§ 5705. — Christopher Columbus Fellowship 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: 20USC5705]
TITLE 20--EDUCATION
CHAPTER 67--CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION
Sec. 5705. Christopher Columbus Fellowship Fund
(a) In general
There is established in the Treasury a fund to be known as the
Christopher Columbus Scholarship \1\ Fund (hereafter in this chapter
referred to as the ``fund''), which shall consist of--
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\1\ So in original. Probably should be ``Fellowship''.
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(1) amounts deposited under subsection (d) of this section;
(2) obligations obtained under subsection (c) of this section;
(3) amounts contributed to the Foundation; and
(4) all surcharges received by the Secretary of the Treasury
from the sale of coins minted under the Christopher Columbus
Quincentenary Coin Act.
(b) Investments
(1) Duty of Secretary to invest
The Secretary of the Treasury shall invest in full any amount
appropriated or contributed to the fund.
(2) Authorized investments
Investments pursuant to paragraph (1) may be made only in
interest-bearing obligations of the United States or in obligations
guaranteed as to both principal and interest by the United States.
For such purpose, such obligations may be acquired--
(A) on original issue at the issue price; or
(B) by purchase of outstanding obligations at the market
price.
(3) Special obligations
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 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, if 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 purchase of other
obligations of the United States, or of obligations guaranteed as to
both principal and interest by the United States or original issue
at the market price, is not in the public interest.
(c) Sale of obligations
Any obligations acquired by the fund (except special obligations
issued exclusively to the fund in accordance with subsection (b)(3) of
this section) may be sold by the Secretary at the market price, and such
special obligations may be redeemed at par plus accrued interest.
(d) Interest
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.
(e) Availability of fund
(1) Stipends
The fund shall be available to the Foundation for payment of
stipends awarded under section 5704 of this title.
(2) Expenses
The Secretary of the Treasury is authorized to pay to the
Foundation from the interest and earnings of the funds such sums as
the Board determines are necessary and appropriate to enable the
Foundation to carry out the provisions of this chapter.
(f) Disbursements
Disbursements from the fund shall be made on vouchers approved by
the Foundation and signed by the Chairman.
(Pub. L. 102-281, title IV, Sec. 426, May 13, 1992, 106 Stat. 143.)
References in Text
The Christopher Columbus Quincentenary Coin Act, referred to in
subsec. (a)(4), is subtitle A (Secs. 401-411) of title IV of Pub. L.
102-281, May 13, 1992, 106 Stat. 139, which is classified as a note
under section 5112 of Title 31, Money and Finance.
