§ 4707. — Barry Goldwater Scholarship and Excellence in Education Fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 20USC4707]
TITLE 20--EDUCATION
CHAPTER 59--BARRY GOLDWATER SCHOLARSHIP AND EXCELLENCE IN EDUCATION
PROGRAM
Sec. 4707. Barry Goldwater Scholarship and Excellence in
Education Fund
(a) Establishment of fund
There is established in the Treasury of the United States a trust
fund to be known as the Barry Goldwater Scholarship and Excellence in
Education Fund. The fund shall consist of amounts appropriated to it
pursuant to section 4711 of this title and amounts credited to it under
subsection (d) of this section.
(b) Investment of fund assets
It shall be the duty of the Secretary of the Treasury to invest in
full the amounts appropriated to the fund. Such investments may be made
only in public debt securities of the United States with maturities
suitable to the fund. For such purpose, such obligations may be acquired
(1) on original issue at the issue price, or (2) by purchase of
outstanding obligations at the market place. The purposes for which
obligations of the United States may be issued under chapter 31 of title
31 are hereby extended to authorize the issuance at par of special
obligations exclusively to the fund. Such special obligations shall bear
interest at a rate equal to the average rate of interest, computed as to
the end of the calendar month next preceding the date of such issue,
borne by all marketable interest-bearing obligations of the United
States then forming a part of the public debt, except that where such
average rate is not a multiple of \1/8\ of 1 percent, the rate of
interest of such special obligations shall be the multiple of \1/8\ of 1
percent next lower than such average rate. Such special obligations
shall be issued only if the Secretary determines that the purchases of
other interest-bearing obligations of the United States, or of
obligations guaranteed as to both principal and interest by the United
States or original issue or at the market price, is not in the public
interest.
(c) Authority to sell obligations
Any obligation acquired by the fund may be sold by the Secretary at
the market price.
(d) Proceeds from certain transactions credited to fund
The interest on, and the proceeds from the sale or redemption of,
any obligations held in the fund shall be credited to and form a part of
the fund.
(Pub. L. 99-661, div. A, title XIV, Sec. 1408, Nov. 14, 1986, 100 Stat.
4010; Pub. L. 102-190, div. A, title X, Sec. 1089(2), Dec. 5, 1991, 105
Stat. 1485; Pub. L. 102-484, div. A, title X, Sec. 1054(h), Oct. 23,
1992, 106 Stat. 2503.)
Codification
In subsec. (b), ``chapter 31 of title 31'' substituted for ``the
Second Liberty Bond Act'' on authority of Pub. L. 97-258, Sec. 4(b),
Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title
31, Money and Finance.
Amendments
1992--Subsec. (c). Pub. L. 102-484 struck out ``(except special
obligations issued exclusively to the fund)'' after ``by the fund''.
1991--Subsec. (b). Pub. L. 102-190, Sec. 1089(2)(A), substituted
``public debt securities of the United States with maturities suitable
to the fund.'' for ``interest-bearing obligations of the United States
or in obligations guaranteed as to both principal and interest by the
United States.''
Subsec. (c). Pub. L. 102-190, Sec. 1089(2)(B)(ii), struck out ``,
and such special obligations may be redeemed at par plus accrued
interest'' after ``market price''.
Pub. L. 102-190, Sec. 1089(2)(B)(i), which directed striking out of
``(exceptional special obligations issued exclusively to the fund)'',
could not be executed because those words did not appear. See 1992
Amendment note above.
Section Referred to in Other Sections
This section is referred to in section 4702 of this title.
