20 U.S.C. § 4510 : US Code - Section 4510: James Madison Memorial Fellowship Trust Fund

Search 20 U.S.C. § 4510 : US Code - Section 4510: James Madison Memorial Fellowship Trust Fund

(a) Establishment
There shall be established in the Treasury of the United States a
trust fund consisting of appropriations and amounts contributed by
the Foundation for the Commemoration of the Constitution and other
private sources to be available, in accordance with the provisions
of this chapter, to carry out the provisions of this chapter.
(b) Investment of amounts appropriated
(1) At the request of the Trust Fund, it shall be the duty of the
Secretary of the Treasury to invest in full the amounts
appropriated and contributed to the fund. Such investments may be
made only in interest-bearing obligations of the United States
issued directly to the fund.
(2) The purposes for which obligations of the United States may
be issued under chapter 31 of title 31 are hereby extended to
authorize the issuance at par of special obligations directly to
the fund. Such special obligations shall bear interest at a rate
equal to the average rate of interest, computed as to the end of
the calendar month next preceding the date of such issue, borne by
all marketable interest-bearing obligations of the United States
then forming a part of the public debt; except that where such
average rate is not a multiple of one-eighth of 1 per centum, the
rate of interest of such special obligations shall be the multiple
of one-eighth of 1 per centum next lower than such average rate.
All requests of the Trust Fund to the Secretary of the Treasury
provided for in this section shall be binding upon the Secretary.
(c) Sale of obligations acquired by fund
At the request of the Trust Fund, the Secretary of the Treasury
shall redeem any obligation issued directly to the fund.
Obligations issued to the fund under subsection (b)(2) of this
section shall be redeemed at par plus accrued interest. Any other
obligations issued directly to the fund shall be redeemed at the
market price.
(d) Interest and proceeds from sale or redemption of obligations
credited to fund
The interest on, and the proceeds from, the sale or redemption of
any obligations held in the fund shall be credited to and form a
part of the fund.