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B-114827 1 (1976-07-28)

handle is hein.gao/gaobaddjx0001 and id is 1 raw text is: DIlSION FILE: B-114827 MATTER OF: Federal Home Loan Bank Board building insurance DIGEST: Federal Home Loan Bank Board may purchase insurance covering risk of loss to new building. Government policy of insuring its own risks of loss, based on wide distribution of type and geographical location of its risks, does not apply here since total loss may be ultimately sustained by Federal Home Loan Bank System due to nature of funding for building. The Federal Home Loan Bank Board (the Board) requests our decision as to whether it has authority to purchase insurance covering risk of loss on its new office building. Although the property in question is to be held in the name of the United States, the Board indicates that it could find no authority for concluding that general funds of the Treasury would be available to replace or repair the structure for the benefit of the Board in the event of loss. The Board recognizes that it is established Government policy that, unless expressly authorized by statute, an agency may not expend funds for insurance to cover loss or d.aage to Government property. It suggests, however, that this rule is inapplicable because any loss or damage would be payable from Federal Home Loan Bank System funds and not from appropriated funds. Pursuant to section 18(c) of the Federal Home Loan Bank Act, as amended, 12 U.S.C. § 1438(c)(1970), the Board was authorized to acquire a site in the District of Columbia and to construct thereon suitable buildings and facilities for the Board and the agencies under its ad- ministration or supervision. The subject building is expected to be completed early in 1977. Although the property is to be held in the name of the Uuited States (see 12 U.S.C. § 1438(c)(l)(A)), we have been advised that funds for its construction are being obtained from the Federal Home Loan Banks under the Board's adminiitration or supervision through assess- ments made by the Board pursuant to 12 U.S.C. 9 1438(b). The proceeds from such assessments, as well as other receipts of the Board, are deposited in a special account mt the United States Treasury and are made available to the Board pureuant to annual appropriation acts. See 12 U.S.C, SE 1439, 1439A (197); 15 U.S.C. 6 712 (1970); see, e.g., the '05=oP, Gnz. ... .ER THE COMPTROL...i- GENERAL OF THE UNITED STATES WASHINGTON, D. C. 2.)548 DATE: JUL 2 8 1976 ~.q ()/

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