« iepriekšējāTurpināt »
has been established by the Department of Health, Education, and Welfare, or where pending loss of business or industry is expected to produce such conditions, or those areas characterized by substantial outmigration resulting from the lack of job opportunities, or those areas suffering from other conditions which in the judgment of the board of directors of the Bank qualify them for assistance under the provisions of this Act.
(5) The term "adequate wage” means a wage which shall not be lower than whichever is highest : (a) the minimum wage under the Fair Labor Standards Act of 1938, (b) the minimum wage set by State or local governments, (c) the prevailing rate of wages in the area for comparable work.
(6) The term "effective interest rate" means the total amounts paid on a loan for interest, commissions, bonuses, discounts, premiums, or other similar charges. 84. Establishment
There is created a body corporate to be known as the Development Bank (referred to in this Act as the Bank). No loan may be made by the Bank unless the borrower is unable to obtain funds on reasonable terms from other sources. 85. Board of Directors
The management of the Bank shall be vested in a Board of Directors consisting of the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Housing and Urban Development, the Secretary of Labor, and ten other persons who shall be appointed by the President with the advice and consent of the Senate. Of the ten persons so appointed, one shall be an elected or an appointed official of a State government, one shall be an elected or appointed official of a local government. All of the other persons so appointed shall be from the private sector. Two shall be from among representatives of organized labor, two shall be from among representatives of business and finance, two from among representatives of social welfare organizations dealing with the problems of low-income urban residents and two shall be from among representatives of rural organizations dealing with economic and social problems of depressed rural areas. The terms of directors appointed by the President shall be two years, commencing with the date of enactment of this Act. Any director appointed to fill a vacancy shall be appointed only for the unexpired portion of the term. Any director may continue to serve as such after the expiration of the term for which he was appointed until his successor has been appointed and has qualified. $ 6. Appointment of officers and employees
The Board of Directors of the Bank shall appoint a president of the Bank and such other officers and employees as it deems necessary to carry out the functions of the Bank. Such appointments may be made without regard to the provisions of title 5, United States Code, governing appointments in the competitive service, and persons so appointed may be paid without regard to the provisions of chapter 51 of subchapter III of chapter 53 of such title relating to classification and General Schedule pay rates. The president of the Bank shall be an ex officio member of the Board of Directors and may participate in meetings of the board except that he shall have no vote except in case of an equal division. No individual other than a citizen of the United States may be an officer of the Bank. No officer of the Bank shall receive any salary or other remuneration from any source other than the Bank during the period of his employment by the Bank. 87. Conflict of interest
(a) No director, officer, attorney, agent, or employee of the Bank shall in any manner, directly or indirectly, participate in the deliberations upon or the determination of any question affecting his personal interests, or the interests of any corporation, partnership, or association in which he is directly or indirectly personally interested.
(b) The Bank shall not engage in political activities nor provide financing for or assist in any manner any project or facility involving political parties, por shall the directors, officers, employees, or agents of the Bank in any way use their connection with the Bank for the purpose of influencing the outcome of any election. 88. General corporate powers
Errept to the extent inconsistent with the provisions of this Act, the Bank shall have the general corporate powers of a corporation organized and existing under the laws of the District of Columbia.
$ 9. Principal office; branches
The principal office of the Bank shall be located in the District of Columbia, and it may establish agencies or branch offices in any city of the United States. $ 10. Capital stock
(a) The Bank shall have capital stock of $1,000,000,000, subscribed by the United States, payment for which shall be subject to call in whole or in part by the Board of Directors.
(b) The Secretary of the Treasury is authorized to, and upon request of the Board of Directors shall, purchase stock in amounts designated by the Board of Directors up to a total of $1,000,000,000. § 11. Borrowing authority
(a) The Bank may issue notes, debentures, bonds, and other evidences of indebtedness in such amounts and on such terms and conditions as the corporation may determine subject to the limitations prescribed in this Act.
(b) The aggregate outstanding indebtedness of the Bank under this section at any time may not exceed twenty times the paid-in capital stock of the Bank at that time.
(c) The obligations of the Bank under this section shall be fully and unconditionally guaranteed both as to interest and principal by the United States and such guarantee shall be expressed on the face thereof.
(d) In the event that the Bank is unable to pay upon demand, when due, any obligation under this section, the Secretary of the Treasury shall pay the amount thereof and thereupon to the extent of the amount so paid by the Secretary of the Treasury shall succeed to all the rights of the holder of the obligations. 8 12. Purchase of assets by Treasury
The Secretary of the Treasury is authorized to purchase from the Bank any asset of the Bank at such price as may be agreed upon between the Secretary and the Bank. $ 13. Discount by Federal Reserve banks
(a) The several Federal Reserve banks are authorized to purchase or discount any note, debenture, bond, or other obligation, secured or unsecured, held by the Bank.
(b) Obligations of the Bank are eligible for purchase by the Federal Reserve Open Market Committee. § 14. Investment status of obligations of Bank
All obligations issued by the Bank shall be lawful investments for, and may be accepted as security for, all fiduciary, trust, and public funds the investment or deposit of which is under the authority or control of the United States or of any officer or officers thereof. § 15. Loans for low- and moderate-income housing
(a) The Bank may make or guarantee loans for the purchase of low- and moderate-income housing under the insured and guaranteed loan programs of the Department of Housing and Urban Development, the Veterans' Administration, the Farmers Home Administration of the Department of Agriculture, and for military housing under sections 809 and 810 of title VIII of the National Housing Act.
(b) The Bank may make or guarantee loans to developers, contractors, subcontractors and other persons to finance the construction of low- and moderateincome housing under the insured and guaranteed loan programs of the Department of Housing and Urban Development, the Veterans Administration, and Farmers Home Administration of the Department of Agriculture, and for military housing under sections 809 and 810 of title VIII of the National Housing Act.
(c) Loans made under (b) of this section shall not exceed an effective rate of 6 per centum per annum or the discount rate of the Federal Reserve Systemi, whichever is lowest, or a lesser rate of interest established by the Board of Directors of the Bank. § 16. Loans for community development
(a) The Bank may make or guarantee loans or purchase obligations to finance capital expenditures for public works, community facilities, land for
"INVESTMENT IN LOW- AND MODERATE-INCOME HOUSING MORTGAGES BY PRIVATE
“Sec. 524. (a) (1) The Congress finds that housing starts in the United States
"(2) The Congress finds that the additional resources required to meet the
*(3) It is the purpose of this section and the policy of the Congress to encour-
(1) the term "Secretary", unless otherwise specified, means the Secretary
(2) the terms “low- and moderate-income housing” and “low- and mod-
(3) the term “federally insured or guarranteed mortgage” means any
(4) the term "private pension fund" means a pension plan to which
(1) the total investment required to meet the national housing goals for
(2) the total amount, projected on the basis of rehabilitated and new
(3) the difference between what can be expected to be invested and what
(4) the total combined assets of any or all private pension funds; and
(5) the portion of the combined assets of private pension funds which
families are met during the next thirty-six months.