20 U.S.C. § 54 — Appropriation of interest

Page 13 TITLE 20—EDUCATION § 57 (R.S. § 5588.) Editorial Notes CODIFICATION R.S. § 5588 derived from act Aug. 10, 1846, ch. 178, § 4, 9 Stat. 104. § 53. Protection of property All laws for the protection of public property in the city of Washington shall apply to, and be in force for, the protection of the lands, build- ings, and other property of the Smithsonian In- stitution. All moneys recovered by or accruing to, the institution shall be paid into the Treas- ury of the United States, to the credit of the Smithsonian bequest, and separately accounted for. (R.S. § 5589.) Editorial Notes CODIFICATION R.S. § 5589 derived from act Aug. 10, 1846, ch. 178, § 5, 9 Stat. 104. § 53a. Authorization of appropriations Appropriations are authorized for the mainte- nance of the Astrophysical Observatory and the making of solar observations at high altitudes; for repairs and alterations of buildings and grounds occupied by the Smithsonian Institu- tion in the District of Columbia and elsewhere; and for preparation of manuscripts, drawings, and illustrations for publications. (Aug. 22, 1949, ch. 494, § 2, 63 Stat. 623.) § 54. Appropriation of interest So much of the property of James Smithson as has been received in money, and paid into the Treasury of the United States, being the sum of $541,379.63, shall be lent to the United States Treasury and invested in public debt securities with maturities requested by the Smithsonian Institution bearing interest at rates determined by the Secretary of the Treasury, based upon current market yields on outstanding market- able obligations of the United States of com- parable maturities, and this interest is hereby appropriated for the perpetual maintenance and support of the Smithsonian Institution; and all expenditures and appropriations to be made, from time to time, to the purposes of the Insti- tution shall be exclusively from the accruing in- terest, and not from the principal of the fund. All the moneys and stocks which have been, or may hereafter be, received into the Treasury of the United States, on account of the fund be- queathed by James Smithson, are hereby pledged to refund to the Treasury of the United States the sums hereby appropriated. (R.S. § 5590; Pub. L. 97–199, § 1, June 22, 1982, 96 Stat. 121.) Editorial Notes CODIFICATION R.S. § 5590 derived from acts Aug. 10, 1846, ch. 178, § 2, 9 Stat. 102; Feb. 5, 1867, ch. 34, § 2, 14 Stat. 391. AMENDMENTS 1982—Pub. L. 97–199 substituted ‘‘and invested in pub- lic debt securities with maturities requested by the Smithsonian Institution bearing interest at rates de- termined by the Secretary of the Treasury, based upon current market yields on outstanding marketable obli- gations of the United States of comparable maturities, and this interest is hereby’’ for ‘‘, at 6 per centum per annum interest; and 6 per centum interest on the trust- fund and residuary legacy received into the United States Treasury, payable in half-yearly payments, on the first of January and July in each year, is’’, sub- stituted ‘‘purposes of the Institution’’ for ‘‘purposes of the institution’’, and substituted ‘‘are hereby pledged’’ for ‘‘are pledged’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1982 AMENDMENT Pub. L. 97–199, § 2, June 22, 1982, 96 Stat. 121, provided that: ‘‘The amendment made by the first section [amending this section] shall apply with respect to fis- cal years beginning after September 30, 1982.’’ § 55. Acceptance of other sums The Secretary of the Treasury is authorized and directed to receive into the Treasury, on the same terms as the original bequest of James Smithson, such sums as the Regents may, from time to time, see fit to deposit, not exceeding, with the original bequest, the sum of $1,000,000. This shall not operate as a limitation on the power of the Smithsonian Institution to receive money or other property by gift, bequest, or de- vise, and to hold and dispose of the same in pro- motion of the purposes thereof. (R.S. § 5591; Mar. 12, 1894, ch. 36, 28 Stat. 41.) Editorial Notes CODIFICATION R.S. § 5591 derived from act Feb. 5, 1867, ch. 34, § 1, 14 Stat. 391. AMENDMENTS 1894—Act Mar. 12, 1894, made limitation on deposits into the Treasury inapplicable to receipt of gifts, be- quests and devises and dispositions of money or other property. § 56. Disposal of unappropriated money The Regents are authorized to make such dis- posal of any other moneys which have accrued, or shall hereafter accrue, as interest upon the Smithsonian fund, not herein appropriated, or not required for the purposes herein provided, as they shall deem best suited for the promotion of the purpose of the testator. (R.S. § 5592.) Editorial Notes CODIFICATION R.S. § 5592 derived from act Aug. 10, 1846, ch. 178, § 9, 9 Stat. 105. § 57. Disbursements Whenever money is required for the payment of the debts or performance of the contracts of the institution, incurred or entered into in con- formity with the provisions of sections 41 to 46, 48, 50, 51 to 53, 54 to 57, and 67 of this title, or for