§ 2294a. — Contracts for periodic payments to offset costs of purchase of obligations of local public housing agencies.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2294a]
TITLE 12--BANKS AND BANKING
CHAPTER 24--FEDERAL FINANCING BANK
Sec. 2294a. Contracts for periodic payments to offset costs of
purchase of obligations of local public housing agencies
In addition to any authority provided before October 1, 1981, the
Secretary of Housing and Urban Development may, on and after October 1,
1981, enter into contracts for periodic payments to the Federal
Financing Bank to offset the costs to the Bank of purchasing obligations
(as described in the first sentence of section 2294(b) of this title)
issued by local public housing agencies for purposes of financing public
housing projects authorized by section 1437c(c) of title 42.
Notwithstanding any other provision of law, such contracts may be
entered into only to the extent approved in appropriation Acts, and the
aggregate amount which may be obligated over the duration of such
contracts may not exceed $400,000,000. There are hereby authorized to be
appropriated any amounts necessary to provide for such payments. The
authority to enter into contracts under this subsection shall be in lieu
of any authority (except for authority provided specifically to the
Secretary before October 1, 1981) of the Secretary to enter into
contracts for such purposes under section 2294(b) of this title.
(Pub. L. 97-35, title III, Sec. 329E, Aug. 13, 1981, 95 Stat. 410.)
Codification
Section was enacted as part of the Housing and Community Development
Amendments of 1981 and also as part of the Omnibus Budget Reconciliation
Act of 1981, and not as part of the Federal Financing Bank Act of 1973
which comprises this chapter.
Effective Date
Section effective Oct. 1, 1981, see section 371 of Pub. L. 97-35,
set out as a note under section 3701 of this title.
