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the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds of the sale of any securities hereafter issued under the Second Liberty Bond Act, as now or hereafter in force, and the purposes for which securities may be issued under the Second Liberty Bond Act as now or hereafter in force, are extended to include such purchases. Each purchase of obligations by the Secretary of the Treasury under this subsection shall be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturities. The Secretary of the Treasury may sell, upon such terms and conditions and at such price or prices as he shall determine, any of the obligations acquired by him under this paragraph. All purchases and sales by the Secretary of the Treasury of such obligations under this paragraph shall be treated as public debt transactions of the United States.

(h) The Secretary of the Treasury is authorized and directed to make annual payments to the Authority in such amounts as are necessary to equal the amount by which the dollar amount of interest expense accrued by the Authority on account of its obligations exceeds the dollar amount of interest income accrued by the Authority on account of obligations purchased by it pursuant to subsection (e) of this section.

(i) The Authority shall have power

(1) to sue and be sued, complain and defend, in its corporate name;

(2) to adopt, alter, and use a corporate seal, which shall be judicially noticed;

(3) to adopt, amend, and repeal bylaws, rules, and regulations as may be necessary for the conduct of its business;

(4) to conduct its business, carry on its operations, and have offices and exercise the powers granted by this section in any State without regard to any qualífication or similar statute in any State;

(5) to lease, purchase, or otherwise acquire, own, hold, improve, use, or otherwise deal in and with any property, real, personal, or mixed, or any interest therein, wherever situated;

(6) to accept gifts or donations of services, or of property, real, personal, or mixed, tangible or intangible, in aid of any of the purposes of the Authority:

(7) to sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of its property and

assets;

(8) to a point such officers, attorneys, employees, and agents as may be required, to define their duties,

Powers.

Tax exemp

tion; exceptions.

Annual report

to President and Congress.

to fix and to pay such compensation for their services as may be determined, subject to the civil service and classification laws, to require bonds for them and pay the premium thereof; and

(9) to enter into contracts, to execute instruments, to incur liabilities, and to do all things as are necessary or incidental to the proper management of its affairs and the proper conduct of its business.

(j) The Authority, its property, its franchise, capital, reserves, surplus, security holdings, and other funds, and its income shall be exempt from all taxation now or hereafter imposed by the United States or by any State or local taxing authority; except that (A) any real property and any tangible personal property of the Authority shall be subject to Federal, State, and local taxation to the same extent according to its value as other such property is taxed, and (B) any and all obligations issued by the Authority shall be subject both as to principal and interest to Federal, State, and local taxation to the same extent as the obligations of private corporations are taxed.

(k) All obligations issued by the Authority shall be lawful investments, and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under authority or control of the United States or of any officer or officers thereof. All obligations issued by the Authority pursuant to this section shall be deemed to be exempt securities within the meaning of laws administered by the Securities and Exchange Commission, to the same extent as securities which are issued by the United States.

(1) In order to furnish obligations for delivery by the Authority, the Secretary of the Treasury is authorized to prepare such obligations in such form as the Authority may approve, such obligations when prepared to be held in the Treasury subject to delivery upon order by the Authority. The engraved plates, dies, bed pieces, and so forth, executed in connection therewith, shall remain in the custody of the Secretary of the Treasury. The Authority shall reimburse the Secretary of the Treasury for any expenditures made in the preparation, custody, and delivery of such obligations.

(m) The Authority shall, as soon as practicable after the end of each fiscal year, transmit to the President and the Congress an annual report of its operations and activities.

(n) The sixth sentence of the seventh paragraph of section 5136 of the Revised Statutes, as amended (12 U.S.C. 24), is amended by inserting "or obligations of the Environmental Financing Authority" immediately after "or obligations, participations, or other instruments of or issued by the Federal National Mortgage Association or the Government National Mortgage Association".

(0) The budget and audit provisions of the Government Corporation Control Act (31 U.S.C. 846) shall be 59 Stat. 597. applicable to the Environmental Financing Authority in the same manner as they are applied to the wholly owned Government corporations.

(p) Section 3689 of the Revised Statutes, as amended (31 U.S.C. 711), is further amended by adding a new paragraph following the last paragraph appropriating moneys for the purposes under the Treasury Department to read as follows:

"Payment to the Environmental Financing Authority: For payment to the Environmental Financing Authority Ante, p. 901. under subsection (h) of the Environmental Financing Act of 1972."

SEX DISCRIMINATION

SEC. 13. No person in the United States shall on the ground of sex be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal assistance under this Act, the Federal Water Pollution Control Act, or the Environmental Financing Act. This section shall be enforced through agency provisions and rules similar to those already established, with respect to racial and other discrimination, under title VI of the Civil Rights Act of 1964. However, this remedy is not exclusive and will not prejudice or cut off any other legal remedies available to a discriminatee.

CARL ALBERT,

Speaker of the House of Representatives.
FRANK E. Moss,

Acting President of the Senate pro tempore.

IN THE SENATE OF THE UNITED STATES,

October 18 (legislative day, October 17), 1972. The Senate having proceeded to reconsider the bill (S. 2770) entitled "An Act to amend the Federal Water Pollution Control Act," returned by the President of the United States with his objections, to the Senate, in which it originated, it was

Resolved, That the said bill pass, two-thirds of the Senators present having voted in the affirmative. Attest:

FRANCIS R. VALEO,

Secretary.

By: DARRELL ST. CLAIRE,
Assistant Secretary.

I certify that this Act originated in the Senate.

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Ante, pp. 816899.

78 Stat. 252. 42 USC 2000d.

IN THE HOUSE OF REPRESENTATIVES, U.S.,
October 18, 1972.

The House of Representatives having proceeded to reconsider the bill (S. 2770) entitled "An Act to amend the Federal Water Pollution Control Act," returned by the President of the United States with his objections to the Senate, in which it originated, it was

Resolved, That the said bill pass, two-thirds of the House of Representatives agreeing to pass the same. Attest:

W. PAT JENNINGS,

Clerk.

By: W. RAYMOND COLLEY,

LEGISLATIVE HISTORY

House reports: No. 92-911 accompanying H.R. 11896 (Committee on Public Works) and No. 92-1465 (Committee of Conference).

Senate reports: No. 92-414 (Committee on Public Works) and No. 92-1236 (Committee of Conference).

Congressional Record:

Volume 117 (1971): November 2, considered and passed Senate.

Volume 118 (1972):

March 27-29, considered and passed House, amended, in lieu of H.R. 11896.

October 4, House and Senate agreed to conference report.

Weekly Compilation of Presidential Documents:

Volume 8, No. 43 (1972): October 17, vetoed; Presidential message. Congressional Record:

Volume 118 (1972): October 18, Senate and House overrode veto.

Joint Explanatory Statement of the Committee on Conference

(From House Conference Report 92-1465)

The managers on the part of the House and the Senate at the conference on the disagreeing votes of the two Houses on the amendment of the House to the bill (S. 2770) to amend the Federal Water Pollution Control Act, submit the following joint statement to the House and the Senate in explanation of the effect of the action agreed upon by the managers and recommended in the accompanying conference report:

The House amendment struck out all of the Senate bill after the enacting clause and inserted a substitute text.

With respect to the amendment of the House, the Senate recedes from its disagreement to the amendment of the House, with an amendment which is a substitute for both the Senate bill and the House amendment. The differences between the Senate bill, the House amendment, and the substitute agreed to in conference are noted below except for minor technical and clarifying changes made necessary by reason of the conference agreement.

Senate bill

SHORT TITLE

Provides that the Act may be cited as the "Federal Water Pollution Control Act Amendments of 1971”.

House amendment

Provides that the Act may be cited as the "Federal Water Pollution Control Act Amendments of 1972”.

Conference substitute

The conference substitute is the same as the House amendment. Both the Senate bill and the House amendment provide for complete revisions of the Federal Water Pollution Control Act. This revision would consist of five titles and hereafter the references in this statement are to the sections and titles of the proposed revisions of the Federal Water Pollution Control Act.

TITLE I-RESEARCH AND RELATED PROGRAMS

Senate bill

DECLARATION OF GOALS AND POLICY

Section 101 establishes a policy to eliminate the discharge of pollutants by 1985, restore the natural chemical, physical, and biological integrity of United States waters, and reach an interim goal of water quality for swimming and fish propagation by 1981.

Section 101 also prohibits the discharge of toxic pollutants in "toxic. amounts", provides for Federal financial assistance for construction. of waste treatment facilities, develops regional waste treatment man

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