An Act to amend chapter 37 of title 38, United States Code, to provide additional funds for direct loans to remove certain requirements with respect to the rate of interest on guaranteed loans and for other purposes
PL 86-73 (H.R.2256), enacted 06/30/1959

156 
PUBLIC LAW 86-73-JUNE 30, 1959 
[73 ST A T . 
June 30, 1959 
[H. R. 2256] 
Public Law 86-73 
AN ACT 
To amend chapter 37 of title 38, United States Code, to provide additional funds 
for direct loans; to remove certain requirements with respect to the rate of 
interest on guaranteed loans; and for other purposes. 
Veterans. 
Home, farm and 
business loants. 
72 Stat. 1203. 
72 Stat. 1205. 
Guaranties. 
68 Stat. 591. 
12 u s e 1709. 
72 Stat. 1206. 
Restrictions. 
68 Stat. 610. 
12 u s e 1731a. 
72 Stat. 1206. 
68 Stat. 610. 
12 u s e 1731a. 
72 Stat. 1214. 
D i r e c t loan re-
volving fund. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That section 1802(d) 
of title 38, United States Code, is amended by (1) striking the word 
"or" before "(2)" in the first sentence thereof, and (2) inserting 
before the period at the end of such sentence a comma and the follow-
ing: "or (3) by any Federal Housing Administration approved 
mortgagee designated by the Federal Housing Commissioner as a 
certified agent and which is acceptable to the Administrator". 
SEC. 2. Paragraph (1) of section 1803(c) of title 38, United States 
Code, is amended (1) by striking out ", but the rate of interest so 
prescribed by the Administrator shall not exceed at any time the 
rate of interest (exclusive of premium charges for insurance, and 
service charges if any), established by the Federal Housing Commis-
sioner under section 203(b)(5) of the National Housing Act, less 
one-half of 1 per centum per annum"; and (2) by striking out "4% 
per centum per annum" and inserting in lieu thereof "5^4 per centum 
per annum". 
SEC. 3. (a) Section 1804(b) of title 38, United States Code, is 
amended by adding at the end thereof a new sentence as follows: "The 
Administrator may also refuse to appraise any dwelling or housing 
project owned, sponsored, or to be constructed by any person refused 
the benefits of participation under the National Housing Act pursuant 
to a determination of the — 
- — 
• 
section 512 of that Act." 
(b) Section 1804(d) of title 38, United States Code, is amended 
by adding at the end thereof a new sentence as follows: "The Admin-
istrator may also refuse either temporarily or permanently to 
guarantee or insure any loans made by a lender or holder refused the 
benefits of participation mider the National Housing Act pursuant 
to a determination of the Federal Housing Commissioner under section 
512 of that Act." 
SEC. 4. Section 1823(a) of title 38, United States Code, is amended 
by inserting immediately after the second sentence the following new 
sentence: "In addition to the sums authorized in this subsection the 
Secretary of the Treasury shall also advance to the Administrator 
such additional sums, not in excess of $100,000,000, as the Adminis-
trator may request, and the sums so advanced shall be made available 
without regard to any limitation contained in this subsection with 
respect to the amount which may be advanced in any one quarter 
annual period." 
Approved June 30, 1959. 
Federal Housing Commissioner under 
June 30, 1959 
[H. R. 7749] 
Public Law 86-74 
AN ACT 
To increase the amount of obligations, issued under the Second Liberty Bond 
Act, which may be outstanding at any one time. 
Public Debt Act 
of 1959. 
Be it enacted by the Senate and House of Representatives 
of the 
United States 
of America 
in Congress assembled, That the first 
sentence of section 21 of the Second Liberty Bond Act, as amended 
73 S T A T . ] 
PUBLIC LAW 86-75-JUNE 30, 1959 
157 
(31 U.S.C., sec. 757b), is amended to read as follows: "The face 
amount of obligations issued under authority of this Act, and the face 
amount of obligfations guaranteed as to principal and interest by the 
United States (except such guaranteed obligations as may be held 
by the Secretary of the Treasury), shall not exceed in the aggregate 
$285,000,000,000 outstanding at anjr one time." 
SEC. 2. During the period beginning on July 1, 1959, and ending on 
June 30, 1960, the public debt limit set forth in the first sentence of 
section 21 of the Second Liberty Bond Act, as amended, shall be 
temporarily increased by $10,000,000,000. 
SEC. 3. This Act may be cited as the "Public Debt Act of 1959". 
Approved June 30, 1959. 
72 Stat. 1758. 
Short title. 
Public Law 86-75 
AN ACT 
To provide a one-year extension of tlie existing corporate normal-tax rate and 
of certain excise-tax rates, and for otlier purposes. 
June 30, 1959 
[H. R. 7523] 
sion Act of 1959. 
72 Stat. 259. 
26 u s e 11, 821. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That this Act may 
'^^^ K^*« Exten-
be cited as the "Tax Kate Extension Act of 1959". 
SEC. 2. ONE-YEAR EXTENSION OF CORPORATE NORMAL-TAX RATE. 
Section 11(b) (relating to corporate normal tax), section 821(a) 
(1)(A) (relating to mutual insurance companies other than inter-
insurers), and section 821(b)(1) (relating to interinsurers) of the 
Internal Revenue Code of 1954 are amended as follows: 
(1) by striking out "JULY i, 1959" each place it appears and 
inserting in lieu thereof "JULY 1, i96o"; 
(2) by striking out "July 1, 1959" each place it appears and 
inserting in lieu thereof "July 1,1960"; 
(3) by striking out "JUNE 30, 1959" each place it appears and 
inserting in lieu thereof "JUNE 30, 19eo"; 
(4) by striking out "June 30,1959" each place it appears and 
inserting in lieu thereof "June 30,1960". 
SEC. 3. ONE-YEAR EXTENSION OF CERTAIN EXCISE TAX RATES. 
(a) EXTENSION OF RATES.—The following provisions of the Internal 
Revenue Code of 1954 are amended by striking out "July 1, 1959" 
each place it aj)pears and inserting in lieu thereof "July 1,1960"— 
(1) section 4061 ^relating to motor vehicles); 
[2^ section 5001(a) (1) (relating to distilled spirits] ; 
3) section 5001(a) f3) (relating to imported perfumes con-
taining distilled spirits); 
(4) section 5022 (relating to cordials and liqueurs containing 
wine); 
(5) section 5041(b) ^relating to wines); 
(6) section 5051(a) (relating to beer); and 
(7) section 5701(c)(1) (relating to cigarettes). 
(b) TECHNICAL AMENDMENTS.—The following provisions of the 
Internal Revenue Code of 1954 are amended as follows: 
(1) Section 6063 (relating to floor stocks refunds on distilled 
spirits, wines, cordials, and beer) is amended by striking out 
'%July 1, 1959" each place it appears and inserting in lieu thereof 
"July 1,1960", and by striking out "October 1,1959" and inserting 
in lieu thereof "October 1,1960". 
26 u s e 4 0 6 1-
5071, passim. 
26 u s e 5063.