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43 U.S.C. § 391a–1Increase in reclamation fund; reimbursement of advances from Treasury

submitted 88 years ago by ch. 187 to r/title-43-PUBLIC-LANDS · 177 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary of the Treasury must transfer money into the reclamation fund. The amount equals 52.5 percent of naval petroleum reserve income earned from 1920 to 1938. That amount is then reduced by earlier reclamation-fund advances that were never repaid. This transfer counts as fully repaying the Treasury for those earlier advances.

The Secretary of the Treasury must transfer money into the reclamation fund created by section 391. The amount equals the difference between two figures: (1) 52½ percent of the money the Secretary of the Treasury determines the United States earned from land in the naval petroleum reserves (excluding those in Alaska) between February 25, 1920, and June 30, 1938; and (2) the total of all money already advanced to the reclamation fund under sections 397, 398 through 400, 391a, and 391b, that hadn't yet been paid back to the Treasury's general funds. This transfer is treated as completely repaying the Treasury's general funds for everything advanced to the reclamation fund under sections 391a, 391b, 397, and 398 through 400.
the actual law source: uscode.house.gov ↗public domain

The Secretary of the Treasury is authorized and directed to transfer to the credit of the reclamation fund, created by section 391 of this title, a sum equal to the difference between (1) 52½ per centum of the moneys which the Secretary of the Treasury shall determine to have accrued to the United States from lands within the naval petroleum reserves, except those in Alaska, from February 25, 1920, to June 30, 1938, inclusive, and (2) the total of all sums advanced to the reclamation fund under the provisions of sections 397 and 398 to 400 of this title, and under the provisions of sections 391a and 391b of this title, and not reimbursed by transfer from the reclamation fund to the general funds in the Treasury. The transaction provided for in this section shall be deemed to have effected a complete reimbursement to the general funds in the Treasury of all sums advanced to the reclamation fund under the provisions of such sections 391a, 391b, 397, and 398 to 400 of this title.

Source credit: (May 9, 1938, ch. 187, 52 Stat. 322.)

history & why it existsrecord from the source credit
  • 1938Enacted · Act of May 9, 1938, ch. 187 · 52 Stat. 322

A history note hasn’t been published yet. The record shows enactment by ch. 187 on 1938-05-09.

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