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Current as of January 01, 2024 | Updated by Findlaw Staff
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.
Cite this article: FindLaw.com - 2 U.S.C. § 158 - U.S. Code - Unannotated Title 2. The Congress § 158. Deposits by Library of Congress Trust Fund Board with Treasurer of United States - last updated January 01, 2024 | https://codes.findlaw.com/us/title-2-the-congress/2-usc-sect-158/
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