§ 54. — Appropriation of interest.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 20USC54]
TITLE 20--EDUCATION
CHAPTER 3--SMITHSONIAN INSTITUTION, NATIONAL MUSEUMS AND ART GALLERIES
SUBCHAPTER I--CHARTER PROVISIONS
Sec. 54. Appropriation of interest
So much of the property of James Smithson as has been received in
money, and paid into the Treasury of the United States, being the sum of
$541,379.63, shall be lent to the United States Treasury and invested in
public debt securities with maturities requested by the Smithsonian
Institution bearing interest at rates determined by the Secretary of the
Treasury, based upon current market yields on outstanding marketable
obligations of the United States of comparable maturities, and this
interest is hereby appropriated for the perpetual maintenance and
support of the Smithsonian Institution; and all expenditures and
appropriations to be made, from time to time, to the purposes of the
Institution shall be exclusively from the accruing interest, and not
from the principal of the fund. All the moneys and stocks which have
been, or may hereafter be, received into the Treasury of the United
States, on account of the fund bequeathed by James Smithson, are hereby
pledged to refund to the Treasury of the United States the sums hereby
appropriated.
(R.S. Sec. 5590; Pub. L. 97-199, Sec. 1, June 22, 1982, 96 Stat. 121.)
Codification
R.S. Sec. 5590 derived from acts Aug. 10, 1846, ch. 178, Sec. 2, 9
Stat. 102; Feb. 5, 1867, ch. 34, Sec. 2, 14 Stat. 391.
Amendments
1982--Pub. L. 97-199 substituted ``and invested in public debt
securities with maturities requested by the Smithsonian Institution
bearing interest at rates determined by the Secretary of the Treasury,
based upon current market yields on outstanding marketable obligations
of the United States of comparable maturities, and this interest is
hereby'' for ``, at 6 per centum per annum interest; and 6 per centum
interest on the trust-fund and residuary legacy received into the United
States Treasury, payable in half-yearly payments, on the first of
January and July in each year, is'', substituted ``purposes of the
Institution'' for ``purposes of the institution'', and substituted ``are
hereby pledged'' for ``are pledged''.
Effective Date of 1982 Amendment
Section 2 of Pub. L. 97-199 provided that: ``The amendment made by
the first section [amending this section] shall apply with respect to
fiscal years beginning after September 30, 1982.''
Section Referred to in Other Sections
This section is referred to in sections 57, 67 of this title; title
31 section 1305.
