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49 U.S.C. § 44307Revolving fund

submitted 32 years ago by Pub. L. 103-272 to r/title-49-TRANSPORTATION · 260 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section creates a revolving fund in the Treasury to pay for this chapter's insurance programs. The Secretary of the Treasury may invest extra fund money in government securities. Any balance beyond what's needed for the fund's reserves goes to the Treasury each year as miscellaneous receipts.

(a) Existence, Disbursements, Appropriations, and Deposits. (1) There is a revolving fund in the Treasury. The Secretary of the Treasury pays out of this fund to carry out this chapter. (2) Congress may appropriate the money this chapter needs into the fund. Appropriated amounts, and other money received while carrying out this chapter, go into the fund. (b) Investment. At the Secretary of Transportation's request, the Secretary of the Treasury may invest part of the fund in interest-bearing U.S. government securities. The interest, and any proceeds from selling or redeeming those securities, go back into the fund. (c) Excess Amounts. Whatever balance the fund holds beyond what the Secretary of Transportation decides it needs — including reasonable reserves to keep the fund solvent — must be deposited into the Treasury at least once a year, as miscellaneous receipts. (d) Expenses. Each year, the Secretary of Transportation must deposit into the Treasury, as miscellaneous receipts, an amount covering the government's expense from the Secretary using appropriated money under this chapter. That amount equals the fund's average monthly balance of appropriated money, multiplied by a percentage that is at least the current average rate on marketable government obligations. The Secretary of the Treasury sets that percentage each year, in advance.
the actual law source: uscode.house.gov ↗public domain
(a)Existence, Disbursements, Appropriations, and Deposits.—
(1)

There is a revolving fund in the Treasury. The Secretary of the Treasury shall disburse from the fund payments to carry out this chapter.

(2)

Necessary amounts to carry out this chapter may be appropriated to the fund. The amounts appropriated and other amounts received in carrying out this chapter shall be deposited in the fund.

(b)Investment.—

On request of the Secretary of Transportation, the Secretary of the Treasury may invest any part of the amounts in the revolving fund in interest-bearing securities of the United States Government. The interest on, and the proceeds from the sale or redemption of, the securities shall be deposited in the fund.

(c)Excess Amounts.—

The balance in the revolving fund in excess of an amount the Secretary of Transportation determines is necessary for the requirements of the fund and for reasonable reserves to maintain the solvency of the fund shall be deposited at least annually in the Treasury as miscellaneous receipts.

(d)Expenses.—

The Secretary of Transportation shall deposit annually an amount in the Treasury as miscellaneous receipts to cover the expenses the Government incurs when the Secretary of Transportation uses appropriated amounts in carrying out this chapter. The deposited amount shall equal an amount determined by multiplying the average monthly balance of appropriated amounts retained in the revolving fund by a percentage that is at least the current average rate payable on marketable obligations of the Government. The Secretary of the Treasury shall determine annually in advance the percentage applied.

Source credit: (Pub. L. 103–272, § 1(e), July 5, 1994, 108 Stat. 1170.)

history & why it existsrecord from the source credit
  • 1994Enacted · Pub. L. 103-272 · 108 Stat. 1170

A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-272 on 1994-07-05.

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