15 U.S. Code § 694–2 - Revolving fund for qualified contract guarantees; investment of idle funds

prev | next
There is created within the Treasury a separate fund for guarantees which shall be available to the Administrator without fiscal year limitations as a revolving fund for the purpose of section 694–1 of this title. All amounts received by the Administrator, including any moneys, property, or assets derived by him from his operations in connection with section 694–1 of this title shall be deposited in the fund. All expenses and payments, excluding administrative expenses, pursuant to operations of the Administrator under section 694–1 of this title shall be paid from the fund. Moneys in the fund not needed for the payment of current operating expenses or for the payment of claims arising under this part may be invested in bonds or other obligations of, or bonds or other obligations guaranteed as to principal and interest by, the United States; except that moneys provided as capital for the fund shall not be so invested.

Source

(Pub. L. 85–699, title IV, § 405, as added Pub. L. 94–305, title I, § 102,June 4, 1976, 90 Stat. 665; amended Pub. L. 95–89, title I, § 104,Aug. 4, 1977, 91 Stat. 556; Pub. L. 96–302, title I, § 112,July 2, 1980, 94 Stat. 837.)
Amendments

1980—Pub. L. 96–302inserted investment of idle funds provision.
1977—Pub. L. 95–89prohibited payment of administrative expenses from the fund and deleted provisions which authorized: a $15,000,000 appropriation of capital for the fund; payment during the fiscal year into the Treasury as miscellaneous receipts, from the fund, of interest on the cumulative amount of appropriations available as capital to the fund less the average undisbursed cash balance in the fund during the year; and investment of noncapital moneys, when not needed for payment of current operating expenses or claims arising under section 694–2 of this title, in Federal bonds or obligations or bonds or obligations guaranteed by the United States as to principal and interest.
Effective Date of 1980 Amendment

Amendment by Pub. L. 96–302effective Oct. 1, 1980, see section 507 ofPub. L. 96–302, set out as a note under section 631 of this title.
Effective Date of 1977 Amendment

Amendment by Pub. L. 95–89effective Oct. 1, 1977, see section 106 ofPub. L. 95–89, set out as a note under section 633 of this title.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

15 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.