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Issuance of notes; form and denominations; interest rate; purchase by Secretary of the Treasury; debt transactions

The Secretary is authorized to issue notes to the Secretary of the Treasury to obtain funds necessary for discharging obligations under this section and for authorized expenditures out of the Fund, but, except as may be authorized in appropriation Acts, not for the original or any additional capital of the Fund. Such notes shall be in such form and denominations and have such maturities and be subject to such terms and conditions as may be prescribed by the Secretary with the approval of the Secretary of the Treasury. Each note shall bear interest at the average rate, as determined by the Secretary of the Treasury, payable by the Treasury upon its marketable public obligations outstanding at the beginning of the fiscal year in which such note is issued, which are neither due nor callable for redemption for fifteen years from their date of issue. The Secretary of the Treasury is authorized and directed to purchase any notes of the Secretary issued hereunder, and for that purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31, and the purposes for which such securities may be issued under such chapter are extended to include purchases of notes issued by the Secretary. All redemption, purchases, and sales by the Secretary of the Treasury of such notes shall be treated as public debt transactions of the United States. The notes issued by the Secretary to the Secretary of the Treasury shall constitute obligations of the Fund.

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statutes/42/1487.yaml

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Rules

public_loan_sale_reserve_minimum_rate

Parameter

source: 42 USC 1487(d)(4)

- name: public_loan_sale_reserve_minimum_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1487(d)(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: not less than 5 percent of the outstanding face amount
  versions:
    - effective_from: '0001-01-01'
      formula: '0.05'

public_loan_sale_reserve_minimum_amount

Derived

source: 42 USC 1487(d)

- name: public_loan_sale_reserve_minimum_amount
  kind: derived
  entity: LoanSale
  dtype: Money
  period: Year
  unit: USD
  source: 42 USC 1487(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: shall set aside as a reserve against future losses not less than 5 percent
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/42/1487#public_loan_sale_reserve_minimum_rate
            output: public_loan_sale_reserve_minimum_rate
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: public_loan_sale_reserve_minimum_rate * outstanding_face_amount_of_loans_held_by_public

public_sale_interest_subsidy_rate_difference

Derived

source: 42 USC 1487(d)(2)

- name: public_sale_interest_subsidy_rate_difference
  kind: derived
  entity: LoanSale
  dtype: Rate
  period: Year
  source: 42 USC 1487(d)(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: >-
              the difference between the rate of interest paid by the borrower ... and the market
              rate of interest
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d
        and loan_offered_for_sale_to_public:
        market_rate_of_interest_on_comparable_obligations_on_sale_date - borrower_interest_rate
        else: 0

public_sale_borrower_protection_agreements_required

Derived

source: 42 USC 1487(d)(3)

- name: public_sale_borrower_protection_agreements_required
  kind: derived
  entity: LoanSale
  dtype: Judgment
  period: Year
  source: 42 USC 1487(d)(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d

        and loan_offered_for_sale_to_public

        and agreement_protects_borrower_rights_from_purchaser_or_assignee_diminution

        and agreement_requires_assignment_to_secretary_after_substantial_default_before_foreclosure

        and
        agreement_requires_secretary_to_afford_subchapter_rights_before_foreclosure_or_dispossession_after_assignment

loan_commitment_authorized

Derived

source: 42 USC 1487(l)

- name: loan_commitment_authorized
  kind: derived
  entity: LoanCommitment
  dtype: Judgment
  period: Year
  source: 42 USC 1487(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        applicant_is_lender_builder_or_seller
        and applicant_complies_with_secretary_requirements
        and commitment_terms_and_conditions_are_prescribed_by_secretary

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us/statute/42/1487/h — Issuance of notes; form and denominations; interest rate; purchase by Secretary of the Treasury; debt transactions · Axiom

Issuance of notes; form and denominations; interest rate; purchase by Secretary of the Treasury; debt transactions

Official source

in view

Whole section

▸rulespec code

Shown source

statutes/42/1487.yaml

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This encoding covers the parent provision us/statute/42/1487; no dedicated encoding exists for this exact provision yet.

View on GitHub

Rules

public_loan_sale_reserve_minimum_rate

Parameter

source: 42 USC 1487(d)(4)

- name: public_loan_sale_reserve_minimum_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1487(d)(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: not less than 5 percent of the outstanding face amount
  versions:
    - effective_from: '0001-01-01'
      formula: '0.05'

public_loan_sale_reserve_minimum_amount

Derived

source: 42 USC 1487(d)

- name: public_loan_sale_reserve_minimum_amount
  kind: derived
  entity: LoanSale
  dtype: Money
  period: Year
  unit: USD
  source: 42 USC 1487(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: shall set aside as a reserve against future losses not less than 5 percent
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/42/1487#public_loan_sale_reserve_minimum_rate
            output: public_loan_sale_reserve_minimum_rate
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: public_loan_sale_reserve_minimum_rate * outstanding_face_amount_of_loans_held_by_public

public_sale_interest_subsidy_rate_difference

Derived

source: 42 USC 1487(d)(2)

- name: public_sale_interest_subsidy_rate_difference
  kind: derived
  entity: LoanSale
  dtype: Rate
  period: Year
  source: 42 USC 1487(d)(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: >-
              the difference between the rate of interest paid by the borrower ... and the market
              rate of interest
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d
        and loan_offered_for_sale_to_public:
        market_rate_of_interest_on_comparable_obligations_on_sale_date - borrower_interest_rate
        else: 0

public_sale_borrower_protection_agreements_required

Derived

source: 42 USC 1487(d)(3)

- name: public_sale_borrower_protection_agreements_required
  kind: derived
  entity: LoanSale
  dtype: Judgment
  period: Year
  source: 42 USC 1487(d)(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d

        and loan_offered_for_sale_to_public

        and agreement_protects_borrower_rights_from_purchaser_or_assignee_diminution

        and agreement_requires_assignment_to_secretary_after_substantial_default_before_foreclosure

        and
        agreement_requires_secretary_to_afford_subchapter_rights_before_foreclosure_or_dispossession_after_assignment

loan_commitment_authorized

Derived

source: 42 USC 1487(l)

- name: loan_commitment_authorized
  kind: derived
  entity: LoanCommitment
  dtype: Judgment
  period: Year
  source: 42 USC 1487(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        applicant_is_lender_builder_or_seller
        and applicant_complies_with_secretary_requirements
        and commitment_terms_and_conditions_are_prescribed_by_secretary