. 3635; Pub. L. 98-141, 
Sec. 8(a)(1), Oct. 31, 1983, 97 Stat. 910.)

                       References in Text

    The Uniform Relocation Assistance and Real Property Acquisition 
Policies Act of 1970, referred to in par. (6), is Pub. L. 91-646, Jan. 
2, 1971, 84 Stat. 1894, as amended, which is classified principally to 
chapter 61 (Sec. 4601 et seq.) of Title 42, The Public Health and 
Welfare. For complete classification of this Act to the Code, see Short 
Title note set out under section 4601 of Title 42 and Tables.

                          Codification

    In par. (10), ``chapter 31 of title 31'' substituted for ``the 
Second Liberty Loan Bond Act, as amended'' on authority of Pub. L. 97-
258, Sec. 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of 
which enacted Title 31, Money and Finance.


                               Amendments

    1983--Par. (10). Pub. L. 98-141 substituted ``$120,000,000'' for 
``$100,000,000''.
    1978--Par. (10). Pub. L. 95-629, Sec. 101(2), substituted 
``$100,000,000'' for ``$50,000,000'' and substituted provisions relating 
to the availability of the Corporation's authority to issue obligations 
without fiscal year limitation for provisions which related to the 
expiration of the Corporation's authority on June 3, 1980, except for 
obligations to provide funds necessary for the performance of contracts 
entered into by the Corporation prior to June 3, 1980.
    Pars. (19) to (24). Pub. L. 95-629, Sec. 101(3), added pars. (19) 
and (20) and redesignated former pars. (19) to (22) as (21) to (24), 
respectively.

                  Section Referred to in Other Sections

    This section is referred to in section 1104 of this title.
