2019 US Code
Title 2 - The Congress
Chapter 5 - Library of Congress
Sec. 158 - Deposits by Library of Congress Trust Fund Board with Treasurer of United States
2 U.S.C. § 158 (2019) |
§158. Deposits by Library of Congress Trust Fund Board with Treasurer of United States |
In the absence of any specification to the contrary, the board may deposit the principal sum, in cash, with the Treasurer of the United States as a permanent loan to the United States Treasury, and the Treasurer shall thereafter credit such deposit with interest at a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum, payable semi-annually, such interest, as income, being subject to disbursement by the Librarian of Congress for the purposes specified: Provided, however, That the total of such principal sums at any time so held by the Treasurer under this authorization shall not exceed the sum of $10,000,000. |
(Mar. 3, 1925, ch. 423, §2, formerly §1, 43 Stat. 1107; renumbered §2, Apr. 13, 1936, ch. 213, 49 Stat. 1205; amended June 23, 1936, ch. 734, 49 Stat. 1894; Pub. L. 87–522, July 3, 1962, 76 Stat. 135; Pub. L. 94–289, May 22, 1976, 90 Stat. 521.) |
CODIFICATION
Section is comprised of third par. of section 2 of act Mar. 3, 1925. First, second, and fourth pars. of section 2 are classified to sections 156, 157, and 158a of this title, respectively. AMENDMENTS1976—Pub. L. 94–289 substituted "a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum" for "the rate of 4 per centum per annum". 1962—Pub. L. 87–522 increased the total amount of deposits which can be held by the Treasurer from $5,000,000 to $10,000,000. 1936—Act June 23, 1936, substituted "in the absence of any specification to the contrary" for "Should any gift or bequest so provide". |
United States Code, 2018 Edition, Supplement 1, Title 2 - THE CONGRESS |
Bills and Statutes |
United States Code |
Y 1.2/5: |
Title 2 - THE CONGRESS CHAPTER 5 - LIBRARY OF CONGRESS Sec. 158 - Deposits by Library of Congress Trust Fund Board with Treasurer of United States |
section 158 |
2019 |
January 24, 2020 |
No |
standard |
43 Stat. 1107 49 Stat. 1205, 1894 76 Stat. 135 90 Stat. 521 |
Public Law 87-522, Public Law 94-289 |