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§ 158. —  Deposits by Library of Congress Trust Fund Board with Treasurer of United States.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 2USC158]

 
                          TITLE 2--THE CONGRESS
 
                     CHAPTER 5--LIBRARY OF CONGRESS
 
Sec. 158. Deposits by Library of Congress Trust Fund Board with 
        Treasurer of United States
        
    In the absence of any specification to the contrary, the board may 
deposit the principal sum, in cash, with the Treasurer of the United 
States as a permanent loan to the United States Treasury, and the 
Treasurer shall thereafter credit such deposit with interest at a rate 
which is the higher of the rate of 4 per centum per annum or a rate 
which is 0.25 percentage points less than a rate determined by the 
Secretary of the Treasury, taking into consideration the current average 
market yield on outstanding long-term marketable obligations of the 
United States, adjusted to the nearest one-eighth of 1 per centum, 
payable semi-annually, such interest, as income, being subject to 
disbursement by the Librarian of Congress for the purposes specified: 
Provided, however, That the total of such principal sums at any time so 
held by the Treasurer under this authorization shall not exceed the sum 
of $10,000,000.

(Mar. 3, 1925, ch. 423, Sec. 2, formerly Sec. 1, 43 Stat. 1107; 
renumbered Sec. 2, Apr. 13, 1936, ch. 213, 49 Stat. 1205; amended June 
23, 1936, ch. 734, 49 Stat. 1894; Pub. L. 87-522, July 3, 1962, 76 Stat. 
135; Pub. L. 94-289, May 22, 1976, 90 Stat. 521.)

                          Codification

    Section is comprised of third par. of section 2 of act Mar. 3, 1925. 
First, second, and fourth pars. of section 2 are classified to sections 
156, 157, and 158a of this title, respectively.


                               Amendments

    1976--Pub. L. 94-289 substituted ``a rate which is the higher of the 
rate of 4 per centum per annum or a rate which is 0.25 percentage points 
less than a rate determined by the Secretary of the Treasury, taking 
into consideration the current average market yield on outstanding long-
term marketable obligations of the United States, adjusted to the 
nearest one-eighth of 1 per centum'' for ``the rate of 4 per centum per 
annum''.
    1962--Pub. L. 87-522 increased the total amount of deposits which 
can be held by the Treasurer from $5,000,000 to $10,000,000.
    1936--Act June 23, 1936, substituted ``in the absence of any 
specification to the contrary'' for ``Should any gift or bequest so 
provide''.

                  Section Referred to in Other Sections

    This section is referred to in section 160 of this title.



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