[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 20USC2009]
TITLE 20--EDUCATION
CHAPTER 42--HARRY S TRUMAN MEMORIAL SCHOLARSHIPS
Sec. 2009. Harry S Truman Memorial Scholarship Trust Fund
(a) Establishment
There is established in the Treasury of the United States a trust
fund to be known as the Harry S Truman Memorial Scholarship Trust Fund.
The fund shall consist of amounts appropriated to it by section 2013 of
this title.
(b) Investment in interest bearing obligations
It shall be the duty of the Secretary 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 (1) on original issue at the issue
price, or (2) by purchase of outstanding obligations at the market
place. 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 where such average rate is not a multiple of
one-eighth of 1 per centum, the rate of interest of such special
obligations shall be the multiple of one-eighth of 1 per centum 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) Sale and redemption of obligations
Any obligation acquired by the fund (except special obligations
issued exclusively to the fund) may be sold by the Secretary at the
market price, and such special obligations may be redeemed at par plus
accrued interest.
(d) Credit to the fund of interest and proceeds of sale o
