Pub. L. 99–591 is a corrected version of Pub. L. 99–500.

2003—Subsec. (b). Pub. L. 108–7, § 126(1), added heading and text of subsec. (b) and struck out former subsec. (b) which read as follows: “It shall be the duty of the Secretary of the Treasury to invest in full the amounts appropriated and contributed to the fund. Such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose, such obligations may be acquired (1) on original issue at the issue price, or (2) by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued under the Second Liberty Bond Act, as amended, are hereby extended to authorize the issuance at par of special obligations exclusively to the fund. Such special obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month next preceding the date of such issue, borne by all marketable interest-bearing obligations of the United States then forming a part of the public debt; except that where such average rate is not a multiple of one-eighth of 1 per centum, the rate of interest of such special obligations shall be the multiple of one-eighth of 1 per centum next lower than such average rate. Such special obligations shall be issued only if the Secretary determines that the purchase of other obligations of the United States, or of obligations guaranteed as to both principal and interest by the United States or original issue at the market price, is not in the public interest.”

Subsec. (c). Pub. L. 108–7, § 126(2), added heading and text of subsec. (c) and struck out former subsec. (c) which read as follows: “Any obligations acquired by the fund (except special obligations issued exclusively to the fund) may be sold by the Secretary at the market price, and such special obligations may be redeemed at par plus accrued interest.”

1991—Subsec. (a). Pub. L. 102–221 struck out “(1)” before “There shall be”, substituted “and other” for “an other” after “Constitution”, and struck out par. (2) which read as follows: “No funds in the Trust Fund may be available for fellowships until the contributions from private sources are equal to $10,000,000.”