
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: 42USC2414]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                   CHAPTER 25--FEDERAL FLOOD INSURANCE
 
Sec. 2414. Issuance of notes by Director of Federal Emergency 
        Management Agency; terms and conditions
        

(a) to (d) Repealed. Pub. L. 90-448, title XIII, Sec. 1303(c), Aug. 1, 
        1968, 82 Stat. 573

(e) Issuance of notes by Director of Federal Emergency Management 
        Agency; form, terms and conditions; purchase and sale by 
        Secretary of the Treasury; public debt transactions

    The Director of the Federal Emergency Management Agency is 
authorized to issue to the Secretary of the Treasury from time to time 
and have outstanding at any one time, in an amount not exceeding 
$500,000,000 (or such greater amount as may be approved by the 
President) notes or other obligations in such forms and denominations, 
bearing such maturities, and subject to such terms and conditions as may 
be prescribed by the Director of the Federal Emergency Management Agency 
with the approval of the Secretary of the Treasury. Such notes or other 
obligations shall bear interest at a rate determined by the Secretary of 
the Treasury, taking into consideration the current average market yield 
on outstanding marketable obligations of the United States of comparable 
maturities during the month preceding the issuance of such notes or 
other obligations. The Secretary of the Treasury is authorized and 
directed to purchase any notes and other obligations to be issued under 
this subsection and for such purpose he is authorized to use as a public 
debt transaction 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 such chapter are extended to include any purchases of 
such notes and obligations.
    The Secretary of the Treasury may at any time sell any of the notes 
or other obligations acquired by him under this section. All 
redemptions, purchases, and sales by the Secretary of the Treasury of 
such notes or other obligations shall be treated as public debt 
transactions of the United States.

(Aug. 7, 1956, ch. 1025, Sec. 15, 70 Stat. 1083; Pub. L. 89-174, 
Sec. 5(a), Sept. 9, 1965, 79 Stat. 669; Pub. L. 90-448, title XIII, 
Sec. 1303, Aug. 1, 1968, 82 Stat. 573; Pub. L. 98-181, title IV, 
Sec. 451(f), Nov. 30, 1983, 97 Stat. 1229; Pub. L. 98-479, title II, 
Sec. 203(g), Oct. 17, 1984, 98 Stat. 2230; Pub. L. 100-242, title V, 
Sec. 545(f), Feb. 5, 1988, 101 Stat. 1942.)


                               Amendments

    1988--Subsec. (e). Pub. L. 100-242 substituted ``title 31, United 
States Code,'' for ``title 31, United States Code'', which for purposes 
of codification was translated as ``title 31'', thus requiring no change 
in text.
    1984--Subsec. (e). Pub. L. 98-479 substituted ``chapter 31 of title 
31'' for ``the Second Liberty Bond Act, as amended'', and ``such 
chapter'' for ``such Act, as amended,''.
    1983--Subsec. (e). Pub. L. 98-181 substituted ``Director of the 
Federal Emergency Management Agency'' for ``Secretary of Housing and 
Urban Development'' in two places.
    1968--Subsecs. (a) to (d). Pub. L. 90-448, Sec. 1303(c), repealed 
subsecs. (a) to (d), which created three funds, provided for deposits 
therein, investment of moneys in the funds, and deposit of salvage 
proceeds.
    Subsec. (e). Pub. L. 90-448, Sec. 1303(a), (b), substituted 
``current average market yield on outstanding marketable obligations of 
the United States of comparable maturities during the month'' for 
``current average rate on outstanding marketable obligations of the 
United States of comparable maturities as of the last day of the 
month'', and struck out provisions which permitted Secretary of the 
Treasury to purchase any notes and other obligations to be issued under 
this subsection.
    Subsecs. (f), (g). Pub. L. 90-448, Sec. 1303(c), repealed subsecs. 
(f) and (g) which provided for use of moneys in the Funds and for 
payment of administrative expenses.


                    Effective Date of 1968 Amendment

    Amendment by Pub. L. 90-448 effective 120 days following Aug. 1, 
1968, or such later date prescribed by the Secretary but in no event 
more than 180 days following Aug. 1, 1968, see section 1377 of Pub. L. 
90-448, set out as an Effective Date note under section 4001 of this 
title.

                          Transfer of Functions

    Functions of Public Housing Administration and of Housing and Home 
Finance Agency (of which Public Housing Administration is a constituent 
agency) and of heads thereof transferred to Secretary of Housing and 
Urban Development by Pub. L. 89-174, Sec. 5(a), Sept. 9, 1965, 79 Stat. 
669, which is classified to section 3534(a) of this title. Section 9(c) 
of such act, set out as a note under section 3531 of this title, 
provides that references to Housing and Home Finance Agency or to any 
agency or officer therein are to be deemed to mean Secretary of Housing 
and Urban Development and that Housing and Home Finance Agency and 
Public Housing Administration have lapsed.

                  Section Referred to in Other Sections

    This section is referred to in sections 4016, 4017 of this title.
