§ 1735. — Payment of certain funds to Treasury.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1735]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER V--MISCELLANEOUS
Sec. 1735. Payment of certain funds to Treasury
The following funds shall be deemed an indebtedness to the United
States of the particular insurance fund involved, and the Secretary is
authorized and directed to pay the amount of such indebtedness to the
Secretary of the Treasury, with simple interest thereon from the date
the funds were advanced to the date of final payment at a rate
determined by the Secretary of the Treasury, taking into consideration
the average rate on outstanding marketable obligations of the United
States from the date the funds were advanced until the date of final
payment--
(1) funds made available to the Secretary pursuant to the
provisions of sections 1705 and 1708 of this title, exclusive of
amounts heretofore refunded, (a) for carrying out this subchapter
and section 484d of title 48 with respect to mortgages insured under
section 1709 of this title where such funds were credited to the
general reinsurance account in the Mutual Mortgage Insurance Fund,
and (b) for the payment of salaries and expenses with respect to
mortgage insurance under sections 1713 and 1715a of this title where
such funds were credited to the Housing Insurance Fund;
(2) funds made available to the Secretary pursuant to sections
1737 and 1748a \1\ of this title; and
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\1\ See References in Text note below.
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(3) funds made available to the Secretary by the Secretary of
the Treasury pursuant to section 1747i \1\ of this title.
Payments to the Secretary of the Treasury under this section shall be
made in such amounts and at such times as the Secretary determines,
after consultations with the Secretary of the Treasury, that funds are
available for that purpose, taking into consideration the continued
solvency of the funds involved. All payments made pursuant to this
section shall be covered into the Treasury as miscellaneous receipts.
(June 27, 1934, ch. 847, title V, Sec. 516, as added June 30, 1953, ch.
170, Sec. 9, 67 Stat. 123; amended Pub. L. 90-19, Sec. 1(a)(3), May 25,
1967, 81 Stat. 17; Pub. L. 98-479, title II, Sec. 204(a)(21), Oct. 17,
1984, 98 Stat. 2232.)
References in Text
Section 1715a of this title, referred to in par. (1), in the
original was a reference to section 210 of the National Housing Act
(June 27, 1934, ch. 847, Sec. 210, as added Feb. 3, 1938, ch. 13,
Sec. 3, 52 Stat. 22), which was repealed by act June 3, 1939, ch. 175,
Sec. 13, 53 Stat. 807. See note set out under section 1715a.
Section 484d of title 48, referred to in text, which authorized the
Federal Housing Commissioner to prescribe a higher maximum for the
principal obligation of mortgages, was omitted from the Code.
Sections 1737, 1747i, and 1748a of this title, referred to in text,
were repealed by Pub. L. 89-117, title II, Sec. 1108(aa), Aug. 10, 1965,
79 Stat. 507.
Amendments
1984--Pub. L. 98-479 inserted ``Payment of certain funds to
Treasury'' as section catchline.
1967--Pub. L. 90-19 substituted ``Secretary'' for ``Commissioner''
wherever appearing.
