47 U.S.C. § 1441 — State and Local Implementation Fund
submitted 14 years ago by Pub. L. 112-96 to r/title-47-TELECOMMUNICATIONS · 211 words · no verdicts yet
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.
There is established in the Treasury of the United States a fund to be known as the State* and Local Implementation Fund.
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.
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.
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.
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.)
- 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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