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15 U.S.C. § 694–2 — Revolving fund for qualified contract guarantees; investment of idle funds

submitted 50 years ago by Pub. L. 85-699 to r/title-15-COMMERCE-AND-TRADE · 154 words · no verdicts yet

in plain englishAI-generated · not legal advice

A Treasury revolving fund holds money received from qualified-contract guarantees and pays their nonadministrative costs. Unneeded money may be invested in United States obligations, but contributed capital may not be invested.

A separate Treasury guarantee fund is available to the Administrator without fiscal-year limits as a revolving fund for section 694–1. All money, property, or assets received from those operations must go into the fund. The fund pays all operational expenses and payments other than administrative expenses. Money not needed for current operations or claims may be invested in United States bonds or obligations, or obligations guaranteed by the United States, but money supplied as the fund’s capital may not be invested.

the actual law source: uscode.house.gov ↗public domain

There is created within the Treasury a separate fund for guarantees which shall be available to the Administrator without fiscal year limitations as a revolving fund for the purpose of section 694–1 of this title. All amounts received by the Administrator, including any moneys, property, or assets derived by him from his operations in connection with section 694–1 of this title shall be deposited in the fund. All expenses and payments, excluding administrative expenses, pursuant to operations of the Administrator under section 694–1 of this title shall be paid from the fund. Moneys in the fund not needed for the payment of current operating expenses or for the payment of claims arising under this part may be invested in bonds or other obligations of, or bonds or other obligations guaranteed as to principal and interest by, the United States; except that moneys provided as capital for the fund shall not be so invested.

Source credit: (Pub. L. 85–699, title IV, § 405, as added Pub. L. 94–305, title I, § 102, June 4, 1976, 90 Stat. 665; amended Pub. L. 95–89, title I, § 104, Aug. 4, 1977, 91 Stat. 556; Pub. L. 96–302, title I, § 112, July 2, 1980, 94 Stat. 837.)

history & why it existsrecord from the source credit
  • 1976Enacted · Pub. L. 85-699 · 90 Stat. 665
  • 1977Amended · Pub. L. 95-89 · 91 Stat. 556
  • 1980Amended · Pub. L. 96-302 · 94 Stat. 837

A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-699 on 1976-06-04.

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