20 U.S.C. § 5202 : US Code - Section 5202: Eisenhower Exchange Fellowship Program Trust Fund

Search 20 U.S.C. § 5202 : US Code - Section 5202: Eisenhower Exchange Fellowship Program Trust Fund

(a) Establishment
There is established in the Treasury of the United States a trust
fund to be known as the Eisenhower Exchange Fellowship Program
Trust Fund (hereinafter in this chapter referred to as the "fund").
The fund shall consist of amounts authorized to be appropriated
under section 5204 of this title.
(b) Investment in interest-bearing obligations
It shall be the duty of the Secretary of the Treasury to invest
in full amounts appropriated to the fund. Such investments may be
made only in interest-bearing obligations of the United States or
in obligations guaranteed as to both principal and interests (!1)
by the United States. For such purpose, such obligations may be
acquired (1) on original issue at the issue price, or (2) by
purchase of outstanding obligations at the market price. 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 exclusively 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 percent, the rate of interest of such
special obligations shall be the multiple of one-eighth of 1
percent next lower than such average rate. Such special obligations
shall be issued only if the Secretary determines that the purchase
of other interest-bearing obligations of the United States, or of
obligations guaranteed as to both principal and interest by the
United States or original issue or at the market price, is not in
the public interest.
(c) Sale and redemption of obligations
Any obligation acquired by the fund (except special obligations
issued exclusively to the fund) may be sold by the Secretary of the
Treasury at the market price, and such special obligations may be
redeemed at par plus accrued interest.
(d) Credit to fund of interest and proceeds of sale or redemption
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.