42 U.S.C. § 4016 : US Code - Section 4016: Financing provisions; issuance of notes or other obligations; limitation; report to Congressional committees; deposits in Fund

Search 42 U.S.C. § 4016 : US Code - Section 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 the date
specified in section 4026 of this title, and $1,000,000,000
thereafter; except that, through September 30, 2008, clause (2) of
this sentence shall be applied by substituting "$18,500,000,000"
for "$1,500,000,000". 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.