
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document affected by Public Law 106-377 Section 1(a)(1)]
[Document affected by Public Law 107-73]
[CITE: 42USC4016]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                  CHAPTER 50--NATIONAL FLOOD INSURANCE
 
           SUBCHAPTER I--THE NATIONAL FLOOD INSURANCE PROGRAM
 
Sec. 4016. Financing provisions; issuance of notes or other 
        obligations; limitation; report to Congressional committees; 
        deposits in Fund
        
    (a) All authority which was vested in the Director by virtue of 
section 2414(e) of this title (pertaining to the issue of notes or other 
obligations to the Secretary of the Treasury), as amended by subsections 
(a) and (b) of section 1303 of this Act, shall be available to the 
Director for the purpose of carrying out the flood insurance program 
under this chapter; except that the total amount of notes and 
obligations which may be issued by the Director pursuant to such 
authority (1) without the approval of the President, may not exceed 
$500,000,000, and (2) with the approval of the President, may not exceed 
$1,500,000,000 through September 30, 2000, and $1,000,000,000 
thereafter. The Director shall report to the Committee on Banking, 
Finance and Urban Affairs of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate at any 
time when he requests the approval of the President in accordance with 
the preceding sentence.
    (b) Any funds borrowed by the Director under this authority shall, 
from time to time, be deposited in the National Flood Insurance Fund 
established under section 4017 of this title.

(Pub. L. 90-448, title XIII, Sec. 1309, Aug. 1, 1968, 82 Stat. 577; Pub. 
L. 89-174, Sec. 5(a), Sept. 9, 1965, 79 Stat. 669; Pub. L. 93-234, title 
I, Sec. 104, Dec. 31, 1973, 87 Stat. 979; Pub. L. 98-181, title IV, 
Sec. 451(d)(1), Nov. 30, 1983, 97 Stat. 1229; Pub. L. 98-479, title II, 
Sec. 204(g), Oct. 17, 1984, 98 Stat. 2233; Pub. L. 104-208, div. A, 
title V, Sept. 30, 1996, 110 Stat. 3009-521; Pub. L. 105-65, title III, 
Oct. 27, 1997, 111 Stat. 1377; Pub. L. 105-276, title III, Oct. 21, 
1998, 112 Stat. 2502; Pub. L. 106-74, title III, Oct. 20, 1999, 113 
Stat. 1088.)

                       References in Text

    Section 1303 of this Act, referred to in subsec. (a), means section 
1303 of Pub. L. 90-448, which amended section 2414(e) of this title.


                               Amendments

    1999--Subsec. (a)(2). Pub. L. 106-74, which directed substitution of 
``2000'' for ``1999'' in section ``1309(a)(2) of the National Flood 
Insurance Act'', was executed to subsec. (a)(2) of this section, which 
is section 1309 of the National Flood Insurance Act of 1968, to reflect 
the probable intent of Congress.
    1998--Subsec. (a)(2). Pub. L. 105-276, which directed substitution 
of ``1999'' for ``1998'' in section ``1309(a)(2) of the National Flood 
Insurance Act'', was executed by making the substitution in subsec. 
(a)(2) of this section, which is section 1309 of the National Flood 
Insurance Act of 1968, to reflect the probable intent of Congress.
    1997--Subsec. (a)(2). Pub. L. 105-65, which directed substitution of 
``1998'' for ``1997'' in section ``1309(a)(2) of the National Flood 
Insurance Act'', was executed by making the substitution in subsec. 
(a)(2) of this section, which is section 1309 of the National Flood 
Insurance Act of 1968, to reflect the probable intent of Congress.
    1996--Subsec. (a)(2). Pub. L. 104-208 substituted ``$1,500,000,000 
through September 30, 1997, and $1,000,000,000 thereafter'' for 
``$1,000,000,000''.
    1984--Subsec. (a). Pub. L. 98-479 substituted ``, Finance and Urban 
Affairs'' for ``and Currency'' and inserted a comma after ``Housing'' in 
last sentence.
    1983--Pub. L. 98-181 substituted ``Director'' for ``Secretary'' 
wherever appearing.
    1973--Subsec. (a). Pub. L. 93-234 substituted provisions respecting 
issuance of notes and obligation for $500,000,000 without approval of 
President and for $1,000,000,000 with approval of President, for former 
provision prescribing a $250,000,000 limitation, struck out provision 
rescinding authority of Secretary to issue notes and obligations under 
section 2414(e) of this title, and provided for report to Congressional 
Committees when the approval of the President is requested.

                         Change of Name

    Committee on Banking, Finance and Urban Affairs of House of 
Representatives treated as referring to Committee on Banking and 
Financial Services of House of Representatives by section 1(a) of Pub. 
L. 104-14, set out as a note preceding section 21 of Title 2, The 
Congress.

                          Transfer of Functions

    Functions of Housing and Home Finance Agency and head 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 has lapsed.

                  Section Referred to in Other Sections

    This section is referred to in section 4017 of this title.
