Page images
PDF
EPUB

DUTY OF CORPORATION

SEC. 103. It shall be the duty of the Corporation (a) to receive and borrow funds, (b) to provide and make available to the Secretary such sums as are necessary to permit him to make the payments or advances to the States of the Federal share of the cost and construction of projects on the interstate system, and such other costs or expenses as are permitted or required to be paid or advanced by him in connection with the interstate system under the terms of this Act, and (c) to perform such other duties as may be required in the performance of its functions and the exercise of its powers under this Act.

CORPORATE POWERS

SEC. 104. For the purpose of carrying out its functions under this Act, the Corporation

(1) shall have succession in its corporate name;
(3) may adopt and use a corporate seal, which shall be judicially noticed ;
(3) may sue and be sued in its corporate name;

(4) may adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its functions may be carried out and the powers vested in it may be exercised;

(5) may make and carry out such contracts, agreements, or other transactions as it may deem necessary or advisable in the conduct of its business;

(6) may incur indebtedness as provided in section 105, and incur current obligations incidental to performing its functions, subject to provisions of law applicable to Government corporations;

(7) may appoint such officers, agents, attorneys, and employees as it deems necessary for the conduct of its affairs, define their authority and duties, delegate to them such of the powers vested in the Corporation as the Board may determine, require bonds of such of them as the Board may designate, and fix the penalties and pay the premiums on such bonds;

(8) may utilize the available services and facilities of other agences as provided in section 106 ;

(9) may use the United States mails in the same manner as its executive departments; and

(10) may take such actions and exercise such other powers as may be necessary, incidental or appropriate to carry out the function of the Corporation, and to further the objectives of this Act.

CORPORATE FINANCING Sec. 105. (a) The Corporation is authorized to issue, upon the approval of the Secretary of the Treasury, obligations in an amount not to exceed $21,000,000,000. Obligations issued under this subsection shall have such maturities, not to exceed thirty years, and shall bear such rate or rates of interest, as may be determined by the Corporation with the approval of the Secretary of the Treasury, and they shall be redeemable at the option of the Corporation before maturity in such manner as may be stipulated in the obligations. The aggregate ainount of obligations under this subsection outstanding at any one time shall not exceed the maximum amount of obligations, as determined by the Secretary of the Treasury as of July 1 of each year, on which the annual principal and interest payments required over the life of the obligations can le made from prospective appropriations under subsection (b) and other revenues of the Corporation, but obligations lawfully issued hereunder will not be attectent by determinations subsequent to date of issue. The Corporation shall insert appropriate language in all of its obligations issued under this sul section ci'arly indicating that the obligations, together with the interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or of any agency or instrumentality thereof other than the ('or. poration. The Corporation is authorized to purchase in the open market for retirement, at any time and at any price, any outstanding obligations issued under this subsection.

(b) There are hereby appropriated and there shall le paid hy the Secretary of the Treasury to the Corporation for the fiscal year 1957, and for each fiscal year thereafter in which there are outstanding unmatured obligations of the Corporation, out of any moneys in the Treasury not otherwise appropriated, amounts equal to the revenue in excess of $622,500,000 collected during each tiscal

year, as shown by the official accounts of the Directors of Internal Revenue, from the taxes (including interest, penalties, and additions to taxes) imposed by sections 4081 and 4041 of the Internal Revenue Code of 1954 on gasoline and special fuels, upon certification by the Board and the Secretary of the Treasury as necessary to finance this program. The Secretary of the Treasury may advance to the Corporation in any fiscal year an amount not in excess of the estimated appropriation for that fiascal year, such advances to be repaid from amounts subsequently appropriated hereunder in that fiscal year. The Corporation shall pay into the Treasury as miscellaneous receipts, on the basis of annual billings as determined by the Secretary of the Treasury, an amount for each fiscal year that bears the same ratio to the escimated costs of collecting taxes, refunds of taxes, and costs of making refunds of taxes under sections 4081 and 4041 of the Internal Revenue Code of 1954 for that fiscal year as the appropriation hereunder bears to the estimated total revenue collected under those provisions for that fiscal year.

(c) The Corporation may issue to the Secretary of the Treasury its obligations in an amount not to exceed in any one year the amount necessary above all other revenues of the Corporation to provide for debt service of the Corporation during that year but not to exceed the aggregate amount of $5,000,000,000 outstanding at any one time. The obligations issued by the Corporation under this subsection shall have such maturities as may be prescribed the Corporation with the approval of the Secretary of the Treasury and shall be redeemable at the option of the Corporation before maturity in such manner as may be stipulated in the obligations. Each such obligation shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average rate on outstanding marketable obligations of the United States of comparable maturities as of the last day of the month preceding the issuance of the obligation of the Corporation. The Secretary of the Treasury is authorized to purchase any obligations of the Corporation to be issued under this subsection, and for such purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities 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 any purchases of the Corporation's obligations hereunder.

(d) All obligations issued by the Corporation 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 and control of the United States or any officer or officers thereof.

(e) The penultimate sentence of paragraph Seventh of section 5136 of the Revised Statutes, as amended, is amended by inserting after the phrase "or obligations of the Federal National Mortgage Association,” the phrase "or obligations of the Federal Highway Corporation,”.

(f) All revenues of the Corporation, including moneys appropriated under subsection (b) of this section shall be maintained as a trust fund.

SERVICES AND FACILITIES OF OTHER AGENCIES

SEC. 106. (a) Except as specifically authorized by the President, the Corpora. tion shall, with the consent of the agency concerned, accept and utilize, on a reimbursable basis, the services of the officers, employees, facilities, and information of any agency of the United States, except that any such agency having custody of any data relating to any of the matters within the jurisdiction of the Corporation shall, upon the request of the Corporation, make such datir available to the Corporation without reimbursement.

(b) The Corporation shall contribute to the civil-service retirement and dis ability fund, on the basis of annual billings as determined by the Civil Service Commission, for the Government's share of the cost of the civil-service retire ment system applicable to the Corporation's employees and their beneficiaries The Corporation shall also contribute to the employee's compensation fund, on the basis of annual billings as determined by the Secretary of Labor, for the benefit payments made from such fund on account of the Corporation's employees. The annual billing shall also include a statement of the fair portion of the cost of the administration of the respective funds, which shall be paid by the Corporation into the Treasury as miscellaneous receipts.

MISAPPROPRIATION OF FUNDS

Sec. 107. (a) All general penal statutes relating to the larceny, embezzlement, or conversion, of public moneys or property of the United States shall apply to the moneys and property of the Corporation.

(b) Any person who, with intent to defraud the Corporation, or to deceive any director, officer, or employee of the Corporation or any officer or employee of the United States, (1) makes any false entry in any book of the Corporation, or (2) makes any false report or statement for the Corporation, shall, upon conviction thereof, be fined not more than $10,000 or imprisoned not more than five years, or both.

(c) Any person who shall receive any compensation, rebate, or reward, or shall enter into any conspiracy, collusion, or agreement, express or implied, with intent to defraud the Corporation or wrongfully and unlawfully to defeat its purposes, shall, on conviction thereof, be fined not more than $5,000 or imprisoned not more than five years, or both.

REPORT TO THE CONGRESS SEC. 108. The Board shall prepare an annual report of operations under this Act for transmittal by the President to the Congress. TITLE 11–PROVISIONS CONCERNING THE DEPARTMENT OF

COMMERCE

CANCELLATION OF AUTHORIZATIONS SEC. 201. (a) The first sentence of section 2 (a) of the Federal-Aid Highway Act of 1954 is hereby amended by deleting the following clause: "and a like additional sum for the fiscal year ending June 30, 1957”, so that said first sentence of said section 2 (a) as hereby amended reads as follows: "For the purpose of expediting the construction, reconstruction, and improvement, inclusive of necessary bridges and tunnels, of the National System of Interstate Highways, including extensions thereof through urban areas, designated in accordance with the provisions of section 7 of the Federal-Aid Highway Act of 1944 (58 Stat. 838), there is hereby authorized to be appropriated the additional sum of $175,000,000 for the fiscal year ending June 30, 1956."

(b) Section 1 of the Federal-Aid Highway Act of 1954 is hereby amended by reducing the authorization for projects on the Federal-aid primary system in urban areas, and for projects on approved extensions of the Federal-aid secondary system within urban areas, for the fiscal year ending June 30, 1957, from **$175,000,000" to "$75,000,000".

INTERSTATE SYSTEM SEC. 202. In furtherance of section 7 of the Federal-Aid Highway Act of 1944, the Secretary is authorized, within the limitation of forty thousand miles, to approve as part of the interstate system such lateral feeder and distributing routes, and circumferential routes as may be required to furnish maximum utility of the system within or adjacent to urban areas, provided that one or both ends of such routes shall lie on a route of the system. The Secretary is further authorized to approve as part of the interstate system any highway which complies with the standards of section 203 and which lies on an approved route of the interstate system irrespective as to whether or not tolls are collected for the use thereof. The Secretary is authorized, in cooperations with the State highway departments, to designate as promptly as reasonable possible routes to take up the mileage still undesignated so that the entire forty thousand miles of this system shall be designated. In approving any undesignated mileage the Secretary shall designate those routes which contribute most to the benefit of the system as a whole and are most important from the point of view of national defense. In case the actual construction of highways on the system increases available undesignated mileage the Secretary may redesignate this mileage in accordance with the preceding sentence.

STANDARDS Sec. 203. (a) The standards to be used for the interstate system shall be those approved by the Secretary after consultation with the Department of Defense, the Federal Civil Defense Administration, and the State highway departments.

The Secretary is authorized to make the final determination of the standards to be used, except as provided in section 102 (d).

(b) The geometric standards for the interstate system shall be such standards as are deemed adequate to properly accommodate the types and volume of traffic forecast for the twenty years immediately following enactment of this Act. Such standards shall provide for the development of a system as nationally miform in characteristics as possible within a ten-year construction period.

(c) The right-of-way width on the interstate system shall be adequate to permit construction of the route to the geometric standards provided for in subparagraph (b) for a period of at least twenty years following the date of authorization of a project under this Act. Such width shall not be deemed adequate if (1) it does not include provision for the addition of more traffic lanes at a future date, except that the maximum width in any case need not exceed that necessary for three moving lanes in each direction, plus service roads as necessary; and if (2) it does not contain the proper and necessary degree and type of control of access or exits from the highway which will permit maximum freedom of traffic flow and promote national safety.

(d) The standards shall be periodically reviewed by the Secretary to insure maximum utility of the completed system with due recognition to the desirability of developing a national system having the greatest uniformity of characteristics possible.

EXPENDITURE AUTHORIZATION SEC. 204. The Secretary is hereby authorized to make payments in an amount not to exceed $25,000,000,000 or such lesser sum as estimated by the Corporation on the basis of prospective revenues to be the maximum amount to be available for the purposes of this Act.

DISTRIBUTION BY STATES

SEC. 205. (a) On or before April 1, 1936, each State desiring to avail itself of funds hereunder shall file a statement, and an estimate of the cost as of January 1, 1956, of bringing that portion of the designated interstate mileage within its boundaries up to the standards prescribed under this Act. On or before April 1 of each subsequent year, each State shall subinit a revised estimate of such cost as of January 1 of such year, including therein the actual or estimated cost of any construction of such mileage begun or carried on subsequent to January 1, 1956.

(b) On or before July 1, 1956, and on or before July 1 of each year thereafter, the Secretary shall establish an approved estimate of cost for construction of projects on the interstate system in each State, and the Secretary shall determine the ratio of the approved estimate of cost for each State to the total of the approved estimates of such cost for all States. After subtracting from the amount determined pursuant to section 204, the estimated total creclits under section 207 and estimated total expenses for administrative purposes and research, the Secretary shall apply the ratio for each State to the remaining sum and the resulting amounts shall be the maximum Federal payments to the various States for the purposes of section 206. He shall promptly notify the States of these maximum amounts.

SCHEDULING OF CONSTRUCTION AND PARTICIPATION BY STATES

SEC. 206. (a) On or before April 1, 1956, and on or before April 1 of each year thereafter, each State desiring to avail itself of funds hereunder shall file a statement and an estimate of the cost of projects it proposes to construct during each of the next two fiscal years. The Secretary shall examine these estimates, and before the beginning of each tiscal year, commencing with the fiscal year 1957, he shall establish an approved construction program, including the estimated cost thereof, for each State for such fiscal year. Except as provided in section 102 (d), the Secretary shall have the final responsibility, after consultation with the States, the Department of Defense, and the Federal Civil Defense Administration, for determining the scheduling and priority of construction of projects, taking into consideration the objective of a uniform rate of accomplishment of construction on the interstate system in all the States and the availability of funds from the Corporation.

(b) The Secretary shall make allocations to the States in the amounts of the approved estimates, and the Secretary shall promptly notify the States of the approved construction programs and of the amounts so allocated. These allocations shall be available for obligation by the States to which allocated for a period of two years. Any sums not under obligation at the end of any two-year period may be reallocated, as the Secretary may determine.

(c) On or before July 1, 1956, and on or before July 1 of each year thereafter, the Secretary shall transmit to the Corporation a schedule indicating his best estimate of the cash requirements necessary to meet payments during the next two fiscal years. These estimates shall include estimates of amounts needed for payments under section 207, for research as authorized by section 10 (a) of the Federal-Aid Highway Act of 1954, and for administrative purposes in an amount not exceeding one-tenth of 1 per centum of the funds made available by the Corporation in any fiscal year. The Corporation shall promptly make available funds to the Secretary as required by his annual estimate.

(d) The Secretary is authorized to advance funds to each State to permit prompt payment of construction costs.

(e) Payments to the States made pursuant to this section shall be subject to the conditions (1) that construction of projects on the interstate system in each State shall be in accordance with the standards approved by the Secretary ; (2) that the State participates in the costs of construction in each fiscal year in an amount in cash or services no less than that which would have been required as its matching amount payable for construction of projects on the interstate system under the provisions of section 2 of the Federal-Aid Highway Act of 1954 for the fiscal year ending June 30, 1956; and (3) that the State will have the same obligations as to maintenance of the projects constructed under this Act that it has under Federal-aid highway legislation.

CREDITS FOR EXISTING ROADS AND TOLL ROADS SEC. 207. (a) If an existing free highway, which is located upon the interstate system, is believed to measure up to the standards of construction required by section 203, a State may request that it receive a credit for such highway and the State shall be entitled to receive such a credit subject to the conditions of this paragraph. The Secretary shall first determine whether or not the highway meets such standards. If he approves the same, the Secretary and the Corporation shall determine, in cooperation with each other and in accordance with the rules and regulations issued pursuant to paragraph (e), the amount of the depreciated cost of such highway. There shall be deducted from such depreciated cost an amount equivalent to 10 per centum thereof, and also the total amount of any Federal-aid funds used in the construction of such highway. The result shall be the credit to which the State is entitled.

(b) If an existing toll highway, which is located upon the interstate system, is believed to measure up to the standards of construction required by section 203, a State may request that it receive a credit for such highway, and the State shall be entitled to receive such a credit subject to the conditions of this paragraph. The Secretary shall first determine whether or not the highway meets such standards. If he approves the same, the Secretary and the Corporation shall determine, in cooperation with each other and in accordance with the rules and regulations issued pursuant to paragraph (e), the amount of the original cost of such highway, excluding therefrom the cost of the financing thereof, and of any facilities not included within the definition of the term “highway" under Federal-aid highway legislation. For toll roads completed prior to December 31. 1971. he shall allow as a credit an amount not exceeding 40 per centum of xuch original cost, and for toll roads completed during the period between December 31, 1951, and December 31, 1957, he shall allow a credit not exceeding 70 per centum of the original cost. The State shall be entitled to the credit so allowed.

(r) If a toll highway, which is located upon the interstate system, the constrnetion of which is completed subsequent to December 31, 1957, is believed to measure up to the standards of construction required by sertion 203, a State may request that it receive the credit for such highway and the State shall be entitled to receive such a credit subject to the conditions of this paragraph. The Secre. tary shall first determine whether or not the highway meets such standards If he approves the same, the Secretary and the Corporation shall determine, in cooperation with each other and in accordance with the rules and regulations issued pursuant to paragraph (e), the amount of the original cost of such highway, excluding therefrom the cost of the financing thereof and of any facilisis not included within the definition of the term "highway." mder Federal-aid highway legislation. There shall be deducted from such original cost an amount

« PreviousContinue »