PUBLIC LAWS-CH. 338 -JULY 15,1949 which are requisite to provide for the payment when due of all install- ments of principal and interest on such obligations". 12U.s.C.§84. (b) Section 5200 of the Revised Statutes, as amended, is amended by adding at the end thereof the following: Nonapplicability of "(11) Obligations of a local public agency (as defined in sec- Ante, p.. 421. tion 110 (h) of the Housing Act of 1949) or of a public housing 420 Sta. 1401- agency (as defined in the United States Housing Act of 1937, as 1431;Supp.II ,§1402et amended) which have a maturity of not more than eighteen Ante, pp. 422-431. months shall not be subject under this section to any limitation, if such obligations are secured by an agreement between the obli- gor agency and the Housing and Home Finance Administrator or the Public Housing Administration in which the agency agrees to borrow from the Administrator or Administration, and the Administrator or Administration agrees to lend to the agency, prior to the maturity of such obligations, monies in an amount which (together with any other monies irrevocably committed to the payment of interest on such obligations) will suffice to pay the principal of such obligations with interest to maturity, which monies under the terms of said agreement are required to be used for that purpose.". NATIONAL HOUSING COUNCIL SEC. 603. The Secretary of Labor or his designee, and the Federal Security Administrator or his designee, shall hereafter be included in the membership of the National Housing Council in the Housing and Home Finance Agency. AMENDMENTS OF THE GOVERNMENT CORPORATIONS APPROPRIATION ACT, 1948, AND THE GOVERNMENT CORPORATIONS APPROPRIATION ACT, 1949 SEC. 604. (a) The second proviso in the paragraph under the head- 61 stat. 575 ing "Federal Public Housing Authority" in title I of the Government Corporations Appropriation Act, 1948, is hereby repealed as of July 1, 1947. 62 Stat. 1184. (b) The second proviso in the paragraph under the heading "Public Housing Administration" in title I of the Government Corporations Appropriation Act, 1949, is hereby repealed as of July 1, 1948. stat. 11 (c) The first proviso in the paragraph under the subheading "Public Housing Administration" in title II of the Government Corporations Appropriation Act, 1949, is hereby repealed. DEPUTY HOUSING AND HOME FINANCE ADMINISTRATOR SEC. 605. The Housing and Home Finance Administrator shall appoint a Deputy Housing and Home Finance Administrator, and compensation. the basic rate of compensation of such position shall be the same as the basic rate of compensation established for the heads of the constituent agencies of the Housing and Home Finance Agency. The Deputy Administrator shall act as Administrator during the absence or dis- ability of the Administrator or in the event of a vacancy in that office, and shall perform such other duties as the Administrator shall direct. 50 Stat. 888. 42 U. S. C.§ 1401- 1431; Supp. II , j 1402 et eq. Ante, pp. 422 -431. CONVERSION OF STATE LOW-RENT OR VETERANS' HOUSING PROJECTS SEC. 606. Any low-rent or veterans' housing project undertaken or constructed under a program of a State or any political subdivision thereof shall be approved as a low-rent housing project under the terms of the United States Housing Act of 1937, as amended, if (a) 440 [63 STAT.