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47 U.S.C. § 1441State and Local Implementation Fund

submitted 14 years ago by Pub. L. 112-96 to r/title-47-TELECOMMUNICATIONS · 211 words · no verdicts yet

in plain englishAI-generated · not legal advice

The law creates a Treasury fund called the State and Local Implementation Fund. The Assistant Secretary may borrow up to $135 million through fiscal year 2022 to implement section 1442, and unused money after September 30, 2022 must go to deficit reduction.

(a) A fund called the State and Local Implementation Fund is established in the United States Treasury. (b) Money borrowed under (c)(1), and fund money not needed to repay those borrowings, may be used by the Assistant Secretary to implement section 1442. (c)(1) Before the end of fiscal year 2022, the Assistant Secretary may borrow from the Treasury's general fund whatever is needed, up to $135,000,000, to implement section 1442. (2) As money is deposited into the fund, the Assistant Secretary must repay the general fund without interest. (d) If money remains in the fund on September 30, 2022, the Treasury Secretary must transfer it to the general fund, where it must be used only for deficit reduction.
the actual law source: uscode.house.gov ↗public domain
(a) Establishment

There is established in the Treasury of the United States a fund to be known as the State and Local Implementation Fund.

(b) Amounts available for State and Local Implementation Grant Program

Any amounts borrowed under subsection (c)(1) and any amounts in the State and Local Implementation Fund that are not necessary to reimburse the general fund of the Treasury for such borrowed amounts shall be available to the Assistant Secretary to implement section 1442 of this title.

(c) Borrowing authority
(1) In general

Prior to the end of fiscal year 2022, the Assistant Secretary may borrow from the general fund of the Treasury such sums as may be necessary, but not to exceed $135,000,000, to implement section 1442 of this title.

(2) Reimbursement

The Assistant Secretary shall reimburse the general fund of the Treasury, without interest, for any amounts borrowed under paragraph (1) as funds are deposited into the State and Local Implementation Fund.

(d) Transfer of unused funds

If there is a balance remaining in the State and Local Implementation Fund on September 30, 2022, the Secretary of the Treasury shall transfer such balance to the general fund of the Treasury, where such balance shall be dedicated for the sole purpose of deficit reduction.

Source credit: (Pub. L. 112–96, title VI, § 6301, Feb. 22, 2012, 126 Stat. 218.)

history & why it existsrecord from the source credit
  • 2012Enacted · Pub. L. 112-96 · 126 Stat. 218

A history note hasn’t been published yet. The record shows enactment by Pub. L. 112-96 on 2012-02-22.

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