110
PUBLIC LAW 364-MAY 18, 1954
[68
ST A T,
TITLE IV—HIGHWAY CONSTRUCTION Author! zation. Loans.
Limitations.
Budget mate.
esti-
D. C. Code 1001 to 1-1013.
Availability.
Repayments
Interest.
Budget mates.
e sti-
SEC. 401. A program of construction projects to meet immediate capital needs for highways in the District is hereby authorized. SEC. 402. (a) To assist in financing such program of construction, the Commissioners are hereby authorized to accept loans for the District from the United States Treasury and the Secretary of the Treasury is hereby authorized to lend to the Commissioners such sums as may hereafter be appropriated: Provided, That the total principal amount of loans advanced pursuant to this section shall not exceed $50,250,000: Provided, further, That any loan for use in any fiscal year must first be specifically requested of the Congress in connection with the budget submitted for the District for such fiscal year, with a full statement of the work contemplated to be done and the need thereof, and such work must be approved by the Congress: xind provided further, That such approval shall not be construed to alter or to eliminate the procedures for consultation, advice, and recommendation provided in the National Capital Planning Act of 1952 (66 Stat. 781). Such loans shall be in addition to any other loans heretofore or hereafter made to the Commissioners for any other purpose, and when advanced shall be deposited in full in the Treasury of the United States to the credit of the Highway Fund. (b) The loans authorized under this section, or any parts thereof, shall be advanced to the Commissioners on their requisitions therefor, shall be available to the Commissioners for carrying out the said construction program, and shall be available until expended. (c) Any loan advanced pursuant to this section shall be repaid to the Secretary of the Treasury in substantially equal annual payments, including principal and interest, within a period of thirty years beginning on July 1 of the second fiscal year following the date on which each such advance is credited to the Highway F u n d: Provided, That the Commissioners may, in their discretion, make repayments in larger amounts at any time during the life of any such loan. Interest on such loans shall begin to accrue as of the dates the respective advancements are credited to the Highway Fund. (d) Loans advanced pursuant to this section during any six-month period (beginning with the six-month period ending December 31, 1954) shall be at a rate of interest determined by the Secretary of the Treasury as of the beginning of such period, which, in his judgment, would reflect the cost of money to the Treasury for borrowings at a maturity approximately equal to one-half of the period of time the loan is outstanding. (e) Moneys for the payments to the United States Treasury herein required shall be included in the budget estimates of the Commissioners and shall be payable from the Highway Fund. TITLE V—PAYMENT INTO H I G H W A Y FUND OF RENTS FOR VAULTS IN PUBLIC SPACE SEC. 501. Section 7 of the Act entitled "An Act making appropriations to provide for the expenses of the government of the District of Columbia for the fiscal year ending June thirtieth, nineteen hundred and seventeen, and for other purposes", approved September 1, 1916 (39 Stat. 716; sec. 7-901, D. C. Code, 1951 edition), is amended by inserting immediately before the period at the end thereof the following: ", and such rent shall be deposited to the credit of the Highway Fund".
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