An Act to amend the Home Owners LoAn Act of 1933 and the Federal Home Loan Bank Act
PL 87-779 (H.R.13044), enacted 10/09/1962

778 
PUBLIC LAW 87-778-OCT. 9, 1962 
[76 STAT. 
October 9, 1962 
[H. R. 11887] 
Public Law 87-778 
AN ACT 
To provide for the conveyance of all right, title, and interest of the United States 
reserved or retained in certain lands heretofore conveyed to the city of El 
Paso, Texas. 
El Paso, Tex. 
Land convey-
ance. 
Conditions. 
Be it enacted hy the SeTiate and House of Representatives 
of the 
United States of America in Congress assembled, That the Secretary 
of the Army is authorized and directed to convey to the city of El Paso, 
Texas, all of the right, title, and interest of the United States reserved 
or retained in parcel C by the quitclaim deed from the United States 
to the city of El Paso, Texas, dated June 27. 1957, entered into under 
authority of the Act of August 2,1956 (70 Stat. 950; Public Law 929, 
Eighty-fourth Congress). 
SEC. 2. The conveyance authorized herein shall be subject to the fol-
lowing conditions: 
(a) That the city, in accepting the conveyance, agrees for itself, its 
grantees, successors, and assigns to forego (1) any use of the property 
which will be noxious by the emission of smoke, noise, odor, or dust, 
and (2) the erection on the premises of any structure exceeding 500 
feet in height above the ground. 
(b) That the city shall pay to the United States the fair market value 
of the property interest conveyed under the first section of this Act. 
Approved October 9, 1962. 
Public Law 87-779 
October 9, 1962 
A N A C T 
[H. R. 13044] 
(J.Q amend the Home Owners' Loan Act of 1933 and the Federal Home Loan 
Bank Act. 
Housing. 
Multifamily 
loans. 
Home Owners' 
Loan Act of 1933, 
amendment. 
48 Stat. 132. 
12 u s e 1464. 
70 Stat. 1092. 
12 u s e 1713. 
Be it enacted hy the /Senate and House of Representatives 
of the 
United States of America in Congress assembled, That (a) so much 
of the first sentence of section 5(c) of the Home Owners' Loan Act 
of 1933 as precedes the comma after "first lien thereon" is amended to 
read as follows: "Such associations shall lend their funds only on the 
security of their shares or on the security of first liens upon real prop-
erty within fifty miles of their home office which constitute first liens 
upon homes, combinations of homes and business property, other 
dwelling units, or combinations of dwelling units, including homes, 
and business property involving only minor or incidental business 
use (all of which may be defined by the Board) : Provided, That not 
more than $35,000 for each single-family dwelling, and not more than 
such amount per room as the Board may determine by regulation 
within the limits allowable (at the time of the loan) in section 207(c) 
(3) of the National Housing Act for any other dwelling unit covered 
by such lien, shall be loaned on the security of any such lien, and the 
Board shall by regulation limit to not more than 15 per centum of 
the assets of the association the aggregate amount or amounts of the 
.f d*:' r .:"*: 1f;dcr; 
76 STAT.] 
PUBLIC L
A
W 87-780-OCT. 9, 1962 
779 
investments which may be made by an association under the fore-
going provisions of this sentence on the security of property which 
comprises or inchides more than four dwelling units or does not con-
stitute homes or combinations of homes and business property; except 
that not exceeding 20 per centum of the assets of such association may 
be loaned on the security of first liens upon improved real estate with-
out regard to the foregoing limitations". 
(b) The first sentence of such section 5(c) is further amended by 
73 stat. 687. 
striking out "one- to four-family homes" in the first proviso and insert-
ing in lieu thereof "real property of the type described in this sentence 
in the matter preceding this proviso". 
(c) The fourth paragraph of such section 5(c) is amended by strik- 
75 stat. i89. 
ing out "$35,000 limitation" and inserting in lieu thereof "dollar 
amount limitation". 
SEC. 2. (a) Paragraph (6) of section 2 of the Federal Home Loan 
Federal Home 
Bank Act is amended oy striking out "upon which there is located a Loan Bank Act, 
dwelling for not more than four families" and inserting in lieu thereof ^"^g^gTaT 1764-
"upon which is located, or which comprises or includes, one or more 49 stat. 293. ' 
homes or other dwelling units, all of which may be defined by the 
*^ ^^^ '''•22. 
Board". 
(b) Section 10(b) of such Act is amended by striking out "$35,000" 47 stat. 732; 
and inserting in lieu thereof "a sum equal to $35,000 for each home or ^^ stat. 634. 
other dwelling unit covered by such mortgage . 
Approved October 9, 1962. 
12 u s e 1430. 
Public Law 87-780 
JOINT RESOLUTION 
October 9, 1962 
Providing for the establishment of an annual National School Lunch Week. 
[s. j . Re8.2li] 
Resolved hy the Senate and House of Representatives 
of the United 
States of America in Congress assembled, That the seven-day period 
National school 
beginning on the second Sunday of October in each year is hereby 
designated as National School Lunch Week, and the President is 
requested to issue annually a proclamation calling on the people of the 
United States to observe such week with appropriate ceremonies and 
activities. 
Approved October 9, 1962. 
Lunch Week. 
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