§ 5202. — Eisenhower Exchange Fellowship Program 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: 20USC5202]
TITLE 20--EDUCATION
CHAPTER 63--EISENHOWER EXCHANGE FELLOWSHIP PROGRAM
Sec. 5202. Eisenhower Exchange Fellowship Program Trust Fund
(a) Establishment
There is established in the Treasury of the United States a trust
fund to be known as the Eisenhower Exchange Fellowship Program Trust
Fund (hereinafter in this chapter referred to as the ``fund''). The fund
shall consist of amounts authorized to be appropriated under section
5204 of this title.
(b) Investment in interest-bearing obligations
It shall be the duty of the Secretary of the Treasury to invest in
full 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 interests \1\ 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 price. 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 percent, the rate of interest of such special
obligations shall be the multiple of one-eighth of 1 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.
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\1\ So in original. Probably should be ``interest''.
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(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 of the
Treasury at the market price, and such special obligations may be
redeemed at par plus accrued interest.
(d) Credit to fund of interest and proceeds of sale or redemption
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.
(Pub. L. 101-454, Sec. 3, Oct. 24, 1990, 104 Stat. 1063.)
