42 U.S.C. § 2362 — Financing by Commission

Page 5594 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 2361 ized, without regard to the provisions of section 6101 of title 41, to lease land, and to sell, lease, including leases with options to purchase, and otherwise dispose of improvements thereon, and such equipment and other personal property as is determined to be directly related thereto, in the Commission’s Hanford project in and near Richland, Washington, upon a determination by the Commission that such disposition will serve to prevent or reduce the adverse economic im- pact of actual or anticipated reductions in Com- mission programs in that area: Provided, how- ever, That the compensation to the Government for any such disposition shall be the estimated fair market value or estimated fair rental value of the property as determined by the Commis- sion: Provided further, That before the Commis- sion makes any disposition of property under the authority of this section, the basis for the proposed disposition (with necessary back- ground and explanatory data) shall be submitted to the Committee on Energy and Natural Re- sources of the Senate and the Committee on En- ergy and Commerce of the House of Representa- tives, and a period of forty-five days shall elapse while Congress is in session (in computing such forty-five-days, there shall be excluded the days on which either House is not in session because of adjournment of more than three days): Pro- vided, however, That those Committees, after having received the basis for the proposed dis- position, may by resolution in writing waive the conditions of, or all or any portion of, such forty-five-day period. (Aug. 4, 1955, ch. 543, ch. 11, § 120, as added Pub. L. 88–394, § 4, Aug. 1, 1964, 78 Stat. 376; amended Pub. L. 103–437, § 15(i), Nov. 2, 1994, 108 Stat. 4593.) Editorial Notes CODIFICATION In text, ‘‘section 6101 of title 41’’ substituted for ‘‘sec- tion 3709 of the Revised Statutes, as amended’’ on au- thority of Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts. AMENDMENTS 1994—Pub. L. 103–437 substituted ‘‘submitted to the Committee on Energy and Natural Resources of the Senate and the Committee on Energy and Commerce of the House of Representatives’’ for ‘‘submitted to the Joint Committee on Atomic Energy’’ and ‘‘That those Committees’’ for ‘‘That the Joint Committee on Atom- ic Energy’’. Statutory Notes and Related Subsidiaries TRANSFER OF FUNCTIONS Atomic Energy Commission abolished and functions transferred by sections 5814 and 5841 of this title. See also Transfer of Functions notes set out under those sections. SUBCHAPTER V—FINANCING § 2361. Contract to purchase by priority pur- chaser The Commission may, in the sale of any sin- gle-family or duplex house to a priority pur- chaser, enter into a contract to purchase which provides that the purchaser shall conclude his purchase within not more than three years after the date the contract is entered into. Such con- tracts to purchase shall provide for such peri- odic payments, including payments on account of principal, interest, or tax equivalents, as the Commission shall prescribe. (Aug. 4, 1955, ch. 543, ch. 6, § 61, 69 Stat. 478.) Statutory Notes and Related Subsidiaries TRANSFER OF FUNCTIONS Atomic Energy Commission abolished and functions transferred by sections 5814 and 5841 of this title. See also Transfer of Functions notes set out under those sections. § 2362. Financing by Commission (a) Acceptance of residential property notes In the event that the Commission finds that financing on reasonable terms is not available from other sources, the Commission may, in order to facilitate the sale of residential prop- erty under subchapter IV of this chapter, accept, in partial payment of the purchase price of any such property notes secured by first mortgages on such terms and conditions as the Commission shall deem appropriate. In the case of houses and apartment buildings, the maturity and per- centage of appraised value in connection with such notes and mortgages shall not exceed those prescribed under section 1715n(a) of title 12, and the interest rate shall equal the interest rate plus the premium being charged (and any peri- odic service charge being authorized by the Sec- retary of Housing and Urban Development for properties of similar character) under section 1715n(a) of title 12, at the effective date of such notes and mortgages. (b) Advances In connection with the sale of residential property financed under subsection (a) of this section, the Commission is authorized to make advances for necessary repairs, or for the reha- bilitation, modernization, rebuilding or enlarge- ment of single and duplex residential properties to priority purchasers, and to include such ad- vances in the amount of the note secured by the mortgage on such property. (c) Acceptance of commercial property notes In the event that the Commission finds that financing on reasonable terms is not available from other sources, the Commission may, in order to facilitate the sale of commercial prop- erty under subchapter IV of this chapter, accept, in partial payment of the purchase price of any commercial property notes secured by first mortgages on such terms and conditions as the Commission shall deem appropriate. (d) Sale of notes and mortgages The Commission may sell any notes and mort- gages acquired under subsections (a) and (c) of this section on terms set by the Commission. Notwithstanding any other provisions of law and without regard to the provisions of section 6101 of title 41, the Commission may, in accordance with such terms and conditions as it may pre- scribe, (1) enter into contracts for servicing any of the notes and mortgages it has acquired, and Page 5595 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 2365 (2) sell or enter into contracts to sell to a servicer any notes and mortgages with respect to which a servicing contract has been entered into by the servicer with the Commission: Pro- vided, That with respect to sales of notes and mortgages under (2) the Commission shall com- ply with section 6101 of title 41 unless it deter- mines that such compliance would not be fea- sible. (Aug. 4, 1955, ch. 543, ch. 6, § 62, 69 Stat. 478; July 25, 1956, ch. 731, § 2, 70 Stat. 653; Pub. L. 87–719, §§ 15, 16, Sept. 28, 1962, 76 Stat. 665; Pub. L. 90–19, § 11, May 25, 1967, 81 Stat. 23.) Editorial Notes CODIFICATION In subsec. (d), ‘‘section 6101 of title 41’’ substituted for ‘‘section 3709 of the Revised Statutes’’ in two places on authority of Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Con- tracts. AMENDMENTS 1967—Subsec. (a). Pub. L. 90–19 substituted ‘‘Secretary of Housing and Urban Development’’ for ‘‘Federal Hous- ing Commissioner’’. 1962—Subsec. (a). Pub. L. 87–719, § 15, substituted ‘‘such property’’ for ‘‘house, apartment building, or dormitory’’. Subsec. (d). Pub. L. 87–719, § 16, inserted provisions re- specting servicing contracts and compliance with ad- vertising requirements for public purchases when fea- sible. 1956—Subsec. (a). Act July 25, 1956, reenacted subsec. (a) without change. Subsecs. (b), (c). Act July 25, 1956, added subsecs. (b) and (c) and redesignated former subsec. (b) as (d). Subsec. (d). Act July 25, 1956, redesignated former subsec. (b) as (d) and included notes and mortgages ac- quired under subsec. (c) of this section. Statutory Notes and Related Subsidiaries TRANSFER OF FUNCTIONS Atomic Energy Commission abolished and functions transferred by sections 5814 and 5841 of this title. See also Transfer of Functions notes set out under those sections. § 2363. Indemnity obligation of Commission; in- corporation by reference in deed For a period of not more than fifteen years after August 4, 1955, or, in the case of Los Ala- mos, not more than fifteen years after the date it is included within this chapter, the Commis- sion shall indemnify the purchaser (except a purchaser taking advantage of the provisions of section 2326(d) of this title), and any successor in title, of any such single family or duplex house as set forth in this subchapter. This in- demnity shall be deemed to be incorporated in the deeds given on the sale of Government- owned houses. One person may not invoke the indemnity in respect of more than one house. (Aug. 4, 1955, ch. 543, ch. 6, § 63, 69 Stat. 479; Pub. L. 87–719, § 17, Sept. 28, 1962, 76 Stat. 666.) Editorial Notes AMENDMENTS 1962—Pub. L. 87–719 inserted ‘‘or, in the case of Los Alamos, not more than fifteen years after the date it is included within this chapter’’ after ‘‘August 4, 1955,’’. Statutory Notes and Related Subsidiaries TRANSFER OF FUNCTIONS Atomic Energy Commission abolished and functions transferred by sections 5814 and 5841 of this title. See also Transfer of Functions notes set out under those sections. § 2364. Community employment and population The indemnity obligation specified in section 2363 of this title shall arise only if, for the six months just preceding the date on which it is in- voked— (a) the total number of operating, mainte- nance, and administrative employees in the project area, as determined by the Commis- sion, has been less than fourteen thousand three hundred and thirty-seven in the case of Oak Ridge or seven thousand six hundred and twenty-two in the case of Richland or four thousand six hundred and twenty in the case of Los Alamos; and (b) the population in the community has been less than twenty-nine thousand two hun- dred and fifty in the case of Oak Ridge or twenty-five thousand two hundred in the case of Richland or eleven thousand seven hundred and sixty-nine in the case of Los Alamos. For purposes of this section employment shall be determined on the basis of the pay period or periods ending nearest the 15th of each month. (Aug. 4, 1955, ch. 543, ch. 6, § 64, 69 Stat. 479; Pub. L. 87–719, §§ 18, 19, Sept. 28, 1962, 76 Stat. 666.) Editorial Notes AMENDMENTS 1962—Subsec. (a). Pub. L. 87–719, § 18, inserted ‘‘or four thousand six hundred and twenty in the case of Los Al- amos’’ after ‘‘Richland’’. Subsec. (b). Pub. L. 87–719, § 19, inserted ‘‘or eleven thousand seven hundred and sixty-nine in the case of Los Alamos’’ after ‘‘Richland’’. Statutory Notes and Related Subsidiaries TRANSFER OF FUNCTIONS Atomic Energy Commission abolished and functions transferred by sections 5814 and 5841 of this title. See also Transfer of Functions notes set out under those sections. § 2365. Amount of indemnity The indemnity obligation of the Commission specified in section 2363 of this title shall be for such amount, less the sales price of the prop- erty, as would have remained unpaid under a loan entered into on the date of the execution of the original deed by the Commission— (1) which was in the amount of the purchase price from the Commission and provided for equal monthly payments of principal and in- terest over a period of twenty years computed on the basis of the average interest and other charges recorded for property of the same class at the community; and (2) on which all payments due to the date when notice was received by the Commission had been made. (Aug. 4, 1955, ch. 543, ch. 6, § 65, 69 Stat. 479.)