An Act to extend for 2 years the period for which payments in lieu of taxes may be made with respect to certain real property transferred by the Reconstruction Finance Corporation and its subsidiaries to other Government departments
PL 86-498 (H.R.9983), enacted 06/08/1960

74 S T A T . ] 
PUBLIC LAW 8 6 . 4 9 9 - J U N E 8, 1960 
165 
enactment of this subsection, whichever is earlier, the Administrator 
may grant waiver of premiums from the beginning of and during the 
continuous total disability of such insured. 
Application for waiver 
of premiums under this subsection must be filed by the insured or, 
in the event of his death, by the beneficiary within two years after the 
date of enactment of this subsection, except that if the insured or 
the beneficiary be insane or a minor within the two-year period, 
application for such waiver may be filed within two years after 
removal of such legal disability, or if an insane insured shall die 
before the removal of the disability, application may be filed by the 
beneficiary within two years after the insured's death. 
No insurance 
shall be placed in force under this subsection in any case in which 
there was an award of benefits under the Servicemen's Indemnity Act 
of 1951 or of gratuitous insurance under section 722(b) of this title, g^^* jSJ|*- 33; 72 
The amount of insurance placed in force hereunder together with any 
other United States Government life insurance or national service 
life insurance in force at the time of death, or at the time of the 
insured's application for waiver hereunder, may not exceed $10,000 
and shall be reduced by the amount of any gratuitous insurance 
awarded under the National Service Life Insurance Act of 1940. 
^^ ^*^*' ^"o** 
Waiver of premiums under this subsection shall render the insurance 
nonparticipating during the period such premium waiver is in effect. 
The cost of waiver of premium and death benefits paid as a result 
of this subsection shall be borne by the United States." 
Approved June 8, 1960. 
Public Law 86-498 
AN ACT 
June 8, 1
1
9
6
0 
To extend for two years the i)eriod for which payments in lieu of taxes may 
[H. R. 9983] 
he made with respect to certain real property transferred by the Reconstruc-
tion Finance Corporation and its subsidiaries to other Government depart-
ments. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That (a) section 
703 of the Federal Property and Administrative Services Act of 1949 
\l ^|^ ^||; 
(69 Stat. 722) is amended by striking out the figures "1961", and in--
serting in lieu thereof the figures "1963". 
(b) Section 704 of such Act (69 Stat. 723) is amended by striking 
out the figures "1960", and inserting in lieu thereof the figures "1962'. 
Approved June 8, 1960. 
40 use 5:24. 
Public Law 86-499 
• ^ •^^'^ 
June 8, 1960 
To amend section 315 of title 38, United States Code, to provide additional com- 
[H. R. 10898] 
pensatioii for seriously disabled veterans having four or more children. 
Be it enacted hy the Senate and House of Representatives 
of the 
United 
States 
of America 
in (-ongress assembled, 
That section erm/"''*"'* ^**' 
815(a)(1) of title 38, United States Code, is amended by inserting 
.^^fj|^°""* "™" 
"(plus $12 for each living child in excess of three)" immediately'be- ''*72"strt?'n2i. 
fore the semicolon at the end of subparagraph (D) and (G). 
SEC. 2. The amendments made by this Act shall take effect on the 
first day of the second calendar month which begins after the date of 
enactment of this Act. 
Approved June 8, 1960.