§2677. Options: property required for military construction projects

(a) The Secretary of a military department may acquire an option on a parcel of real property before or after its acquisition is authorized by law, if he considers it suitable and likely to be needed for a military project of his department.

(b) As consideration for an option acquired under subsection (a), the Secretary may pay, from funds available to his department for real property activities, an amount that is not more than 12 percent of the appraised fair market value of the property.

(c)(1) Before acquiring an option on real property under subsection (a), the Secretary of a military department shall review the most recent inventory of real property assets published by the Resolution Trust Corporation under section 21A(b)(11)(F) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(b)(11)(F)) and determine whether any real property listed in the inventory is suitable for use by the military department for the purposes for which the real property is sought.

(2) The requirement for the review referred to in paragraph (1) shall terminate on September 30, 1996.

(Added Pub. L. 85–861, §1(51), Sept. 2, 1958, 72 Stat. 1460 ; amended Pub. L. 87–554, title VI, §607, July 27, 1962, 76 Stat. 242 ; Pub. L. 92–145, title VII, §707(4), Oct. 27, 1971, 85 Stat. 412 ; Pub. L. 94–273, §6(3), Apr. 21, 1976, 90 Stat. 377 ; Pub. L. 97–214, §10(a)(5)(A), (B), July 12, 1982, 96 Stat. 175 ; Pub. L. 97–375, title I, §104(b), Dec. 21, 1982, 96 Stat. 1819 ; Pub. L. 98–407, title VIII, §803, Aug. 28, 1984, 98 Stat. 1519 ; Pub. L. 102–190, div. B, title XXVIII, §2861, Dec. 5, 1991, 105 Stat. 1559 ; Pub. L. 103–35, title II, §201(c)(9), May 31, 1993, 107 Stat. 98 .)

In subsections (a) and (b), the word "property" is substituted for the word "estate".

In subsection (a), the words "Before acquisition of a parcel of real property is authorized by law" are substituted for the words "prior to such authorization". The word "acquire" is substituted for the word "procure". The words "if he considers * * * likely to be needed" are substituted for the words "which in their judgment is * * * likely to be required". The word "prospective" is omitted as surplusage.

In subsection (b), the words "for each year the option is to continue, and proportionately for any other period" are substituted for the words "per annum" for clarity. The words "not more than 3 percent" are substituted for the words "not in excess of 3 per centum".

Amendments

1993-Subsec. (c)(1). Pub. L. 103–35 substituted "section 21A(b)(11)(F) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(b)(11)(F))" for "section 21A(b)(12)(F) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(b)(12)(F))".

1991-Subsec. (c). Pub. L. 102–190 added subsec. (c).

1984-Subsec. (b). Pub. L. 98–407 substituted "12 percent" for "5 percent".

1982-Pub. L. 97–214, §10(a)(5)(B), substituted "Options: property required for military construction projects" for "Options: property required for public works projects of military departments" in section catchline.

Subsec. (b). Pub. L. 97–214, §10(a)(5)(A), substituted "percent" for "per centum".

Subsec. (c). Pub. L. 97–375 repealed subsec. (c) which provided that for each six-month period ending on September 30 or March 31, during which he acquired options under subsec. (a), the Secretary of each military department report those options to the Committees on Armed Services of the Senate and House of Representatives.

1976-Subsec. (c). Pub. L. 94–273 substituted "September" for "June" and "March" for "December".

1971-Subsec. (b). Pub. L. 92–145 struck out requirement that amount paid for option be credited to the purchase price if acquisition of real property is completed.

1962-Subsec. (a). Pub. L. 87–554 provided for acquisition of option after acquisition of real property is authorized by law and for need of option for military rather than public works project.

Subsec. (b). Pub. L. 87–554 struck out "for each year the option is to continue, and proportionately for any other period" after "fair market value of the property" and provided for credit to purchase price of the property if its acquisition is completed.

Effective Date of 1982 Amendment

Amendment by Pub. L. 97–214 effective Oct. 1, 1982, and applicable to military construction projects, and to construction and acquisition of military family housing authorized before, on, or after such date, see section 12(a) of Pub. L. 97–214, set out as an Effective Date note under section 2801 of this title.