15 U.S.C. § 8715 — Limitations on obligation of funds

(a) In each fiscal year of the covered period, the Board^* may obligate no more than the total of (1) 73 percent of assessments estimated for that year; (2) 73 percent of assessments actually collected in the latest audited fiscal year, minus that year’s paragraph (1) estimate; and (3) amounts allowed in earlier years but not used. (b) Assessments collected above that limit go into an escrow account for the covered period. (c) During the period, the Board may not obligate, spend, or borrow against escrow money. Interest also goes into escrow and cannot be obligated during the period. (d) After the period, the Board may withdraw and obligate in any year no more than one-fifth of the escrow balance on the period’s last day. (e)(1) For the paragraph (a)(1) estimate in the specified years, use 62 percent of assessments actually collected in the latest audited fiscal year. (2) The specified years are the ninth and tenth fiscal years beginning on or after October 5, 2018. (f) “Covered period” means the period beginning October 5, 2018, and ending on the last day of the eleventh fiscal year beginning on or after that date. This section does not define “Board,” “assessments,” or “covered period” beyond this definition.