12 U.S.C. § 2250 — Farm Credit Administration operating ex-

Page 1353 TITLE 12—BANKS AND BANKING § 2250 ministration of this chapter. The Farm Credit Administration may dispose of property so ac- quired and any amounts collected from the dis- position of such property shall be deposited in the special fund provided for in section 2250(b) of this title and shall be available to the Adminis- tration in the same manner and for the same purposes as the funds collected under section 2250(a) of this title. (Pub. L. 92–181, title V, § 5.14, formerly § 5.15, Dec. 10, 1971, 85 Stat. 620; Pub. L. 96–592, title V, § 505, Dec. 24, 1980, 94 Stat. 3449; renumbered § 5.14 and amended Pub. L. 99–205, title II, § 201(4), Dec. 23, 1985, 99 Stat. 1690.) Editorial Notes PRIOR PROVISIONS A prior section 5.14 of Pub. L. 92–181 was renumbered section 5.13 and is classified to section 2248 of this title. AMENDMENTS 1985—Pub. L. 99–205 made technical amendments to the references to sections 2250(b) and 2250(a) of this title appearing in second sentence to reflect the renum- bering of the corresponding section of the original act. 1980—Pub. L. 96–592 inserted provisions relating to disposal of property and deposit of amounts from such disposal. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1985 AMENDMENT Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title. § 2250. Farm Credit Administration operating ex- penses fund (a) Determinations required (1) Generally Prior to the first day of each fiscal year, the Farm Credit Administration shall determine— (A) the cost of administering this chapter for the subsequent fiscal year, including ex- penses for official functions; (B) the amount of assessments that will be required to pay such administrative ex- penses, taking into consideration the funds contained in the Administrative Expense Ac- count, and maintain a necessary reserve; and (C) the amount of assessments that will be required to pay the costs of supervising and examining the Mortgage Corporation estab- lished under subchapter VIII. (2) Apportionments On the basis of the determinations made under paragraph (1), the Farm Credit Adminis- tration shall— (A) apportion the amount of the assess- ment described in paragraph (1)(B) among the System institutions on a basis that is determined to be equitable by the Farm Credit Administration; (B) assess and collect such apportioned amounts from time to time during the fiscal year as determined necessary by the Farm Credit Administration; and (C) assess and collect from the Mortgage Corporation, from time to time during the fiscal year, the amount described in para- graph (1)(C). (b) Deposits into fund (1) Treasury fund The amounts collected under subsection (a) shall be deposited in the Farm Credit Adminis- tration Administrative Expense Account. The Expense Account shall be maintained in the Treasury of the United States and shall be available, without regard, for purposes of se- questration, to the Balanced Budget and Emergency Deficit Control Act of 1985 [2 U.S.C. 900 et seq.], to pay the expenses of the Farm Credit Administration. (2) Nongovernment funds The funds contained in the Expense Account shall not be construed to be Federal Govern- ment funds or appropriated moneys. (3) Investment (A) Authority On request of the Farm Credit Administra- tion, the Secretary of the Treasury shall in- vest and reinvest such amounts contained in the Expense Account as, in the determina- tion of the Farm Credit Administration, are in excess of the amounts necessary for cur- rent expenses of the Farm Credit Adminis- tration. (B) Returns All income earned from such investments and reinvestments shall be deposited in the Expense Account. (C) Type Such investments shall be made in public debt securities with maturities suitable to the needs of the Expense Account, as deter- mined by the Farm Credit Administration, and bearing interest at rates determined by the Secretary of the Treasury, taking into consideration current market yields on out- standing marketable obligations of the United States of comparable maturities. (Pub. L. 92–181, title V, § 5.15, formerly § 5.16, Dec. 10, 1971, 85 Stat. 620; renumbered § 5.15 and amended Pub. L. 99–205, title II, §§ 201(5), 205(g)(6), Dec. 23, 1985, 99 Stat. 1690, 1707; Pub. L. 100–233, title IV, § 432(a), Jan. 6, 1988, 101 Stat. 1660; Pub. L. 100–399, title IV, § 416(a), (b), Aug. 17, 1988, 102 Stat. 1004; Pub. L. 102–552, title V, § 510, Oct. 28, 1992, 106 Stat. 4132.) Editorial Notes REFERENCES IN TEXT The Balanced Budget and Emergency Deficit Control Act of 1985, referred to in subsec. (b)(1), is title II of Pub. L. 99–177, Dec. 12, 1985, 99 Stat. 1038, which enacted chapter 20 (§ 900 et seq.) and sections 654 to 656 of Title 2, The Congress, amended sections 602, 622, 631 to 642, and 651 to 653 of Title 2, sections 1104 to 1106, and 1109 of Title 31, Money and Finance, and section 911 of Title 42, The Public Health and Welfare, repealed section 661 of Title 2, enacted provisions set out as notes under section 900 of Title 2 and section 911 of Title 42, and amended provisions set out as a note under section 621 of Title 2. For complete classification of this Act to the Code, see Short Title note set out under section 900 of Title 2 and Tables. Page 1354 TITLE 12—BANKS AND BANKING § 2251 PRIOR PROVISIONS A prior section 5.15 of Pub. L. 92–181 was renumbered section 5.14 and is classified to section 2249 of this title. AMENDMENTS 1992—Subsec. (b)(1). Pub. L. 102–552 inserted ‘‘, for purposes of sequestration,’’ after ‘‘regard’’ and struck out ‘‘or any other law’’ before ‘‘, to pay the expenses’’. 1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: ‘‘(a) The Farm Credit Administration shall prior to the first day of each fiscal year estimate the cost of ad- ministrative expenses for the ensuing fiscal year in ad- ministering this chapter, including official functions, and shall apportion the amount so determined among the institutions of the System on such equitable basis as the Farm Credit Administration shall determine, and shall assess against and collect in advance the amounts so apportioned from the institutions among which the apportionment is made. ‘‘(b) The amounts collected pursuant to subsection (a) of this section shall be covered into the Treasury, and credited to a special fund and, without regard to other law, shall be available to the Farm Credit Administra- tion for expenditure during each fiscal year for salaries and expenses of the Farm Credit Administration. As soon as practicable after the end of each such fiscal year, the Farm Credit Administration shall determine, on a fair and reasonable basis, the cost of operation of the Farm Credit Administration and the part thereof which fairly and equitably should be allocated to each bank and association as its share of the cost during the fiscal year of the Farm Credit Administration. If the amount so allocated is greater than the amount col- lected from the bank or other institutions, the dif- ference shall be collected from such bank or other in- stitutions, and, if less, shall be refunded from the spe- cial fund to the bank or other institutions entitled thereto or credited in the special fund to such bank or other institutions for use for the same purposes in fu- ture fiscal years.’’ Subsec. (a)(2)(A). Pub. L. 100–399, § 416(a), substituted ‘‘the assessment described in paragraph (1)(B)’’ for ‘‘such assessment’’. Subsec. (a)(2)(C). Pub. L. 100–399, § 416(b), substituted ‘‘described’’ for ‘‘specified’’. 1985—Subsec. (b). Pub. L. 99–205, § 205(g)(6), sub- stituted ‘‘the Farm Credit Administration’’ for ‘‘said Administration’’ twice in first sentence, and for ‘‘the Administration’’ and ‘‘such Administration’’ in second sentence. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title. EFFECTIVE DATE OF 1985 AMENDMENT Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title. § 2251. Quarters and facilities for the Farm Cred- it Administration (a) Location of principal office The Farm Credit Administration shall main- tain its principal office within the Washington D.C.-Maryland-Virginia standard metropolitan statistical area, and such other offices within the United States as in its judgment are nec- essary. (b) Alternate property authorizations for System banks As an alternate to the rental of quarters under section 2249 of this title, and without regard to any other provision of law, the banks of the Sys- tem, with the concurrence of two-thirds of the bank boards, are hereby authorized— (1) To lease or acquire real property in the District of Columbia or elsewhere for quarters of the Farm Credit Administration. (2) To construct, develop, furnish, and equip such building thereon and such facilities ap- purtenant thereto as in their judgment may be appropriate to provide, to the extent the Board may deem advisable, suitable, and ade- quate quarters and facilities for the Farm Credit Administration. (3) To enlarge, remodel, or reconstruct the same. (4) To make or enter into contracts for any of the foregoing. (5) To sell or otherwise dispose of any inter- est in property leased or acquired under the foregoing if authorized by the Board. (c) Financing (1) In general The Board may require of the respective banks of the System, and they shall make to the Farm Credit Administration, such ad- vances of funds for the purposes set out in this section as in the sole judgment of the Board may from time to time be advisable for the purposes of this section. (2) Advances The advances of funds described in para- graph (1) shall be in addition to and kept in a separate fund from the assessments authorized in section 2250 of this title and shall be appor- tioned by the Board among the banks in pro- portion to the total assets of the respective banks, and determined in such manner and at such times as the Board may prescribe. (3) Powers of banks The powers of the banks of the System and purposes for which obligations may be issued by such banks are hereby enlarged to include the purpose of obtaining funds to permit the making of advances required by this section. (4) Approval of board The plans and decisions for such building and facilities and for the enlargement, remod- eling, or reconstruction thereof shall be such as is approved in the sole discretion of the Board. (5) Agent for banks In actions undertaken by the banks pursu- ant to this section, the Farm Credit Adminis- tration may act as agent for the banks. (Pub. L. 92–181, title V, § 5.16, formerly § 5.17, Dec. 10, 1971, 85 Stat. 621; Pub. L. 96–592, title V, § 506, Dec. 24, 1980, 94 Stat. 3449; renumbered § 5.16 and amended Pub. L. 99–205, title II, § 201(6), Dec. 23, 1985, 99 Stat. 1690; Pub. L. 100–233, title VIII, § 805(y), Jan. 6, 1988, 101 Stat. 1717; Pub. L. 100–399, title IX, § 901(l), Aug. 17, 1988, 102 Stat. 1008; Pub. L. 115–334, title V, §§ 5405, 5411(28), Dec. 20, 2018, 132 Stat. 4676, 4682.) Editorial Notes PRIOR PROVISIONS A prior section 5.16 of Pub. L. 92–181 was renumbered section 5.15 and is classified to section 2250 of this title.