--- kind: "section" citation: "20 U.S.C. § 76o" title: "20" title_heading: "Education" number: "76o" heading: "Borrowing authority to finance parking facilities" release: "119-102" url: "https://uscodex.org/usc/20/76o" units: - "Chapter 3 — Smithsonian Institution, National Museums and Art Galleries" - "Subchapter V — John F. Kennedy Center for the Performing Arts" --- # §76o. Borrowing authority to finance parking facilities - (a) **Revenue bonds—** To finance necessary parking facilities for the Center, the [Board](/usc/20/4702.md?p=2) may issue revenue bonds to the Secretary of the Treasury payable from revenues accruing to the [Board](/usc/20/4702.md?p=2). The total face value of all bonds so issued shall not be greater than $20,400,000. Such obligations shall have maturities agreed upon by the [Board](/usc/20/4702.md?p=2) and the Secretary of the Treasury but not in excess of fifty years. Such obligations may be redeemable at the option of the [Board](/usc/20/4702.md?p=2) before maturity in such manner as may be stipulated in such obligations, but the obligations thus redeemed shall not be refinanced by the [Board](/usc/20/4702.md?p=2). The Secretary of the Treasury is authorized and directed to purchase any obligations of the [Board](/usc/20/4702.md?p=2) to be issued under this section and for such purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under [chapter 31](/usc/31/chstIII-ch31.md) of title 31 and the purposes for which securities may be issued under [chapter 31](/usc/31/chstIII-ch31.md) of title 31 are extended to include any purchases of the [Board](/usc/20/4702.md?p=2)’s obligations under this section. - (b) **Interest—** Effective as of October 12, 1984, the obligations of the [Board](/usc/20/4702.md?p=2) incurred under [subsection (a)](#a) of this section shall bear no interest, and the requirement of the [Board](/usc/20/4702.md?p=2) to pay the unpaid interest which has accrued on such obligations is terminated. - (c) **Kennedy Center Revenue Bond Sinking Fund—** There is hereby established in the Treasury of the United States a sinking [fund](/usc/20/4702.md?p=3), the Kennedy Center Revenue Bond Sinking [Fund](/usc/20/4702.md?p=3) (hereinafter referred to as the “[Fund](/usc/20/4702.md?p=3)”), which shall be used to retire the obligations of the [Board](/usc/20/4702.md?p=2) incurred under [subsection (a)](#a) of this section upon the respective maturities of such obligations. The [Board](/usc/20/4702.md?p=2) shall pay into the [Fund](/usc/20/4702.md?p=3), beginning on January 1, 1987 and ending on January 1, 2016, the annual sum of $200,000 in amortization of the principal amount of the obligations. Such sums shall be invested by the Secretary of the Treasury in public debt securities with maturities suitable for the needs of the [Fund](/usc/20/4702.md?p=3) and bearing interest at rates determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities. The interest on such investments shall be credited to and form a part of the [Fund](/usc/20/4702.md?p=3). Moneys in the [Fund](/usc/20/4702.md?p=3) shall be used exclusively to retire the obligations of the [Board](/usc/20/4702.md?p=2) incurred under [subsection (a)](#a) of this section. Adjustments of not greater than plus or minus 5 per centum may be made from time to time in the annual payments to the [Fund](/usc/20/4702.md?p=3) in order to correct any gains or deficiencies as a result of fluctuations in interest rates over the life of the investments: Provided, however, That a final adjustment shall be made between the [Board](/usc/20/4702.md?p=2) and the Secretary of the Treasury at the end of the amortization period to correct any overall gain or deficiency in the [Fund](/usc/20/4702.md?p=3). The terms of this adjustment shall be covered by a memorandum of understanding between the [Board](/usc/20/4702.md?p=2) and the Secretary of the Treasury to be consummated on or before the time the initial payment into the [Fund](/usc/20/4702.md?p=3) is made. ## Source credit (Pub. L. 85–874, § 9, as added Pub. L. 88–260, § 1(6), Jan. 23, 1964, 78 Stat. 5; amended Pub. L. 91–90, § 1(b), Oct. 17, 1969, 83 Stat. 135; Pub. L. 98–473, title I, § 101(c), Oct. 12, 1984, 98 Stat. 1837, 1876; Pub. L. 101–449, § 4, Oct. 22, 1990, 104 Stat. 1051.) ## Notes ### Editorial Notes ### Amendments 1990—Subsec. (a). Pub. L. 101–449 substituted “chapter 31 of title 31” for “the Second Liberty Bond Act, as amended,” in two places. 1984—Pub. L. 98–473 designated existing provisions as subsec. (a), struck out provisions relating to interest on bonds, and added subsecs. (b) and (c). 1969—Pub. L. 91–90 substituted “$20,400,000” for “$15,400,000” in two places.