An Act To amend section 5590 of the Revised Statutes to provide for adjusting the rate of interest paid on funds of the Smithsonian Institution deposited with the Treasury of the United States as a permanent loan

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Summary

  • Section 5590 of the Revised Statutes (20 U.S.C. 54) is amended to read as follows: "Sec. 5590. So much of the property of James Smithson as has been received in money, and paid into the Treasury of the United States, being the sum of $541,379.63, shall be lent to the United States Treasury and invested in public debt securities with maturities requested by the Smithsonian Institution bearing interest at rates determined by the Secretary of the Treasury, based upon current market yields on outstanding marketable obligations of the United States of comparable maturities, and this interest is hereby appropriated for the perpetual maintenance and support of the Smithsonian Institution; and all expenditures and appropriations to be made, from time to time, to the purposes of the Institution shall be exclusively from the accruing interest, and not from the principal of the fund.
  • All the moneys and stocks which have been, or my hereafter be, received into the Treasury of the United States, on account of the fund bequeathed by James Smithson, are hereby pledged to refund to the Treasury of the United States the sums hereby appropriated.". This amendment shall apply with respect to fiscal years beginning after September 30, 1982.

Subject

  • Smithson, James 1765-1829
  • Revised Statutes of the United States
  • United States. Secretary of the Treasury
  • United States Dept. of the Treasury

Category

Smithsonian Legal Documents

Legal document information

  • 96 Stat. 121
  • Title 20, Education
  • Public Law

Citation information

Statutes at Large

Contained within

96 Stat. 121 (1982); Pub. L. No. 97-199 (Book)

Contact information

Institutional History Division, Smithsonian Institution Archives, 600 Maryland Avenue, S.W., Washington, D.C. 20024-2520, SIHistory@si.edu

Date

  • 1984
  • 06/22/1982

Topic

  • Smithson Bequest
  • Amendments (Parliamentary practice)
  • Interest rates

Form/Genre

Public Law

Physical description

Number of pages: 1; Page Numbers: 121

Full Record

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