997 



111 



Treasury shall purchase any obligation so issued, and for that purpose 

 he is authorized to use as a public debt transaction the, proceeds from 

 the sale of any secumty issued under the Second Liberty Bond Act. 

 and the purposes for lohich securities may be issued under that Act are 

 extended to include purchases of the obligations hereunder. Proceeds 

 obtained by the Secretary from the issuance of obligations under 

 this paragraph shall be deposited in the revolving fund established 

 in paragraph {1). 



{3) There are authorized to be appropriated to the revolving fund 

 such sums as may be necessary to carry out the provisions of this 

 section. 



(j) No bond or other evidence of indebtedness shall be guaranteed 

 under this section unless the issuer of the evidence of indebtedness and 

 the person holding the note with respect to such evidence of indebted- 

 ness permit the General Accounting Office to audit., under ndes 

 prescribed by the Comptroller General of the United States., all 

 financial transactions of such issuer and holder which relate to su^h 

 evidence of indebtedness. The representatives of the General Account- 

 ing Office shall have access to all books, accounts, reports, files., and 

 other records of such issuer arid su^h holder insofar as any suxih record 

 pertains to financial transactions relating to the evidence of indebted- 

 ness guaranteed under this section. 



{k) For purposes of this section, the term ^''u/nit of general pur- 

 pose local government'''' shall mean any city, county, tcnvn, toionship, 

 parish., village, or other general purpose political subdivision of a 

 coastal state, if such general purpose political subdivision possesses 

 taxing powers and has responibility for providing public facilities 

 or public services to the community .. as determined by the Secretary. 



[authorizatiox of appropriations 



f Sec. 315. (a) There are authorized to be appropriated — 



[(1) the sum of $9,000,000 for each of the fiscal years ending 

 June 30, 1973, and June 30, 1974, and the sum of $12,000,000 for 

 each of the three succeeding fiscal years, for grants under section 

 305, to remain available until expended ; 



[(2) such sums, not to exceed $30,000,000, for the fiscal year 

 ending June 30, 1974, and for each of the fiscal years 1975 through 

 1977, as may be necessary, for grants under section 306 to remain 

 available until expended ; and 



[(3) such sums, not to exceed $6,000,000 for the fiscal year end- 

 ing June 30, 1974, and for each of the three succeeding fiscal years, 

 as may be nec"essary, for grants under section 312, to remain avail- 

 able until expended. 

 [(b) There are also authorized to be appropriated such sums, not to 

 exceed $3,000,000, for fiscal year 1973 and for each of the four succeed- 

 ing fiscal years, as may be necessary for administrative expenses inci- 

 dent to the administration of this title.] 



AUTHORIZATION FOR APPROPRIATIONS 



Sec. 320. (a) There are authorized to be appropriated — 



(/) the sum of S'BIf/KIOjOOO for the fiscal year ending Septem- 

 ber 30, 1977, and $2Jf,000,000 for each of the two succeeding fiscal 



