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40 U.S.C. § 604 — Treatment of assets taken over to establish motor vehicle pools and transportation systems

submitted 24 years ago by Pub. L. 107-217 to r/title-40-PUBLIC-BUILDINGS-PROPERTY-AND-WORKS · 219 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section sets reimbursement rules when the Administrator of General Services takes over motor vehicles, equipment, or supplies. It also allows the value of certain unreimbursed property to be added to, or later deducted from, the Acquisition Services Fund.

(a) Reimbursement.—(1) Requirement.—When the Administrator of General Services takes over motor vehicles or related equipment or supplies under section 602 of this title, reimbursement is required if the property came from: (A) a Government corporation; or (B) an agency that acquired the property with unreimbursed money from a revolving or trust fund authorized by law. (2) Amount.—The Administrator must reimburse the Government corporation, or the fund through which the agency acquired the property, an amount equal to the property's fair market value. If the Administrator later returns similar property under section 610 of this title, the Government corporation or fund must reimburse the Administrator an amount equal to the fair market value of the property returned. (b) Addition to Acquisition Services Fund.—If the Administrator takes over motor vehicles or related equipment or supplies under section 602 but subsection (a) does not require reimbursement, the Administrator may add the value of the property, as the Administrator determines it, to the capital of the Acquisition Services Fund. If the Administrator later returns similar property under section 610, the value of the returned property may be deducted from the Fund.

the actual law source: uscode.house.gov ↗public domain
(a)Reimbursement.—
(1)Requirement.—

When the Administrator of General Services takes over motor vehicles or related equipment or supplies under section 602 of this title, reimbursement is required if the property is taken over from—

(A)

a Government corporation; or

(B)

an agency, if the agency acquired the property through unreimbursed expenditures made from a revolving or trust fund authorized by law.

(2)Amount.—

The Administrator shall reimburse a Government corporation, or a fund through which an agency acquired property, by an amount equal to the fair market value of the property. If the Administrator subsequently returns property of a similar kind under section 610 of this title, the Government corporation or the fund shall reimburse the Administrator by an amount equal to the fair market value of the property returned.

(b)Addition to Acquisition Services Fund.—

If the Administrator takes over motor vehicles or related equipment or supplies under section 602 of this title but reimbursement is not required under subsection (a), the value of the property taken over, as determined by the Administrator, may be added to the capital of the Acquisition Services Fund. If the Administrator subsequently returns property of a similar kind under section 610 of this title, the value of the property may be deducted from the Fund.

Source credit: (Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1122; Pub. L. 109–313, § 3(h)(5), Oct. 6, 2006, 120 Stat. 1736.)

history & why it existsrecord from the source credit
  • 2002Enacted · Pub. L. 107-217 · 116 Stat. 1122
  • 2006Amended · Pub. L. 109-313 · 120 Stat. 1736

A history note hasn’t been published yet. The record shows enactment by Pub. L. 107-217 on 2002-08-21.

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