Browse Arkansas Code titles and sections
12 U.S.C. § 2294 — Payments on behalf of public bodies
Federal law — U.S. Code and appendices · legal_authorities
**(a)** Notwithstanding any other provision of this chapter, the purchase by the Bank of the obligations of any local public body or agency within the United States shall be made upon such terms and conditions as may be necessary to avoid an increase in borrowing costs to such local public body or agency as a result of the purchase by the Bank of its obligations. The head of the Federal agency guaranteeing such obligations, in consultation with the Secretary of the Treasury, shall estimate the borrowing costs that would be incurred by the local public body or agency if its obligations were not sold to the Bank.
**(b)** The Federal agency guaranteeing obligations purchased by the Bank may contract to make periodic payments to the Bank which shall be sufficient to offset the costs to the Bank of purchasing obligations of local public bodies or agencies upon terms and conditions as prescribed in this section rather than as prescribed by [section 2285 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2285&num=0&edition=prelim). Such contracts may be made in advance of appropriations therefor, and appropriations for making payments under such contracts are hereby authorized.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2294
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 1b9b6110a1d540c86ba5e6ff4e5e878c6077f2cd6b37011448fcde3c814bd86b. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_3f44462d6aface0b5cd6cc58
Source file: Laws/federal/codes/united-states-code/title-12/section-2294-payments-on-behalf-of-public-bodies--24a5dbe857.md
Pages: Not recorded – Not recorded
Passage SHA-256: ac750112f48576f91bfb13598ff6eaf11b0ac1140b5e8580fa0a3d2f83d1f532
Source location: Title 12, Chapter 24, § 2294; chapter-024-federal-financing-bank.md
Stored source content
**(a)** Notwithstanding any other provision of this chapter, the purchase by the Bank of the obligations of any local public body or agency within the United States shall be made upon such terms and conditions as may be necessary to avoid an increase in borrowing costs to such local public body or agency as a result of the purchase by the Bank of its obligations. The head of the Federal agency guaranteeing such obligations, in consultation with the Secretary of the Treasury, shall estimate the borrowing costs that would be incurred by the local public body or agency if its obligations were not sold to the Bank.
**(b)** The Federal agency guaranteeing obligations purchased by the Bank may contract to make periodic payments to the Bank which shall be sufficient to offset the costs to the Bank of purchasing obligations of local public bodies or agencies upon terms and conditions as prescribed in this section rather than as prescribed by [section 2285 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2285&num=0&edition=prelim). Such contracts may be made in advance of appropriations therefor, and appropriations for making payments under such contracts are hereby authorized.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Purchase and sale of obligations issued, sold, or guaranteed by Federal agencies** The Bank is authorized to make commitments to purchase and sell, and to purchase and sell on terms and conditions determined by the Bank, any obligation which is issued, sold, or guaranteed by a Federal agency. Any Federal agency which is authorized to issue, sell, or guarantee any obligation is authorized to issue or sell such obligations directly to the Bank.
**(b) Yield** Any purchase by the Bank shall be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Secretary of the Treasury taking into consideration (1) the current average yield on outstanding marketable obligations of the United States of comparable maturity, or (2) whenever the Bank’s own obligations outstanding are sufficient, the current average yield on outstanding obligations of the Bank of comparable maturity.
**(c) Fees** The Bank is authorized to charge fees for its commitments and other services adequate to cover all expenses and to provide for the accumulation of reasonable contingency reserves.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2285
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1438
TITLE 12—BANKS AND BANKING
§ 2294
(Pub. L. 93–224, § 15, Dec. 29, 1973, 87 Stat. 941.)
Editorial Notes
CODIFICATION
‘‘Chapter 91 of title 31’’ and ‘‘section 9101(3) of title
31’’ substituted in text for ‘‘the Government Corpora-
tion Control Act (31 U.S.C. 841 et seq.)’’ and ‘‘section 101
of such Act (31 U.S.C. 846)’’, respectively, on authority
of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the
first section of which enacted Title 31, Money and Fi-
nance.
§ 2294. Payments on behalf of public bodies
(a) Notwithstanding any other provision of
this chapter, the purchase by the Bank of the
obligations of any local public body or agency
within the United States shall be made upon
such terms and conditions as may be necessary
to avoid an increase in borrowing costs to such
local public body or agency as a result of the
purchase by the Bank of its obligations. The
head of the Federal agency guaranteeing such
obligations, in consultation with the Secretary
of the Treasury, shall estimate the borrowing
costs that would be incurred by the local public
body or agency if its obligations were not sold
to the Bank.
(b) The Federal agency guaranteeing obliga-
tions purchased by the Bank may contract to
make periodic payments to the Bank which
shall be sufficient to offset the costs to the
Bank of purchasing obligations of local public
bodies or agencies upon terms and conditions as
prescribed in this section rather than as pre-
scribed by section 2285 of this title. Such con-
tracts may be made in advance of appropriations
therefor, and appropriations for making pay-
ments under such contracts are hereby author-
ized.
(Pub. L. 93–224, § 16, Dec. 29, 1973, 87 Stat. 941.)
§ 2294a. Contracts for periodic payments to offset
costs of pur
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2294
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.