§ 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.
