§ 76o. — Borrowing authority to finance parking facilities.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 20USC76o]
TITLE 20--EDUCATION
CHAPTER 3--SMITHSONIAN INSTITUTION, NATIONAL MUSEUMS AND ART GALLERIES
SUBCHAPTER V--JOHN F. KENNEDY CENTER FOR THE PERFORMING ARTS
Sec. 76o. Borrowing authority to finance parking facilities
(a) Revenue bonds
To finance necessary parking facilities for the Center, the Board
may issue revenue bonds to the Secretary of the Treasury payable from
revenues accruing to the Board. The total face value of all bonds so
issued shall not be greater than $20,400,000. Such obligations shall
have maturities agreed upon by the Board and the Secretary of the
Treasury but not in excess of fifty years. Such obligations may be
redeemable at the option of the Board before maturity in such manner as
may be stipulated in such obligations, but the obligations thus redeemed
shall not be refinanced by the Board. The Secretary of the Treasury is
authorized and directed to purchase any obligations of the Board to be
issued under this section and for such purpose the Secretary of the
Treasury is authorized to use as a public debt transaction the proceeds
from the sale of any securities issued under chapter 31 of title 31 and
the purposes for which securities may be issued under chapter 31 of
title 31 are extended to include any purchases of the Board's
obligations under this section.
(b) Interest
Effective as of October 12, 1984, the obligations of the Board
incurred under subsection (a) of this section shall bear no interest,
and the requirement of the Board to pay the unpaid interest which has
accrued on such obligations is terminated.
(c) Kennedy Center Revenue Bond Sinking Fund
There is hereby established in the Treasury of the United States a
sinking fund, the Kennedy Center Revenue Bond Sinking Fund (hereinafter
referred to as the ``Fund''), which shall be used to retire the
obligations of the Board incurred under subsection (a) of this section
upon the respective maturities of such obligations. The Board shall pay
into the Fund, beginning on January 1, 1987 and ending on January 1,
2016, the annual sum of $200,000 in amortization of the principal amount
of the obligations. Such sums shall be invested by the Secretary of the
Treasury in public debt securities with maturities suitable for the
needs of the Fund and bearing interest at rates determined by the
Secretary of the Treasury, taking into consideration the current average
market yield on outstanding marketable obligations of the United States
of comparable maturities. The interest on such investments shall be
credited to and form a part of the Fund. Moneys in the Fund shall be
used exclusively to retire the obligations of the Board incurred under
subsection (a) of this section. Adjustments of not greater than plus or
minus 5 per centum may be made from time to time in the annual payments
to the Fund in order to correct any gains or deficiencies as a result of
fluctuations in interest rates over the life of the investments:
Provided, however, That a final adjustment shall be made between the
Board and the Secretary of the Treasury at the end of the amortization
period to correct any overall gain or deficiency in the Fund. The terms
of this adjustment shall be covered by a memorandum of understanding
between the Board and the Secretary of the Treasury to be consummated on
or before the time the initial payment into the Fund is made.
(Pub. L. 85-874, Sec. 9, as added Pub. L. 88-260, Sec. 1(6), Jan. 23,
1964, 78 Stat. 5; amended Pub. L. 91-90, Sec. 1(b), Oct. 17, 1969, 83
Stat. 135; Pub. L. 98-473, title I, Sec. 101(c), Oct. 12, 1984, 98 Stat.
1837, 1876; Pub. L. 101-449, Sec. 4, Oct. 22, 1990, 104 Stat. 1051.)
Amendments
1990--Subsec. (a). Pub. L. 101-449 substituted ``chapter 31 of title
31'' for ``the Second Liberty Bond Act, as amended,'' in two places.
1984--Pub. L. 98-473 designated existing provisions as subsec. (a),
struck out provisions relating to interest on bonds, and added subsecs.
(b) and (c).
1969--Pub. L. 91-90 substituted ``$20,400,000'' for ``$15,400,000''
in two places.
