53 STAT.] 76TH CONG., 1ST SESS.-CHS. 366 , 367-JULY 26, 1939 rights of the holders of such bonds. The Secretary of the Treasury, in his discretion, is authorized to purchase any bonds issued here- under, and for such purpose the Secretary of the Treasury is author- ized to use as a public-debt transaction the proceeds from the sale of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of the Corporation's bonds hereunder. The Secretary of the Treasury may, at any time, sell any of the bonds of the Corporation acquired by him under this section. All redemptions, purchases, and sales by the Sec- retary of the Treasury of the bonds of the Corporation shall be treated as public-debt transactions of the United States. With the approval of the Secretary of the Treasury, the Corporation shall have power to purchase such bonds in the open market at any time and at any price. None of the proceeds of the bonds shall be used for the performance of any proposed contract negotiated by the Corporation under the authority of section 12a of this Act until the proposed con- tract shall have been submitted to and approved by the Federal Power Commission. When any such proposed contract shall have been submitted to the said Commission, the matter shall be given precedence and shall be in every way expedited and the Commis- sion's determination of the matter shall be final. The authority of the Corporation to issue bonds under this section shall expire January 1, 1941, except that if at the time such authority expires the amount of bonds issued by the Corporation under this section is less than $61,500,000, the Corporation may, subject to the foregoing provisions of this section, issue, after the expiration of such period, bonds in an amount not in excess of the amount by which the bonds so issued prior to the expiration of such period is less than $61,500,000, for refund- ing purposes, or, subject to the provisions of paragraph (5) of this section (limiting the purposes for which loans under section 12a of funds derived from bond proceeds may be made) to provide funds found necessary in the performance of any contract entered into by the Corporation prior to the expiration of such period, under the authority of section 12a." Approved, July 26, 1939. [CHAPTER 3671 AN ACT To provide revenue for the District of Columbia, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act divided into titles and sections may be cited as the "District of Columbia Revenue Act of 1939." TITLE I-FEDERAL PAYMENT For the fiscal year ending June 30, 1940, and for each fiscal year thereafter, there is hereby authorized to be appropriated, as the annual payment by the United States toward defraying the expenses of the government of the District of Columbia, the sum of $6,000,000. TITLE II-INCOME TAX This title divided into sections and paragraphs according to the following table of contents, may be cited as the "District of Columbia Income Tax Act": 1085 Purchase by Secre- tary of Treasury. 40 Stat. 288 . 31U.S.C.§752; Supp. IV , § 752. Sale of acquired bonds. Redemptions, etc., treated as public-debt transactions. Open-market pur- chases. Approval by Fed- eral Power Commis- sion. Termination of au- thority to issue; ex- ception. July 26, 1939 [H1.R . 6i77] [Public, No. 225] District of Colum- bia Revenue Act of 1939. Annual Federal payment. District of Colum- bia Income Tax Act.