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B-108401 1 (1952-04-07)

handle is hein.gao/gaobadahf0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON 25 .3-1o601 April 7, 1952 The Honorable The Secretary of Agriculture it!y dear 2Mr. Secretary: Reference is made to letter of CEarch 6, 1952, from the Acting Secretary of Agriculture, requesting to be advised whether under the facts and circumstances described therein the Rural Electrification Administration now may pay certain delinquent taxes on property sold by the Administration to the Ocracoke Electric tembership Corporation. It is explained that the taxes involved are for the years 1940, 1941, 1943 and 1944, in the amount of $1,$25.18, and accrued against the property in question when it was owned by the Ocracoke Light and Power Company. The latter Company entered into a loan contract with the United States as of June 19, 1937, and pursuant to such contract and an amendment thereto, issued its notes to the United States in the amount of G'h6,000 and, as security therefor, executed a mortgage to the United States covering all the property of the Company. ue to the Company's inability to continue operations and to meet its payments under the loan, the Government, acting throuth the Administrator of the Rural Electrification Administration, exercised the power of sale contained in the mortgage and took title to the property on December 28, 1944.

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