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deduction is made, the Secretary of the Treasury shall immediately pay to the Reconstruction Finance Corporation the amount so deducted.
(c) Any State making application for funds under this section shall, through its governor, certify the necessity for such funds. In any State having a State department of welfare or charities, such department shall administer the funds granted to the State pursuant to this section, except that in any State in which, in accordance with the laws of the State, there has been set up a special emergency organization for the administration of relief, such special organization may administer the funds so granted to such State: Provided, That in any State where no state-wide board of charities exists, or no special emergency organization has been set up, the amount allotted to such State shall be distributed by the joint action of the governor and the State board constituted for controlling the financial affairs of such State, if such board exists, or by the governor, if such board does not exist.
(d) The amount of any grant authorized under this section shall be paid to the State upon delivery by the State to the Reconstruction Finance Corporation of a receipt for such amount, which receipt shall state that the grant is accepted subject to the terms of this section.
SEC. 2. (a) The Reconstruction Finance Corporation is further authorized and empowered to make loans (1) to States, municipalities and political subdivisions of States, public or quasi-public corporations, and public or quasipublic municipal instrumentalities of one or more States to aid in financing projects authorized under State or municipal law and which are self-liquidating in character; (2) to private limited-dividend corporations to aid in financing housing, slum clearance, or other similar projects which are self-liquidating in character; and (3) to private corporations to aid in carrying out the construction of bridges, tunnels, docks, viaducts, waterworks, and similar projects devoted to public use and which are self-liquidating in character. The aggregate amount of such loans shall not exceed $1,460,000,000. Such loans shall be made under such terms and conditions, with such security. and in such amounts and for such periods as the Reconstruction Finance Corporation may prescribe. For the purposes of this subdivision a project shall be deemed to be self-liquidating if such project may be made self-supporting and financially solvent and if the construction cost thereof will be returned within a reasonable period by means of tolls, fees, rents, or other charges.
(b) The Reconstruction Finance Corporation is authorized and directed to advance to the Secretary of Agriculture, in addition to the amounts allocated and made available to him by section of the Reconstruction Finance Corporation Act, not to exceed $10,000,000, of the amounts made available under section 3 of this act, for the purpose of financing sales of agricultural products in the markets of foreign countries in which such sales can not be financed in the normal course of commerce, but no such sales shall be financed by the Secretary of Agriculture if, in his judgment, such sales will affect adversely the world markets for such products.
(c) All amounts received by the corporation in repayment of any loan or advance under the provisions of this section shall be used exclusively for the purpose of retiring its notes, bonds, debentures, and other such obligations, the proceeds of which are made available for carrying out the provisions of this section.
SEC. 3. (a) For the purpose of providing funds for carrying out the provisions of section 2 of this act the Reconstruction Finance Corporation is authorized and empowered to issue its notes, bonds, debentures, or other such obligations in an aggregate amount of not to exceed $1,500,000,000. Except as to dates of maturity, which may be fixed by the corporation at not to exceed twenty-five years, such notes, bonds, debentures, or other obligations shall, so far as practicable, be issued in the same manner and be subject to the same terms and conditions as the notes, bonds, debentures, or other such obligations issued pursuant to section 9 of the Reconstruction Finance Corporation act.
(b) No loan shall be made by the Reconstruction Finance Corporation under section 2 of this act to any financial institution, corporation, railroad, or other association or organization of a class to which loans may be made under the Reconstruction Finance Corporation act.
(c) The Reconstruction Finance Corporation shall submit monthly to the President and to the Senate and the House of Representatives (or the Secretary of the Senate and the Clerk of the House of Representatives, if those bodies are not in session) a report of its activities and expenditures under sections 1 and 2 of this act, together with a statement showing the grants, loans, and advances approved by it. Such reports shall, when submitted, be printed as public documents
SEC. 4. (a) For the purpose of providing for emergency construction of certain authorized public works with a view to increasing employment and carrying out the policy declared in the employment stabilization act of 1931, there is hereby appropriated, from the emergency construction fund hereinafter created the sum of $500,000,000, which shall be allocated as follows:
(1) For expenditure in emergency construction on the Federal-aid highway system, $120,000,000. Such sum shall be apportioned by the Secretary of Agriculture to the several States by the method provided in section 21 of the Federal highway act, as amended and supplemented (U. S. C., title 23, sec. 21). The amounts apportioned to the States shall be available as a temporary advance of funds to meet the provisions of such acu as to State funds. The amount apportioned to any State under this subdivision may be used to match the regular annual Federal-aid apportionments made to such State (including the one for the fiscal year ending June 30, 1933), and when so used such amount shall be availabie for expenditure in paying the share of such State in the cost of Federalaid projects. No amounts apportioned under this subdivision shall be advanced except for work on the Federal-aid highway system performed before July 1, 1933: Provided, That the amounts so advanced shall be reimbursed to the Federal Government over a period of ten years, commencing with the fiscal year 1938, by making annual deductions from moneys payable under regular apportionments made from future authorizations for carrying out the provisions of such act, as amended and supplemented: Provided further, That all contracts involving the expenditure of such amounts shall contain provisions establishing minimum rates of wages, to be predetermined by the State highway department, which contractors shall pay to skilled and unskilled labor, and such minimum rates shall be stated in the invitation for bids and shall be included in proposals or bids for the work: And provided further, That in the expenditure of such amounts, the limitations upon highway construction, reconstruction, and bridges within municipalities contained in section 4 of the act approved May 21, 1928 (U. S. C., Supp. V, title 23, sec. 6b), and the limitations contained in the Federal highway act, as amended and supplemented, upon payments per mile which may be made from Federal funds, shall not apply.
(2) For expenditure in emergency construction on public roads during the fiscal year ending June 30, 1933, $16,000,000, as follows: (A) For the construction and improvement of national-forest highways, $5,000,000; (B) for the construction and maintenance of roads, trails, bridges, fire lanes, and so forth, including the same objects specified under the heading "Improvement of National Forests” in the Agricultural appropriation act of the fiscal year ending June 30, 1932, approved February 23, 1931 (46 Stat. 1242), $5,000,000; (C) for the construction, reconstruction, and improvement of roads and trails, inclusive of necessary bridges, in the national parks and national monuments under the jurisdiction of the Department of the Interior, including national parks authorized to be established under the act of May 22, 1926 (U. S. C., title 16, sec. 403), and national park and monument approach roads authorized by the Act of January 31, 1931 (46 Stat. 1053), $3,000,000; (D) for construction and improvement of Indian reservation roads under the provisions of the Act approved May 26, 1928 (U. S. C., Supp. V, title 25, sec. 318a), $1,000,000; and (E) for the survey, construction, reconstruction, and maintenance of main roads through unappropriated or unreserved public lands, nontaxable Indian lands, or other Federal reservations other than the forest reservations, under the provisions of the act approved June 24, 1930 (U. S. C., Supp. V, title 23, sec. 3), $2,000,000. The Secretary of Agriculture and the Secretary of the Interior, respectively, are authorized to make rules and regulations for carrying out the foregoing provisions of this section with a view to providing the maximum employment of local labor consistent with reasonable economy of construction.
(3) For the prosecution of river and harbor projects heretofore authorized, $30,000,000.
(4) For the prosecution of flood-control projects heretofore authorized, $15,500,000.
(5) For the continuation of construction of the Hoover Dam and incidental works, as authorized by the Boulder Canyon project act, approved December 21, 1928 (U. S. C., Supp. V, title 43, ch. 12A), $10,000,000.
(6) For expenditure by the Department of Commerce for air navigation facilities, including equipment; and for the construction of lighthouses, vessels, and other construction projects of the Lighthouse Service, Department of Commerce, heretofore authorized, $7,500,000.
(7) For the construction of projects heretofore authorized under the Bureau of Yards and Docks, Navy Department, $10,000,000.
(8) For emergency construction of public buildings projects in the continental United States outside of the District of Columbia, to be selected by the Secretary of the Treasury from the allocated public buildings projects specified in House Document Numbered 788, Seventy-first Congress, third session, for which no appropriations have been made $100,000,000. Such projects shall be constructed within the estimated limit of cost specified in such document, and in selecting such projects preference shall be given to places where Government facilities are housed in rented buildings under leases which will expire on or before July 1, 1934, or which may be terminated on or prior to that date by the Government.
(9) The remainder of such sum of $500,000,000 shall be available for expenditure upon permanent improvement projects, to be selected by the President, for which appropriations have heretofore been made or shall be hereafter made for expenditure during the fiscal year 1932 or 1933.
(b) The unexpended balance of any sums heretofore or hereafter appropriated for expenditure during the fiscal year 1932 or 1933 upon projects referred to in paragraphs (6) and (7) of subdivision (a), or selected under paragraph (9) of subdivision (a), shall be covered into the Treasury as miscellaneous receipts.
(c) No money shall be available for expenditure under this section except in connection with projects in the continental United States outside of the District of Columbia.
SEC. 5. (a) There is hereby created a special fund in the Treasury to be known as the emergency construction fund and to be administered by the Secretary of the Treasury. For the purpose of providing funds to carry out the provisions of section 4 of this act, the Secretary of the Treasury is authorized and directed to borrow from time to time on the credit of the United States not to exceed $500,000,000, and to issue bonds therefor, to be known as emergency construction bonds, in such form as he may prescribe. Such bonds shall be in denominations of not less than $50, shall mature twenty-five years from the date of their issue, and shall bear interest at such rates as may be fixed by the Secretary of the Treasury, but not to exceed 474 per centum per annum. The principal and interest of such bonds shall be payable in United States gold coin of the present standard of value, and such bonds shall be exempt, both as to principal and interest, from all taxation (except estate, inheritance, and gift taxes, and surtaxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority.
(b) Such bonds shall be first offered at not less than par, as a popular loan, under such regulations to be prescribed by the Secretary of the Treasury as will give all citizens of the United States an equal opportunity to participate therein. Any portion of the bonds so offered and not subscribed for may be otherwise disposed of by the Secretary of the Treasury at not less than par. No commissions shall be allowed or paid in connection with the sale or other disposition of any such bonds. All amounts derived from the sale of such bonds shall be paid into the emergency construction fund.
(c) There is hereby created in the Treasury a cumulative sinking fund for the retirement of the bonds issued under this section. The sinking fund and all additions thereto are hereby appropriated for the payment of such bonds at maturity, or for the redemption or purchase thereof before maturity by the Secretary of the Treasury at such prices and upon such terms and conditions as he shall prescribe, and shall be available until all such bonds are retired. The average cost of the bonds purchased shall not exceed par and accrued interest. Bonds purchased, redeemed, or paid out of the sinking fund shall ne canceled and retired and shall not be reissued. For the sixth fiscal year after the issuance of any bonds under this section and for each fiscal year thereafter, until all such bonds are retired, there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, for the purposes of such sinking fund an amount equal to 5 per centum of the aggregate amount of such bonds outstanding on the first day of such fiscal year, and for the fiscal year ending June 30, 1933, and for each fiscal year thereafter, there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, for the purposes of such sinking fund, an amount equal to the interest payable on such bonds during such fiscal year. The Secretary of the Treasury shall submit to Congress at the beginning of each regular session (until all bonds issued under this section are retired) a report of the action taken under the authority contained in this section.
SEC. 6. All grants and loans made and all contracts let for construction projects pursuant to this act shall be subject to the conditions that no convict labor shall be directly employed on such projects, and that, so far as practicable, except in executive and administrative positions, no person employed on such projects shall be permitted to work more than thirty hours in any one week.
Sec. 7. The last paragraph of section 6 of the Federal highway act, approved November 9, 1921, as amended and supplemented (U. S. Č., title 23, sec. 6), is hereby amended to read as follows:
“Whenever provision has been made by any State for the completion and maintenance of 90 per centum of its system of primary or interstate and secondary or intercounty highways equal to 7 per centum of the total mileage of such State, as required by this act, said State, through its State highway department, by and with the approval of the Secretary of Agriculture, is hereby authorized to increase the mileage of the primary or interstate and secondary or intercounty systems by additional mileage equal to not more than 1 per centum of said total mileage of such State, and therefter to make like increases in the mileage of said systems whenever provision has been made for the completion and maintenance of 90 per centum of the mileage of said systems previously authorized in accordance therewith.
SEC. 8. This act may be cited as the “emergency construction and relief act of 1932."
(S. 4727, Seventy-second Congress, first session) A BILL To amend the Reconstruction Finance Corporation act for the purpose of providing for employ.
ment through the construction of works of a national character, to provide funds therefor, and for other purposes
Whereas the United States is suffering an unprecedented depression, involving a serious state of general unemployment and consequent want and distress, and resulting in a dangerous diminution of production of goods and commodities moving in trade and commerce between the several States and with foreign nations: Therefore
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Reconstruction Finance Corporation act is hereby amended as follows:
Section 2 is amended by striking out the figures "$500,000,000" wherever used in such section and inserting in lieu thereof ($1,000,000,000.”
Section 3 is amended to read as follows:
“Sec. 3. The management of the corporation shall be vested in a board of directors consisting of the Secretary of the Treasury, or, in his absence, the Under Secretary of the Treasury, the governor of the Federal Reserve Board, and the Farm Loan Commissioner, who shall be members ex officio, and six other persons appointed by the President of the United States, by and with the advice and consent of the Senate. Of the nine members of the board of directors not more than five shall be members of any one political party and not more than one shall be appointed from any one Federal reserve district. Each director shall devote his time not otherwise required by the business of the United States principally to the business of the corporation. Before entering upon his duties each of the directors so appointed and each officer of the corporation shall take an oath faithfully to discharge the duties of his office. Nothing contained in this or in any other act shall be construed to prevent the appointment and compensation as an employee of the corporation of any officer or employee of the United States in any board, commission, independent establishment, or executive department thereof. The terms of the directors appointed by the President of the United States shall be two years and run from the date of the enactment hereof and until their successors are appointed and qualified. Whenever a vacancy shall occur among the directors so appointed, the person appointed to fill such vacancy shall hold office for the unexpired portion of the term of the director whose place he is selected to fill. The directors of the corporation appointed as hereinbefore provided shall receive salaries at the rate of $10,000 per annum each. No director, officer, attorney, agent, or employee of the corporation shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting his personal interests, or the interests of any corporation, partnership, or association in which he is directly or indirectly interested."
There shall be inserted after section 5a and preceding section 6 the following section 5b:
“Sec. 5b. (1) The corporation is authorized, in the manner herein provided, to provide for the construction, repair, and renewal of post roads, and as necessary facilities therefor of bridges, tunnels, elevated roadways, canals, and other improvements of like character, for the improvement of navigation and for the construction, repair, and renewal of other works and objects of every character necessary or desirable in the regulation of commerce between the several States and with foreign nations, and for the construction, repair, and renewal of buildings in connection with or useful for any of the foregoing purposes, including houses and recreation facilities for employees to be employed thereon or for other persons inhabiting areas the housing facilities of which shall be limited or inadequate by reason of the presence of such employees, and for the construction, repair, and renewal of other public works. All such projects are hereinafter in this act referred to as the projects.
“(2) No project shall be undertaken until the board shall have approved the same, after such investigations, surveys, and estimates as it shall deem advisable.
“(3) No project shall be undertaken until the board shall determine that such project is economically advisable; that such project may be made self-supporting and financially solvent by means of tolls, fees, rents, or other charges; and that such project will return to the corporation a net income after all operating expenses (including local taxes and a duly proportionate share of the overhead and general administration expenses of the corporation), sufficient to return to the corporation an amount equal to the amount expended by the corporation thereon with interest at 6 per centum per annum. The corporation shall apply annually its entire net income derived from such projects, after provision for general administration expenses to the payment of the interest and sinking fund of the obligations of the corporation issued for the construction of projects. In the event that in any year the amount of such net income so applied shall exceed the amount required for such interest and sinking fund payments, the board of directors will apply the balance to the retirement by purchase at less than par or by call by lot, under such regulation as such board may prescribe, of the obligations of the corporation issued for the construction of projects, with interest accrued to the date of retirement. In the event that in any year the amounts so applied shall be less than the amount required for such interest and sinking fund payments, the balance shall be paid by the Secretary of the Treasury as provided in section 9 of this act.
“(4) There is created a cumulative sinking fund for the retirement of the obligations of the corporation issued under this act for the construction of projects. The sinking fund and all additions thereto are hereby set aside for the payment of such obligations at maturity or for the redemption or purchase thereof before maturity by the board of directors at such price and upon such terms and conditions as the board shall prescribe, and shall be available until all such obligations are retired. the average cost of such obligations retired shall not exceed par and accrued interest. Obligations purchased, redeemed, or paid out of the sinking fund shall be canceled and retired, and shall not be reissued. The sinking fund hereby created shall be set aside by the corporation in the Treasury.
‘(5) In determining the economic advisability of projects the board shall, where consistent with the purposes of this act, favor that project which will provide the maximum number of labor-hours to persons otherwise unemployed.
‘(6) In determining the economic necessity of projects the board shall, where consistent with the purposes of this act, divide the same between the several States, giving due consideration to population, availability of unemployed labor. area, and all other relevant considerations.
“(7) In determining the economic necessity of projects, the board shall take into consideration such other factors as, in its opinion, will effectuate the purposes of this act.
“(8) Any agreement entered into by the corporation for the construction of projects shall provide, where possible, for a thirty-hour week for labor to be employed thereon.
"(9) The board may let contracts to private individuals, partnerships, corporations, or associations, and may pay therefor in cash or in bonds issued hereunder at par. Where payment is made in the bonds, the Secretary of the Treasury will deliver the necessary bonds to the corporation upon demand therefor by the board, and the principal amount thereof shall be credited against the subscription by the United States to the stock of the corporation. All contracts shall be let to the lowest responsible bidder, and shall contain appropriate