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16 U.S.C. § 579c–1Forest Service interest bearing account

submitted 4 years ago by Pub. L. 117-328 to r/title-16-CONSERVATION · 186 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section requires certain Treasury-held money to be invested when it is not needed for current withdrawals. It governs use of interest and excess amounts and applies beginning in fiscal year 2023.

(a) Investment authority Any monies covered into the Treasury under section 579c of this title , including all monies that were previously collected by the United States in a forfeiture, judgment, compromise, or settlement, must be invested by the Secretary of the Treasury in interest bearing obligations of the United States to the extent the amounts are not, in the judgment of the Secretary of the Treasury, required to meet current withdrawals. (b) Availability of funds Any interest earned under subsection (a) must be available in the same manner as the monies covered into the Treasury under section 579c of this title to cover the costs to the United States specified in section 579c of this title . (c) Use of funds Any portion of the monies received or earned under subsection (a) more than the amount expended in performing the work necessitated by the action which led to their receipt may be used to cover the other work specified in section 579c of this title . (d) Effective date This section must apply about fiscal year 2023 and each succeeding fiscal year.
the actual law source: uscode.house.gov ↗public domain
(a) Investment authority

Any monies covered into the Treasury under section 579c of this title, including all monies that were previously collected by the United States in a forfeiture, judgment, compromise, or settlement, shall be invested by the Secretary of the Treasury in interest bearing obligations of the United States to the extent the amounts are not, in the judgment of the Secretary of the Treasury, required to meet current withdrawals.

(b) Availability of funds

Any interest earned under subsection (a) shall be available in the same manner as the monies covered into the Treasury under section 579c of this title to cover the costs to the United States specified in section 579c of this title.

(c) Use of funds

Any portion of the monies received or earned under subsection (a) in excess of the amount expended in performing the work necessitated by the action which led to their receipt may be used to cover the other work specified in section 579c of this title.

(d) Effective date

This section shall apply with respect to fiscal year 2023 and each succeeding fiscal year.

Source credit: (Pub. L. 117–328, div. G, title IV, § 441, Dec. 29, 2022, 136 Stat. 4832.)

history & why it existsrecord from the source credit
  • 2022Enacted · Pub. L. 117-328 · 136 Stat. 4832

A history note hasn’t been published yet. The record shows enactment by Pub. L. 117-328 on 2022-12-29.

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