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1 amount as may be necessary, but not to exceed in the

aggre2 gate $35,000,000. The Corporation is authorized and di3 rected to issue and deliver to the Secretary of the Treasury, 4 and the Secretary of the Treasury is authorized and directed 5

to accept, the capital stock of the Corporation. Payments for 6

such capital stock shall be subject to call in whole or in part 7 by the Board and shall be made at such time or times as the 8 Secretary of the Treasury deems advisable. The Corporation 9 shall issue to the Secretary of the Treasury receipts for pay10 ments by him for or on account of such stock, and such re11 ceipts shall be evidence of the stock ownership of the United

12 States.

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(b) For the purposes of this section, the Corporation is 14 authorized to issue, upon the approval of the Secretary of the 15 Treasury, and have outstanding at any one time, obligations 16 having such maturities and bearing such rate or rates of inter17 est as may be determined by the Corporation, with the ap18 proval of the Secretary of the Treasury, to be redeemable at 19 the option of the Corporation before maturity in such manner 20 as may be stipulated in such obligations; but the aggregate 21 amount of the obligations of the Corporation under this sub22 section outstanding at any one time shall not exceed 10 23 times the sum of the capital stock issued by the Corporation. 24 In no event shall any such obligation be issued if, at the

25 time of such proposed issuance, and as a consequence thereof,

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1 the resulting aggregate amount of its outstanding obligations 2 under this subsection would exceed the amount of the Corpo

3 ration's interest pursuant to this Act free from any liens or 4 encumbrances, or property, cash, mortgages, or other secu5 rity holdings, and obligations issued or guaranteed by the 6 United States, or obligations, participations, or other instru

7 ments which are lawful investments for fiduciaries, trusts, or

8 public funds. The Corporation shall insert appropriate lan

9 guage in all of its obligations issued under this subsection

10 clearly indicating that such obligations, together with the in11 terest thereon, is not guaranteed by the United States and 12 does not constitute a debt or obligation of the United States 13 or any agency or instrumentality thereof other than the Cor14 poration. The Corporation is authorized to purchase in the 15 open market any of its obligations outstanding under this

16 subsection at any time and at any price.

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(c) The Secretary of the Treasury is authorized in his 18 discretion to purchase any obligations issued pursuant to 19 subsection (b) of this section, and for such purpose the Sec20 retary of the Treasury is authorized to use as a public debt 21 transaction the proceeds of the sale of any securities here22 after issued under the Second Liberty Bond Act, and the

23 purposes for which securities may be issued under the Sec

24 ond Liberty Bond Act are extended to include such pur25 chases. The Secretary of the Treasury shall not at any time

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1 purchase any obligations under this subsection if such pur

2 chase would increase the aggregate principal amount of his 3 then outstanding holdings of such obligations under this sub4 section to an amount greater than $350,000,000. Each pur5 chase of obligations by the Secretary of the Treasury under 6 this subsection shall be upon such terms and conditions as to 7 yield a return at a rate determined by the Secretary of the 8 Treasury, taking into consideration the current average rate 9 on outstanding marketable obligations of the United States 10 as of the last day of the month preceding the making of such 11 purchase. The Secretary of the Treasury may, at any time, 12 sell, upon such terms and conditions and at such price or 13 prices that he shall determine, any of the obligations ac14 quired by him under this subsection. All redemptions, pur15 chases, and sales by the Secretary of the Treasury of such

16 obligations under this subsection shall be treated as public

17 debt transactions of the United States.

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TAXATION OF TIIE CORPORATION

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Sec. 9. The Corporation, including its franchise, capital,

20 reserve, surplus, and income shall be exempt from all taxa21 tion now or hereafter imposed by the United States or any 22 district, territory, dependency, or possession thereof, or by 23 any State, county, municipality, or local taxing authority. 24 Any residential or other real property of the Corporation

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1 shall be subject to taxation to the same extent, according to 2 its value, as other residential or other real property.

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RECEIPTS AND DISBURSEMENTS OF CORPORATION

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EXCLUDED FROM THE BUDGET

5 SEC. 10. The receipts and disbursements of the Corpo6 ration in the discharge of its duties shall not be included in

7 the totals of the budget of the United States Government and

8 shall be exempt from any annual expenditure and net lend9 ing (budget outlays) limitations imposed on the budget of 10 the United States Government. In accordance with the pro

11 visions of the Government Corporation Control Act, the

12 President shall transmit annually to the Congress a budget

13 for program activities and for administrative expenses of the

14 Corporation, which budget shall also include the estimated

15 annual net borrowing by the Corporation from the United 16 States Treasury. The President shall report annually to the 17 Congress the amount of net lending of the Corporation, in18 cluding any net lending created by the net borrowing from 19 the United States Treasury, which would be included in the

20 total budget of the United States Government if the Cor

21 poration's activities were not excluded from those totals as

22 a result of this section.

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RETIREMENT OF OBLIGATIONS

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SEC. 11. The Corporation shall retire and cancel its

25 bonds and stock when its purposes under this Act have been

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1 accomplished. Upon the retirement of such stock, the reason? able value thereof as determined by the Board shall be paid 3 into the Treasury of the United States and the receipts issued 4 therefor shall be canceled. The Board shall proceed to liq5 uidate the Corporation and shall pay any surplus or accu6 mulated funds into the Treasury of the United States. The

7 Corporation may declare and pay such dividends to the

8 United States as may be earned and as in the judgment of

9 the Board it is proper for the Corporation to pay.

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11 Sec. 12. If any provision of this Act or any part there12 of, or the application of any such provision or part to any

13 person or circumstance, is held invalid, the remainder of

14 the Act or provision, or the application of such provision

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or part to other persons or circumstances, shall not be

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SEC. 13. (a) The Corporation shall transmit to the Con

19 gress not later than March 31 of each year a detailed report 20 on its operations and activities during the preceding calen

21 dar year.

22 (b) In its fourth annual report, the Corporation shall 23 include its recommendations with respect to whether the

24 demonstration authorized under this Act should be con

25 tinued, expanded, or terminated. If the Corporation recom

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