42 U.S.C. § 1437i — Obligations of public housing agencies;

Page 4662 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 1437h demonstrate opportunities for energy cost reduction through energy services contracts, and to report find- ings and recommendations to Congress as soon as prac- ticable after expiration of 1-year period beginning on Nov. 28, 1990, was repealed by Pub. L. 105–276, title V, § 582(a)(11), Oct. 21, 1998, 112 Stat. 2644. § 1437h. Implementation of provisions by Sec- retary (a) Preparation and submission of annual budget program; maintenance of accounts; audit by Government Accountability Office In the performance of, and with respect to, the functions, powers, and duties vested in him by this chapter, the Secretary, notwithstanding the provisions of any other law, shall— (1) prepare annually and submit a budget program as provided for wholly owned Govern- ment corporations by chapter 91 of title 31; and (2) maintain an integral set of accounts which may be audited by the Government Ac- countability Office as provided by chapter 91 of title 31. (b) Availability of receipts and assets All receipts and assets of the Secretary under this chapter shall be available for the purposes of this chapter until expended. (c) Federal Reserve banks to act as depositories, custodians and fiscal agents; reimbursement for services The Federal Reserve banks are authorized and directed to act as depositories, custodians, and fiscal agents for the Secretary in the general ex- ercise of his powers under this chapter, and the Secretary may reimburse any such bank for its services in such manner as may be agreed upon. (Sept. 1, 1937, ch. 896, title I, § 10, as added Pub. L. 93–383, title II, § 201(a), Aug. 22, 1974, 88 Stat. 666; amended Pub. L. 98–479, title II, § 203(b)(2), Oct. 17, 1984, 98 Stat. 2229; renumbered title I, Pub. L. 100–358, § 5, June 29, 1988, 102 Stat. 681; Pub. L. 104–316, title I, § 122(k), Oct. 19, 1996, 110 Stat. 3837; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814.) Editorial Notes PRIOR PROVISIONS A prior section 10 of act Sept. 1, 1937, ch. 896, 50 Stat. 891, as amended, authorized annual contributions in as- sistance of low rentals for housing projects and was classified to section 1410 of this title, prior to the gen- eral revision of this chapter by Pub. L. 93–383. Similar provisions are contained in section 1437c of this title. AMENDMENTS 2004—Subsec. (a)(2). Pub. L. 108–271 substituted ‘‘Gov- ernment Accountability Office’’ for ‘‘General Account- ing Office’’. 1996—Subsec. (a)(2). Pub. L. 104–316 substituted ‘‘maintain an integral set of accounts which may be au- dited by the General Accounting Office as provided by chapter 91 of title 31.’’ for ‘‘maintain an integral set of accounts which shall be audited annually by the Gen- eral Accounting Office in accordance with the prin- ciples and procedures applicable to commercial trans- actions as provided by chapter 91 of title 31, and no other audit shall be required.’’ 1984—Subsec. (a)(1), (2). Pub. L. 98–479 substituted ‘‘chapter 91 of title 31’’ for ‘‘the Government Corpora- tions Control Act, as amended’’. § 1437i. Obligations of public housing agencies; contestability; full faith and credit of United States pledged as security; tax exemption (a) Obligations issued by a public housing agency in connection with low-income housing projects which (1) are secured (A) by a pledge of a loan under any agreement between such public housing agency and the Secretary, or (B) by a pledge of annual contributions under an annual contributions contract between such public housing agency and the Secretary, or (C) by a pledge of both annual contributions under an an- nual contributions contract and a loan under an agreement between such public housing agency and the Secretary, and (2) bear, or are accom- panied by, a certificate of the Secretary that such obligations are so secured, shall be incon- testable in the hands of a bearer and the full faith and credit of the United States is pledged to the payment of all amounts agreed to be paid by the Secretary as security for such obliga- tions. (b) Except as provided in section 1437c(g) of this title, obligations, including interest there- on, issued by public housing agencies in connec- tion with low-income housing projects shall be exempt from all taxation now or hereafter im- posed by the United States whether paid by such agencies or by the Secretary. The income de- rived by such agencies from such projects shall be exempt from all taxation now or hereafter imposed by the United States. (Sept. 1, 1937, ch. 896, title I, § 11, as added Pub. L. 93–383, title II, § 201(a), Aug. 22, 1974, 88 Stat. 667; amended Pub. L. 97–35, title III, § 322(c), Aug. 13, 1981, 95 Stat. 402; renumbered title I, Pub. L. 100–358, § 5, June 29, 1988, 102 Stat. 681; Pub. L. 101–625, title V, § 572(2), Nov. 28, 1990, 104 Stat. 4236.) Editorial Notes PRIOR PROVISIONS A prior section 11 of act Sept. 1, 1937, ch. 896, 50 Stat. 893, as amended, authorized capital grants to public housing agencies in assistance of low rentals and was classified to section 1411 of this title, prior to the gen- eral revision of this chapter by Pub. L. 93–383. AMENDMENTS 1990—Pub. L. 101–625 substituted ‘‘low-income hous- ing’’ for ‘‘lower income housing’’ wherever appearing. 1981—Pub. L. 97–35 substituted reference to lower in- come for reference to low-income wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1981 AMENDMENT Amendment by Pub. L. 97–35 effective Oct. 1, 1981, see section 371 of Pub. L. 97–35, set out as an Effective Date note under section 3701 of Title 12, Banks and Banking. § 1437j. Labor standards and community service requirement (a) Payment of wages prevailing in locality Any contract for loans, contributions, sale, or lease pursuant to this chapter shall contain a provision requiring that not less than the wages prevailing in the locality, as determined or adopted (subsequent to a determination under applicable State or local law) by the Secretary,