5 1 upon to secure the payment of any loan or other indebtedness 2 owing to or acquired by the Secretary or by the United States 3 under this section. The authority conferred by this paragraph 4 may be exercised as provided in the last sentence of section 5 204 (g). 6 "(g) There is created a Homeownership Conservation 7 Loan Insurance Fund (hereinafter referred to as the 'fund') 8 which shall be used by the Secretary as a revolving fund for 9 carrying out the loan insurance obligations arising under 10 this section. The Secretary is authorized to advance to the 11 fund, at such times and in such amounts as he determines 12 to be necessary a total sum of $25,000,000 from the General 13 Insurance Fund established pursuant to section 519. Such 14 advance shall be repayable at such times and at such rates 15 of interest as the Secretary deems appropriate. Premium 16 charges, inspection and other fees, service charges, and any 17 other income received by the Secretary under this section, together with all earnings on the assets of the fund, shall be 19 credited to the fund. All payments made pursuant to claims 20 of lenders with respect to loans insured under this section, 21 cash adjustments, the principal of and interest paid on deben 18 22 2 23 tures which are the obligation of the fund, expenses incurred 23 in connection with or as a consequence of the acquisition 24 and disposal of property acquired under this section, and all 25 administrative expenses in connection with the loan insurance 6 7 1 operations under this section shall be paid out of the fund. 2 There is authorized to be appropriated such sums as may be 3 needed from time to time to cover losses sustained by the 4 fund in carrying out the loan insurance obligations arising 5 under this section. Moneys in the fund not needed for cur6 rent operations of the fund shall be deposited with the Treasurer of the United States to the credit of the fund or invested 8 in bonds or other obligations of, or in bonds or other obli9 gations guaranteed by, the United States. The Secretary, 10 with the approval of the Secretary of the Treasury, may pur11 chase in the open market debentures which are the obligation 12 of the fund. Such purchases shall be made at a price which 13 will provide an investment yield of not less than the yield 14 obtained from other investments authorized by this section. 15 Debentures so purchased shall be canceled and not reissued." 66-138 O 71 pt. 1 -- 36 5 1 upon to secure the payment of any loan or other indebtedness 2 owing to or acquired by the Secretary or by the United States 3 under this section. The authority conferred by this paragraph 4 may be exercised as provided in the last sentence of section. 5 204 (g). 6 "(g) There is created a Homeownership Conservation 7 Loan Insurance Fund (hereinafter referred to as the 'fund') 8 which shall be used by the Secretary as a revolving fund for 9 carrying out the loan insurance obligations arising under 10 this section. The Secretary is authorized to advance to the 11 fund, at such times and in such amounts as he determines 12 to be necessary a total sum of $25,000,000 from the General 13 Insurance Fund established pursuant to section 519. Such 14 advance shall be repayable at such times and at such rates 15 of interest as the Secretary deems appropriate. Premium charges, inspection and other fees, service charges, and any 17 other income received by the Secretary under this section, 18 together with all earnings on the assets of the fund, shall be 19 credited to the fund. All payments made pursuant to claims 20 of lenders with respect to loans insured under this section, 21 cash adjustments, the principal of and interest paid on deben 16 22 tures which are the obligation of the fund, expenses incurred 23 in connection with or as a consequence of the acquisition 24 and disposal of property acquired under this section, and all 25 administrative expenses in connection with the loan insurance 6% 1 operations under this section shall be paid out of the fund. 2 There is authorized to be appropriated such sums as may be 3 needed from time to time to cover losses sustained by the 4 fund in carrying out the loan insurance obligations arising 5 under this section. Moneys in the fund not needed for cur 6 7 rent operations of the fund shall be deposited with the Treas urer of the United States to the credit of the fund or invested 8 in bonds or other obligations of, or in bonds or other obli9 gations guaranteed by, the United States. The Secretary, 10 with the approval of the Secretary of the Treasury, may pur11 chase in the open market debentures which are the obligation 12 of the fund. Such purchases shall be made at a price which 13 will provide an investment yield of not less than the yield obtained from other investments authorized by this section. 15 Debentures so purchased shall be canceled and not reissued." 14 66-138 071 pt. 1 - 36 92D CONGRESS 1ST SESSION S. 871 IN THE SENATE OF THE UNITED STATES FEBRUARY 18 (legislative day, FEBRUARY 17), 1971 Mr. TUNNEY (for himself, Mr. CRANSTON, and Mr. BAYн) introduced the following bill; which was referred to the Committee on Banking, Housing and Urban Affairs A BILL To provide for a national program of earthquake insurance. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That this Act may be cited as the "National Earthquake 4 Insurance Act". 5 6 PURPOSE SEC. 2. It is the purpose of this Act to provide for a 7 Federal insurance program covering property loss or damage 11 SEC. 3. As used in this Act (1) "earthquake" means any earthquake, earth |