§ 1848. — Emergency loan guarantee fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC1848]
TITLE 15--COMMERCE AND TRADE
CHAPTER 45--EMERGENCY LOAN GUARANTEES TO BUSINESS ENTERPRISES
Sec. 1848. Emergency loan guarantee fund
(a) Establishment; use; investment
There is established in the Treasury an emergency loan guarantee
fund to be administered by the Board. The fund shall be used for the
payment of the expenses of the Board and for the purpose of fulfilling
the Board's obligations under this chapter. Moneys in the fund not
needed for current operations may be invested in direct obligations of,
or obligations that are fully guaranteed as to principal and interest
by, the United States or any agency thereof.
(b) Guarantee fee; deposits in fund
The Board shall prescribe and collect a guarantee fee in connection
with each loan guaranteed by it under this chapter. Sums realized from
such fees shall be deposited in the emergency loan guarantee fund.
(c) Payments; issuance of notes or other obligations when fund moneys
insufficient: forms and denominations, maturities, terms and
conditions, interest rate; public debt transaction
Payments required to be made as a consequence of any guarantee by
the Board shall be made from the emergency loan guarantee fund. In the
event that moneys in the fund are insufficient to make such payments, in
order to discharge its responsibilities, the Board is authorized to
issue to the Secretary of the Treasury 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 Board 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 the notes or other
obligations. The Secretary of the Treasury is authorized and directed to
purchase any notes and other obligations issued hereunder and for that
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 that
chapter are extended to include any purchase of such notes and
obligations.
(Pub. L. 92-70, Sec. 9, Aug. 9, 1971, 85 Stat. 181.)
Codification
In subsec. (c), ``chapter 31 of title 31'' and ``that chapter''
substituted for ``the Second Liberty Bond Act, as amended,'' and ``that
Act'', respectively, on authority of Pub. L. 97-258, Sec. 4(b), Sept.
13, 1982, 96 Stat. 1067, the first section of which enacted Title 31,
Money and Finance.
