PUBLIC LAW 95-339—AUG. 8, 1978
92 STAT. 467
AUTHORIZATION
SEC. 111. (a) There are authorized to be appropriated beginning 31 USC 1531. October 1, 1978, and to remain available without fiscal year limitation, such sums as may be necessary to carry out this title. (b) Any other provision of this title to the contrary notwithstanding, the authority of the Secretary to make any guarantee under this title shall be limited to such extent or amounts as are provided in advance in appropriation Acts. TITLE II—AMENDMENTS TO THE INTERNAL C O D E O F 1954
REVENUE
SEC. 201. TAXABILITY OF CERTAIN FEDERALLY GUARANTEED OBLIGATIONS. (a) CERTAIN FEDERALLY GUARANTEED OBLIGATIONS.—Section 108 of
the I n t e r n a l Revenue Code of 1954 (relating to interest on certain 26 USC 103. governmental obligations) is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection: "(f)
CERTAIN FEDERALLY GUARANTEED OBLIGATIONS.—Any obliga-
tion the payment of interest or principal (or both) of which is guaranteed in whole or in part under title I of the New York City Loan Guarantee Act of 1978 shall, with respect to interest accrued during the period for which such guarantee is in effect, be treated as an obligation not described in subsection (a). ". (b) OBLIGATIONS M A Y N O T B E ACQUIRED BY FEDERAL F I N A N C I N G
12 USC 2285a.
B A N K. — Nothing in any provision of law shall be construed to authorize the Federal F i n a n c i n g B a n k to acquire any obligation the payment of interest or principal of which has a t any time been guaranteed in whole or in part under title I of the New York City Loan Guarantee Act of 1978. (c) EFFECTIVE D A T E. — The amendments made by subsection (a) 26 USC 103note, shall apply to taxable years ending after the date of the enactment of this Act. Approved August 8, 1978.
LEGISLATIVE HISTORY: HOUSE REPORTS: No. 95-1129, Pt. 1 (Comm. on Banking, Finance and Urban Affairs), and Pt. 2 (Comm. on Ways and Means); and No. 95-1369 (Comm. of Conference). SENATE REPORT No. 95-952 (Comm. on Banking, Housing, and Urban Affairs). CONGRESSIONAL RECORD, Vol. 124 (1978): June 6-8, considered and passed House. June 29, considered and passed Senate, amended. July 25, House agreed to conference report. July 27, Senate agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 14, No. 32: Aug. 8, Presidential statement.
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