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7345783
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President signs S. 3669 - Interest adjustment on National Gallery of Art loan fund [Signing Statements and Announcements]
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doc
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document
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1
Source metadata
id
7345783
sourceUrl
contentType
document
title
President signs S. 3669 - Interest adjustment on National Gallery of Art loan fund [Signing Statements and Announcements]
citationUrl
collections
White House Press Releases (Ford Administration)
Press Releases
subjects
U.S. Senate. (03/04/1789 - )
Legislation
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7345783
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day
22
logicalDate
1976-09-22
month
9
year
1976
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description
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nara-archive
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1
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document
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e34b28f4b66b2df4
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Digitized from Box 31 of the White House Press Releases at the Gerald R. Ford Presidential Library
SEPTEMBER 22, 1976
Office of the White House Press Secretary
NOTICE TO THE PRESS
The President has signed S. 3669- Interest adjustment on National
Gallery of Art loan fund. This bill permits adjustment of the interest
rate paid on funds deposited by the Board of Trustees of the National
Gallery of Art with the Treasury.
A $5,000,000 fund was given to the National Gallery of Art in 1942 by
the Mellon Trust to be administered by the Board of Trustees of the Gallery,
with the income to be used to pay the salaries of certain of the Gallery's
executive officers and for other stated purposes. In accordance with the
wishes of the donor, legislation was passed by Congress in 1943 which
deposited the fund with the Treasury as a permanent loan to the United
States, with interest payable to the Board at a rate of not less than
4 percent per annum.
S. 3669 will change the interest rate on the loan fund to the greater of
(1) a 4 percent annual rate or (2) a market-yield interest rate determined
by the Secretary of the Treasury, based on long-term marketable obligations
of the United States adjusted to the nearest 1/8 of a percent, less 0.25
percentage points as consideration for the guarantee of a percent minimum.
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