financial assistance authorized

financial assistance authorized Sec. 202. (a) Payments to State and Local Governments.—The Secretary of the Treasury (hereafter in this title referred to as the “Secretary”) shall, in accordance with the provisions of this title, make payments to States and to local governments to coordinate budget-related actions by such governments with Federal Government efforts to stimulate economic recovery. 90 STAT. 1003 (b) Authorization of Appropriations.— Subject to the provisions of subsections (c) and (d), there are authorized to be appropriated for each of the five succeeding calendar quarters (beginning with the calendar quarter which begins on duly 1, 1976) for the purpose of payments under this title— (1) $125,000,000 plus (2) $62,500,000 multiplied by the number of one-half percentage points by which the rate of seasonally adjusted national unemployment for the most recent calendar quarter which ended three months before the beginning of such calendar quarter exceeded 6 percent. (c) Aggregate Authorization.— In no case shall the aggregate amount authorized to be appropriated under the provisions of subsection (b) for the five calendar quarters beginning with the calendar quarter which begins July 1, 1976, exceed $1,250,000,000. (d) Termination.— No amount is authorized to be appropriated under the provisions of subsection (b) for any calendar quarter if— (1) the average rate of national unemployment during the most recent calendar quarter which ended three months before the beginning of such calendar quarter did not exceed 6 percent, and (2) the rate of national unemployment for the last month of the most recent calendar quarter which ended three months before the beginning of such calendar quarter did not exceed 6 percent.