Page:United States Statutes at Large Volume 63 Part 1.djvu/459

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63 STAT.] 81ST CONG. , 1ST SESS.-CH. 338 -JULY 15, 1949 and substantial benefit both to the project and to other areas, the Administrator shall provide that, for the purpose of computing the amount of the local grants-in-aid for such project, there shall be included an allowance of an appropriate portion (as determined by the Administrator) of the cost of such park, playground, public building, or facility. No demolition or removal work, improvement, or facility for which a State, municipality, or other public body has received or has contracted to receive any grant or subsidy from the United States, or any agency or instrumentality thereof, for such work, or the construction of such improvement or facility, shall be eligible for inclusion as a local grant-in-aid in connection with a project or projects assisted under this title. (e) "Gross project cost" shall comprise (1) the amount of the expenditures by the local public agency with respect to any and all undertakings necessary to carry out the project (including the pay- ment of carrying charges, but not beyond the point where the project is completed), and (2) the amount of such local grants-in-aid as are furnished in forms other than cash. (f) "Net project cost" shall mean the difference between the gross project cost and the aggregate of (1) the total sales prices of all land sold, and (2) the total capital values (i) imputed, on a basis approved by the Administrator, to all land leased, and (ii) used as a basis for determining the amounts to be transferred to the project from other funds of the local public agency to compensate for any land retained by it for use in accordance with the redevelopment plan. (g) "Going Federal rate" means the annual rate of interest (or, if there shall be two or more such rates of interest, the highest thereof) specified in the most recently issued bonds of the Federal Government having a maturity of ten years or more, determined at the date the contract for advance of funds or for loan is made. Any contract for loan made may be revised or superseded by a later contract, so that the going Federal rate, on the basis of which the interest rate on the loan is fixed, shall mean the going Federal rate, as herein defined, on the date that such contract is revised or superseded by such later contract. (h) "Local public agency" means any State, county, municipality, or other governmental entity or public body which is authorized to undertake the project for which assistance is sought. "State" includes the several States, the District of Columbia, and the Terri- tories, dependencies, and possessions of the United States. (i) "Administrator" means the Housing and Home Finance Administrator. TITLE II-AMENDMENTS TO NATIONAL HOUSING ACT SEC. 201. The National Housing Act, as amended, is hereby amended- (1) by striking out of the first sentence of section 2 (a) "July 1, 1949" and inserting in lieu thereof "September 1, 1949'; (2) by striking out of the proviso in section 203 (a) "$4,000,000,000" and inserting in lieu thereof "$5,300,000,000" and by striking out of such proviso "$5,000,000,000" and inserting in lieu thereof "$5,500,000,000"; and (3) by striking out of the second proviso in section 603 (a) "June 30, 1949" in each place where it appears therein and insert- ing in lieu thereof "August 31, 1949". SEC. 202. This title shall take effect as of June 30, 1949. 421 "Gross project cost." "Net project cost." "GoingFederal rate." "Local public agency." "A dministrator." 48 Stat. 1246; 61 Stat. 182. 12 U. 8. 0., Supp. II, § 1703 (a). Post, pp . 681, 905. 48 Stat. 1248; 55 Stat. 365 . 12 U. S. C., Supp. II, § 1709 (a). Post, pp. 681, 905. 55 Stat. 56. 12 U. S. C., Supp. I, § 1738 (a). Ante, p. 29; post, pp. 681 ,905. Effective date.