42 U.S.C. § 2414 : US Code - Section 2414: Issuance of notes by Director of Federal Emergency Management Agency; terms and conditions

Search 42 U.S.C. § 2414 : US Code - Section 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(a) to (d) Repealed.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.