63 STAT.] 81ST CONG. , 1ST SESS.-CH. 338-JULY 15, 1949 (h) Section 20 is amended to read as follows: "SEC. 20. The Authority may issue and have outstanding at any one time notes and other obligations for purchase by the Secretary of the Treasury in an amount not to exceed $1,500,000,000. Such notes or other obligations shall be in such forms and denominations, shall have such maturities, and shall be subject to such terms and conditions as may be prescribed by the Authority with the approval of the Sec- retary of the Treasury. Such notes or other obligations shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average rate on outstanding marketable obligations of the United States as of the last day of the month pre- ceding the issuance of the notes or other obligations by the Authority. The Secretary of the Treasury is authorized and directed to purchase any notes or other obligations of the Authority issued hereunder and for such purpose is authorized to use as a public debt trans- action the proceeds from the sale of any securities 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 such obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obliga- tions shall be treated as public debt transactions of the Unifed States."; (i) Subsection 2 (5) is amended to read as follows: (5) The term 'development' means any or all undertakings neces- sary for planning, land acquisition, demolition, construction, or equipment, in connection with a low-rent housing project. The term 'development cost' shall comprise the costs incurred by a public housing agency in such undertakings and their necessary financing (including the payment of carrying charges, but not beyond the point of physi- cal completion) and in otherwise carrying out the development of such project. Construction activity in connection with a low-rent housing project may be confined to the reconstruction, remodeling, or repair of existing buildings."; and (j) The following additional subsection is added to section 15: "(9) Any contract for loans or annual contributions, or both, entered into by the Authority with a public housing agency, may cover one or more than one low-rent housing project owned by said public housing agency; in the event such contract covers two or more projects, such projects may, for any of the purposes of this Act and of such contract (including, but not limited to, the determination of the amount of the loan, annual contributions, or payments in lieu of taxes, specified in such contract), be treated collectively as one project." ANNUAL CONTRIBUTIONS SEC. 305. The United States Housing Act of 1937, as amended, is hereby amended as follows: (a) By inserting the following after the first sentence of subsection (e) of section 10: "With respect to projects assisted pursuant to this Act, the Authority (in addition to the amount authorized by the first sentence of this subsection) is authorized, with the approval of the President, to enter into contracts, on and after July 1, 1949, for annual contributions aggregating not more than $85,000,000 per annum, which limit shall be increased by further amounts of $55,000,000 on July 1 in each of the years 1950,1951, and 1952, respectively, and by $58,000,000 on July 1,1953: Provided,That (subject to the total additional authori- zation of not more than $308,000,000 per annum) such limit, and any such authorized increase therein, may be increased at any time or times 427 50 Stat. 898. 42U.S. C. 1420. Notes and obliga- tions. Interest. 40 Stat. 288. 31 U. S. C.§ 774(2). Post, p. 668. 50 Stat. 888 . 42U. S.C. §1402(5). "Development." "Development cost." 50 Stat. 895. 42U. .C.. 1415; Supp. 11, § 1415. Ante p. 422 . Contract covering one or more than one project. 50 Stat. 892. 42 .S. C. 1410(e). Contract anthoriza- tion for annual contri- butions. Increase in amounts.