An Act to authorize the acceptance by the Government of gifts to be used to reduce the public debt
PL 87-58 (H.R.311), enacted 06/27/1961

75 S T A T . ] 
PUBLIC LAW 87-58-JUNE 27, 1961 
119 
SEC. 704. Appropriations for facilities projects authorized by sec-
tion 701 for the respective reserve components of the armed forces 
may not exceed— 
(1) for the Department of the Army: 
(a) Army 
National 
Guard 
of 
the 
United 
States, 
$22 682 750. 
(b) Amiy Eeserve, $12,505,000. 
(2) for Department of the Navy: Naval and Marine Corps 
Reserves, $7,794,000. 
(3) for Department of the Air Force: 
(a) Air National Guard of the United States, $18,606,000. 
(b) Air Force Reserve, $4,865,000. 
SEC. 705. Any of the amounts named in section 701 of this Act may, 
in the discretion of the Secretary of Defense, be increased by 15 per 
centum, but the total cost for all projects authorized for the Army 
National Guard of the United States, the Army Reserve, the Naval 
and Marine Corps Reserves, the Air National Guard of the United 
States, and the Air Force Reserve, may not exceed the amounts named 
in clauses ( l ) ( a ) , ( l ) ( b ) , (2), (3) (a) and (3) (b) of section 704 
respectively. 
SEC. 706. As of July 1,1962, all authorizations for specific facilities 
for reserve forces to be accomplished by the Secretary of Defense, and 
all authorizations for appropriations therefor, that are contained in 
the Reserve Forces Facilities Act of 1959, and not superseded or other-
wise modified by a later authorization, are repealed, except the 
authorizations for facilities for the reserve forces as to which appro-
priated funds have been obligated in whole or in part before July 1, 
1962, and authorizations for appropriations therefor. 
SEC. 707. This title may be cited as the "Reserve Forces Facilities 
Act of 1961". 
Approved June 27, 1961. 
Appropriations. 
Cost 
variation 
and limitation. 
Partial repeal. 
73 Stat. 3:24. 
Short title. 
Public Law 87-58 
AN A C T 
June 27, 1961 
To authorize the acceijtance by the Government of gifts to be used to reduce 
l^-^- 3ii] 
the public debt. 
Be It enacted by the Senate and House of Representathes 
of the 
United States of America in Congress assembled^ That in order to 
afford to the people of the United States an opportunity to make gifts 
to the Government of the United States to be used for the purpose of 
reducing the public debt— 
(a) the Secretary of the Treasury is authorized to accept on 
behalf of the United States (1) any gift of money made on the 
sole condition that it be used to reduce the public debt of the 
United States, (2) any gift of obligations of the United States 
included in the public debt of the United States, if made on the 
sole condition that the obligations be canceled and retired and 
not reissued, or (3) any gift of other intangible personal property 
made on the sole condition that it be sold, and the proceeds realized 
from the sale be used to reduce the public debt of the United 
States; and 
(b) the Administrator of General Services is authorized to 
accept on behalf of the United States any gift of other property, 
real or personal, made to the United States on the sole condition 
that it be sold and the proceeds realized from the sale be used to 
reduce the public debt of the United States: Provided^ however^ 
Public debt. 
Gifts. 
Acceptanc 
thority. 
120 
PUBLIC LAW 87-69-JUNE 27, 1961 
[75 S T A T , 
Conversion 
money. 
Taxes. 
into 
Special account. 
Establishment. 
That the Secretary of the Treasury or the Administrator of 
General Services, as the case may be, is authorized to reject any 
^ift under this section whenever he determines such action to be 
in the interest of the United States. 
SEC. 2. The Secretary of the Treasury shall convert into money, at 
the best terms available, any gift accepted by him under the provisions 
of paragraph (a) (3) of the first section of this Act; and the Admin-
istrator of General Services shall convert into money, at the best terms 
available, any gift accepted by him under the provisions of the first 
section of this Act. 
SEC. 3. If under applicable law any gift accepted under the first 
section of this Act is subject to a gift or inheritance tax, the Secretary 
of the Treasury or the Administrator of General Services, as the case 
may be, is a,uthorized to pay such tax out of the proceeds of such gift, 
or the proceeds of the redemption or sale of such gift, as the case may 
be. 
SEC. 4. There is hereby established on the books of the Treasury a 
special account into which shall be deposited all money received as 
gifts under this Act and all money received as a result of the conver-
sion into money of gifts of property other than money received under 
this Act. 
The Secretary of tne Treasury shall from time to time 
utilize the money in the special account for the payment at maturity 
or the redemption or purchase before maturity of any obligations of 
the United States included in the public debt of the United States. 
All obligations of the United States paid, redeemed, or purchased with 
money out of the special account snail be canceled and retired and 
shall not be reissued. All money deposited in the special account is 
hereby appropriated and shall be available for expenditure for the 
purposes of this Act. 
Approved June 27, 1961. 
June 27, 1961 
[H. R. 1877] 
Public Law 87-59 
AN ACT 
Relating to the effective date of the qualification of Plumbers Union Local 
Numbered 12 Pension Fund as a qualified trust under section 401(a) of the 
Internal Revenue Code of 1954, and for other purposes. 
Plumbers Union 
Local No. 12. 
Pension fund. 
68A S t a t . 134, 
163. 
26 u s e 401, 501. 
73 Stat. 121. 
26 u s e 809. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the Plumbers 
Union Local Numbered 12 Pension Fund, which was established by a 
collective bargaining agreement effective September 1,1954, and which 
has been held by the Internal Revenue Service to constitute a qualified 
trust under section 401(a) of the Internal Revenue Code of 1954, 
and to be exempt from taxation under section 501(a) of said Code, 
for years ending on or after June 3,1959, shall be held and considered 
to have been a qualified trust under said section 401(a), and to have 
been exempt from taxation under said section 501(a), for the period 
beginning on September 1, 1954, and ending on June 3, 1959, but only 
if it is shown to the satisfaction of the Secretary of the Treasury or 
his delegate that the trust has not in this period been operated in a 
manner which would jeopardize the interests of its beneficiaries. 
SEC. 2. (a) Section 809(d) (11) of the Internal Revenue Code of 
1954 (relating to deductions in computing gain from operations in 
the case of certain mutualization distributions) is amended by striking 
out "in 1958 and 1959" and inserting in lieu thereof "in 1958, 1959, 
1960, and 1961".