§ 1105. — John C. Stennis Center for Public Service Development Trust 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: 2USC1105]
TITLE 2--THE CONGRESS
CHAPTER 22--JOHN C. STENNIS CENTER FOR PUBLIC SERVICE TRAINING AND
DEVELOPMENT
Sec. 1105. John C. Stennis Center for Public Service Development
Trust Fund
(a) Establishment of fund
There is established in the Treasury of the United States a trust
fund to be known as the ``John C. Stennis Center for Public Service
Development Trust Fund''. The fund shall consist of amounts appropriated
to it pursuant to section 1110 of this title and amounts credited to it
under subsection (d) of this section.
(b) Investment of fund assets
(1) It shall be the duty of the Secretary of the Treasury to invest
in full the 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 interest by the United
States. For such purpose, such obligations may be acquired on original
issue at the issue price or by purchase of outstanding obligations at
the marketplace.
(2) 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 when such average rate is not a multiple of
one-eighth of one percent, the rate of interest of such special
obligations shall be the multiple of one-eighth of one 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) Authority to sell 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) Proceeds from certain transactions credited to fund
In addition to the appropriations received pursuant to section 1110
of this title, the interest on, and the proceeds from the sale or
redemption of, any obligations held in the fund pursuant to section
1108(a) of this title, shall be credited to and form a part of the fund.
(Pub. L. 100-458, title I, Sec. 116, Oct. 1, 1988, 102 Stat. 2174; Pub.
L. 101-520, title III, Sec. 313(a), Nov. 5, 1990, 104 Stat. 2282.)
Codification
In subsec. (b)(2), ``chapter 31 of title 31'' substituted for ``the
Second Liberty Bond Act'' 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.
Amendments
1990--Subsec. (d). Pub. L. 101-520 amended subsec. (d) generally.
Prior to amendment, subsec. (d) read as follows: ``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.''
Section Referred to in Other Sections
This section is referred to in sections 1102, 1108, 1151 of this
title.
