20 U.S.C. § 76o : US Code - Section 76O: Borrowing authority to finance parking facilities

Search 20 U.S.C. § 76o : US Code - Section 76O: Borrowing authority to finance parking facilities

(a) Revenue bonds
To finance necessary parking facilities for the Center, the Board
may issue revenue bonds to the Secretary of the Treasury payable
from revenues accruing to the Board. The total face value of all
bonds so issued shall not be greater than $20,400,000. Such
obligations shall have maturities agreed upon by the Board and the
Secretary of the Treasury but not in excess of fifty years. Such
obligations may be redeemable at the option of the Board before
maturity in such manner as may be stipulated in such obligations,
but the obligations thus redeemed shall not be refinanced by the
Board. The Secretary of the Treasury is authorized and directed to
purchase any obligations of the Board to be issued under this
section and for such purpose the Secretary of the Treasury 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 chapter 31 of
title 31 are extended to include any purchases of the Board's
obligations under this section.
(b) Interest
Effective as of October 12, 1984, the obligations of the Board
incurred under subsection (a) of this section shall bear no
interest, and the requirement of the Board to pay the unpaid
interest which has accrued on such obligations is terminated.
(c) Kennedy Center Revenue Bond Sinking Fund
There is hereby established in the Treasury of the United States
a sinking fund, the Kennedy Center Revenue Bond Sinking Fund
(hereinafter referred to as the "Fund"), which shall be used to
retire the obligations of the Board incurred under subsection (a)
of this section upon the respective maturities of such obligations.
The Board shall pay into the Fund, beginning on January 1, 1987 and
ending on January 1, 2016, the annual sum of $200,000 in
amortization of the principal amount of the obligations. Such sums
shall be invested by the Secretary of the Treasury in public debt
securities with maturities suitable for the needs of the Fund and
bearing interest at rates 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. The interest on such investments shall be
credited to and form a part of the Fund. Moneys in the Fund shall
be used exclusively to retire the obligations of the Board incurred
under subsection (a) of this section. Adjustments of not greater
than plus or minus 5 per centum may be made from time to time in
the annual payments to the Fund in order to correct any gains or
deficiencies as a result of fluctuations in interest rates over the
life of the investments: Provided, however, That a final adjustment
shall be made between the Board and the Secretary of the Treasury
at the end of the amortization period to correct any overall gain
or deficiency in the Fund. The terms of this adjustment shall be
covered by a memorandum of understanding between the Board and the
Secretary of the Treasury to be consummated on or before the time
the initial payment into the Fund is made.