United States Statutes at Large/Volume 1/5th Congress/2nd Session/Chapter 30
Section 1. Ante, p. 461.
President may cause $100,000 to be loaned to the commissioners of the city of Washington.
Ante, p. 130.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and he hereby is authorized, to cause to be loaned to the commissioners appointed under the act, intituled “An act for establishing the temporary and permanent seat of the government of the United States,” the sum of one hundred thousand dollars, fifty thousand of which shall be advanced in the present year, and the remaining fifty thousand shall be advanced in the year one thousand seven hundred and ninety-nine, at an interest of six per cent, per annum, to be computed upon each instalment, from the time it shall be advanced; which sum of one hundred thousand dollars is declared to be in full of the monies which the said commissioners are now authorized to borrow, under the direction of the President of the United States, by virtue of the act, intitutled “An act authorizing a loan for the use of the city of Washington, in the district of Columbia; and for other purposes therein mentioned.”
Sec. 2. How the loan is to be reimbursed.Be it further enacted, That the sum herein authorized to be borrowed shall be reimbursed by instalments of one fifth part of said loan, and the interest thereon, commencing in the year one thousand eight hundred and five, and continuing, annually thereafter, till the whole shall be repaid; and all the lots in the city of Washington, now vested in the said commissioners, or in trustees, in any manner, for the use of the United States, and now remaining unsold, excepting those set apart for public purposes, shall be, and are hereby declared and made chargeable with the repayment of the sums which shall be advanced, in pursuance of this act, and the interest accruing thereon, and shall be disposed of in the manner, and under the regulations prescribed by the act herein last mentioned.
Sec. 3. Appropriation.And be it further enacted, That the sum of fifty thousand dollars for the present year, and of fifty thousand dollars for the next succeeding year, be, and hereby are appropriated for the purposes aforesaid, out of any money in the treasury of the United States, not otherwise appropriated.
Approved, April 18, 1798.