§ 74a. — Permanent loan of funds by Board of Trustees to Treasury; semiannual interest payments to Board.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 20USC74a]
TITLE 20--EDUCATION
CHAPTER 3--SMITHSONIAN INSTITUTION, NATIONAL MUSEUMS AND ART GALLERIES
SUBCHAPTER II--NATIONAL GALLERY OF ART
Sec. 74a. Permanent loan of funds by Board of Trustees to
Treasury; semiannual interest payments to Board
The Secretary of the Treasury is authorized and directed to receive
into the Treasury from time to time as a permanent loan by the Board of
Trustees of the National Gallery of Art to the United States sums in
cash of not to exceed $5,000,000 in the aggregate, and to pay interest
on the principal amount of such loan at a rate which is the higher of
the rate of 4 per centum per annum or a rate which is .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
semiannually. Such interest is permanently appropriated for payment to
the Board of Trustees of the National Gallery of Art.
(Apr. 10, 1943, ch. 46, 57 Stat. 62; Pub. L. 94-418, Sept. 21, 1976, 90
Stat. 1278.)
Codification
Section was not enacted as part of act Mar. 24, 1937, ch. 50, 50
Stat. 51, which comprises this subchapter.
Amendments
1976--Pub. L. 94-418 inserted provision authorizing alternate
interest rate to existing interest rate of 4 per centum per annum.
