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Whenever the Secretary, pursuant to section 762(c) of the Higher Education Act, as amended, sells, exchanges, or otherwise transfers on a discounted basis obligations or securities held by the Secretary under title VII, part F of the Act, the outstanding balance remaining on the notes of the Secretary issued to the Secretary of the Treasury under section 761(d) of the Act shall be reduced by the amount of the discount. For such transactions occurring prior to fiscal year 1989, or thereafter, such reduction is to be effective on the last day of the fiscal year in which the discounted transaction occurs.
This language requires that the outstanding balance on College Housing Loan notes to the Treasury be reduced by the amount written-off as a result of prepayment discounts or sale, thus avoiding an otherwise inevitable shortfall in the program's revolving fund resources.
[SALARIES AND EXPENSES] PROGRAM ADMINISTRATION
For carrying out, to the extent not otherwise provided, the Department of Education Organization Act, including rental of conference rooms in the District of Columbia and hire of three passenger motor vehicles, [$241,028,000.] $249,849,000: Provided, That no funds appropriated under this heading shall be used for purposes of carrying out sections 428F(a), sections 483(f) 1302, 1304, and 1361 of the Higher Education Act.
Education Appropriations Act, 1988.)
Explanation of Language Changes
1/ The account title is changed to more accurately describe the activities in the account.
2/ This language prohibits the use of Program Administration funds for certain studies, services, and reports which are authorized under the Higher Education Act.